20 KiB
Submit order
As a user I want change my exposure on a market (e.g. open a position, increase or decrease my open volume), I want to submit an order with instructions for how my order should be executed so I have some control over the price that I get, as well as if when/my order should stay on the book. See specs about orders for more info.
Before seeing a "deal ticket"
When looking at a market, I...
-
must see/select the Market I am submitting the order for (7002-SORD-001)
-
must see the current
status
of the market (7002-SORD-061)if the market is in a state of
rejected
,canceled
orclosed
:- must see that the market is not accepting orders and never will be (7002-SORD-062)
if the market is in a state of
tradingTerminated
:- must see that the market is not accepting orders and never will be (7002-SORD-063)
- should see the price that was used to settle the market
- should see a link to oracle spec and data
if the market is in a state of
settled
:- must see that the market is not accepting orders and never will be (7002-SORD-066)
- should see the oracle events that terminated the market
- should see a link to oracle spec and data
if the market is in a state of
suspended
:- should see what suspended the market
- should see the conditioned required for the auction to end
- should see the current data values that the auction end is measured against (e.g. Supplied stake)
...so I know if the market is accepting orders.
The rest of this document only applies if the state of the market is pending
, active
or suspended
:
Deal ticket
When populating a deal ticket I...
-
must see the current market trading mode (Continuous, Auction etc) (7002-SORD-002)
-
If I have a 0 total balance of the settlement asset: must be warned that I have insufficient collateral (but also allow you to populate ticket because I might want to try before I deposit) (7002-SORD-003)
- should have a way to easily deposit the required collateral
-
must select a side/direction e.g. long/short (note: some implementations may do this with two different submit buttons long/short rather than a toggle) (7002-SORD-004)
-
must be able to select the order type that I wish to submit (7002-SORD-005)
- must see limit order (7002-SORD-006)
- must see market order (7002-SORD-007)
- must see stop limit order (7002-SORD-008)
- must see stop market order (7002-SORD-009)
-
must see on an submit button: order type, size and price (7002-SORD-010)
-
must see warning abut a limit of 4 active stop orders per market (7002-SORD-011)
Order size
...need to select a size, when selecting a size for my order, I...
- must input an order size (aka amount or contracts) (7002-SORD-010)
- should have the previous value for the selected market available e.g. pre-populated (last submitted or last changed)
- should be able to quickly change the size by the market's min-contract size e.g. hit up/down on the keyboard to increase
- should be able to use modifier keys (SHIFT, ALT etc) to increase/decrease in larger increments with arrows
- would like to be able to enter a number followed be "k" or "m" or "e2" etc. to make it thousands or millions or hundreds, etc.
- must be warned (pre-submit) if input has too many digits after the decimal place for the market's "position" decimal places (7002-SORD-016)
... so I get the size of exposure (open volume) that I want
Price - Limit order
... if wanting to place a limit on the price that I trade at, I...
- must enter a price. (7002-SORD-017)
- must see the price unit (as defined in market) (7002-SORD-018)
- should be able quickly pre-populate the price with the current mark price (if there is one, 0 if not) e.g. by focusing the input and hitting up/down
- should have the previous value for the selected market pre-populated (last submitted or last changed)
- should be able to hit up/down on the keyboard to increase the price by the market's tick size (if set, or smallest increment)
- should be able to use modifier keys (SHIFT, ALT etc) to increase/decrease in larger increments with arrows
- would like to be able to enter a number followed be "k" or "m" or "e2" etc. to make it thousands or millions or hundreds, etc.
- must be warned (pre-submit) if the input price has too many digits after the decimal place for the market "quote" (7002-SORD-059)
... so that my order only trades at up/down to a particular price
Price - Limit stop order
... if wanting to place a stop limit on the price that I trade at, I...
