Order types
Market orders, take-profit, stop-loss and slippage.
Market orders
A market order opens or closes a position immediately at the current mark price. Because Evergreen trades against a liquidity vault, a market order doesn't depend on how many other traders are active.
Acceptable price
Prices can move between the moment you submit an order and the moment it executes. Every order carries an acceptable price: the worst price you're willing to get. If execution would be worse, the order is rejected instead of filling.
The default buffer is 1%. For a long at $100.00, the acceptable price is $101.00; for a short, $99.00.
Take-profit and stop-loss
You can attach a take-profit (close when the price reaches a target in your favour) and a stop-loss (close when it moves a set distance against you) when you open a position, or add, change and remove them later from the Positions panel. Both levels appear as lines on the chart.
- For a long, the take-profit must be above the current price and the stop-loss below it; for a short, the reverse.
- A stop-loss must trigger before the liquidation price, otherwise it would never fire.
- Once a level is