- must enter a price (7002-SORD-020)
- must see the price unit (as defined in market) (7002-SORD-021)
- must have the previous value for the selected market pre-populated (last submitted or last changed) (7002-SORD-022)
- must be able to hit up/down on the keyboard to increase the price by the market's tick size (if set, or smallest increment) (7002-SORD-029)
- must be warned (pre-submit) if the input price has too many digits after the decimal place for the market "quote" (7002-SORD-032)
- must select a trigger direction (7002-SORD-033)
- must see rises above (7002-SORD-034)
- must see falls below (7002-SORD-035)
- if the user has not set a preference: trigger direction must default to
rises above
(7002-SORD-036)
- must enter a trigger value (7002-SORD-037)
- must select a trigger type (7002-SORD-038)
- must see a trigger price (7002-SORD-049)
- must see a trigger trailing percent offset (7002-SORD-050)
- if the user has not set a preference: trigger type must default to
price
(7002-SORD-051)
... so that my order only trades after reaching the trigger and at up/down to a particular price - it is reduce only order
Market order
... if wanting to trade regardless of price (or assuming that the market is liquid enough that the current best prices are enough of an indication of the price I'll get)...
- must not see a price input (7002-SORD-019)
- should be warning if the market is in auction and the market order may be rejected
... so I can quickly submit an order without populating the ticket with elements I don't care about
Market stop order
... if wanting to trade regardless of price with trigger (or assuming that the market is liquid enough that the current best prices are enough of an indication of the price I'll get)...
- must not see a price input (7002-SORD-052)
- must see a price input (7002-SORD-054)
- must select a trigger direction (7002-SORD-055)
- must see rises above (7002-SORD-056)
- must see falls below (7002-SORD-057)
- must enter a trigger value (7002-SORD-058)
- must select a trigger price (7002-SORD-064)
- must select a trigger trailing percent offset (7002-SORD-065)
- must copy a trigger value to the price field (7002-SORD-067)
... so that my order only trades after reaching the trigger and with market price - it is reduce only order
Pegged
... submit an order where the price is offset from a price in system (best bid etc)
- TODO
... so my order will move with the market
Time in force
... should to select a time in force, when selecting a time in force, I...
- must select a time in force
- Good till canceled
GTC
- not applicable to Market orders (7002-SORD-023) - Good till time
GTT
- not applicable to Market orders (7002-SORD-024) - Fill or kill
FOK
(7002-SORD-025) - Immediate or cancel
IOC
(7002-SORD-026) - Good for normal trading only
GFN
- not applicable to Market orders (7002-SORD-027) - Good for auction only
GFA
- not applicable to Market orders (7002-SORD-028)
- Good till canceled
- should only be warned if the time in force is not applicable to the order type I have selected
- should only be warned if the time in force is not applicable to current period's trading mode
- if the user has not set a preference: market orders must default to
IOC
(7002-SORD-030) - if the user has not set a preference: limit orders must default to
GTC
(7002-SORD-031) - if it is stop order limit or stop order market then must select
- Fill or kill
FOK
(7002-SORD-068) - Immediate or cancel
IOC
(7002-SORD-069) - if the user has not set a preference: market orders must default to
FOK
(7002-SORD-070)
- Fill or kill
... so I can control if and how my order stays on the order book
Execution flags
... could select some execution flags. When selecting execution flags (aka order conditions)...
-
must see an option to select "Post only" (7003-SORD-054)
- should see explanation of what Post only is/does
- must see the post only option is unselected and disabled (can not be checked) if the time in force is set to IOC or FOK (7003-SORD-055)
- must see an explanation of why the option is disabled (7003-SORD-056)
-
must see an option to select "Reduce only" (7003-SORD-057)
- should see explanation of what Reduce only is/does (7003-SORD-058)
-
must see that selecting "Post only" or "reduce only" de-select the other (if selected). As is it not possibly to apply them both to an order (7003-SORD-059)
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must see an option to select expire for stop order limit and market (7002-SORD-071)
- must select strategy for stop order limit and market (7002-SORD-072)
- must see strategy submit (7002-SORD-073) if it is oco then submit strategy is not available (7002-SORD-081)
- must see strategy cancel (7002-SORD-074)
- must see expiry time/date (7002-SORD-075)
- must select strategy for stop order limit and market (7002-SORD-072)
-
must see an option to select oco for stop order limit and market (7002-SORD-082)
- must see a type to select market or limit (7002-SORD-083)
- must see for market type
- must see rises above (7002-SORD-084)
- must see falls below (7002-SORD-085)
- must enter a trigger value (7002-SORD-086)
- must select a trigger price (7002-SORD-087)
- must select a trigger trailing percent offset (7002-SORD-088)
- must see for limit type
- must enter a price (7002-SORD-089)
- must select a trigger direction (7002-SORD-090)
- must see rises above (7002-SORD-099)
- must see falls below (7002-SORD-091)
- if the user has not set a preference: trigger direction must default to
opposite to the one selected in the stop order
(7002-SORD-092) - must enter a trigger value (7002-SORD-093)
- must select a trigger type (7002-SORD-094)
- must see a trigger price (7002-SORD-095)
- must see a trigger trailing percent offset (7002-SORD-096)
- if the user has not set a preference: trigger type must default to
price
(7002-SORD-097) - if the trigger price is already met on submission, must warn the user that the stop order will be triggered immediately (7002-SORD-098)
... so I can control in more detail how my order is executed
Auto Populating a deal ticket non-manual methods
- TODO Populate by selecting a size/price in the order book
- TODO Populate by selecting a size/price in the chart
- TODO Populate by selecting a size/price in the depth chart
- TODO Input price as a % of account, given the current price field
- should be able to determine how much leverage I'd like (given general balance, and other inputs)
See the potential consequences of an order before it is submit
... based on the current inputs I'd like an indication of the consequences of my order based on my position and the state of the market, I...
- could see my resulting open volume
- could see the amount this order might move the market in percentage terms
- could see what the new best prices of the market would be after placing this order (assuming my order moves the market)
- could see new volume weighted average entry price if not 0
- could see and indication the volume weighted price that this particular order
- could see an indication of how much of the order will trade when it hits the book and how much might remain passive
- could see a new liquidation level
- could see an estimate of the fees that will be paid (if any)
- could see my "position leverage" TODO - define this
- could see my "account leverage" TODO - define this
- could see an amount of realized Profit / Loss
- could see any change in margin requirements (if more or less margin will be required)
- could see the notional value of my order
... so that I can adjust my inputs before submitting
Submit an order
... need to submit my order, when submitting my order, I...
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if not already connected: must see a prompt to connect a Vega wallet
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must submit the Vega submit order transaction. (7002-SORD-039)
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must always be able to submit regardless of market state, trading mode or account balances (7002-SORD-060)
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must see feedback on my order status (not just transaction status above) (7002-SORD-040)
- Active (aka Open) (7002-SORD-041)
- Expired (7002-SORD-042)
- Cancelled. see the txn that cancelled it and a link to the block explorer, if cancelled by a user transaction. (7002-SORD-043)
- Stopped. see an explanation of why stopped (7002-SORD-044)
- Partially filled. must see how much of the size if filled/remaining (7002-SORD-045)
- Filled. Must be able to see/link to all trades that were created from this order. (7002-SORD-046)
- Rejected: must see the reason it was rejected (7002-SORD-047)
- Parked: must see an explanation of why parked orders happen (7002-SORD-048)
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All feedback must be a subscription so is updated as the status changes (7002-SORD-053)
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could repeat the values that were submitted (order type + all fields)
... so that I am aware of the status of my order before seeing it in the orders table.
... so I get the sort of order, and price, I wish.
Manage positions and order
After submitting orders I'll want to manage orders. If my orders resulted in a position I may wish to manage positions).
Typical order scenarios to design/test for
Market in continuous trading:
- Limit order, Long, GTC, with a price that is lower than the current price
- Limit order, Short, GFN, that crosses the book but only gets a partial fill when order is processed
- Market order, IOC, that increases open volume (aka size of position)
- a limit order GFA when market is in Auction
- an limit that reduces exposure from something to 0
- a limit order, FOK, that squares and reverses e.g. I'm long 10, I short 20 to end short 10
Market in auction:
- Attempt Market order in Auction mode: should warn order is invalid
- Attempt limit order GFN when market is normally Continuous (but currently in auction), should warn that GFN will not work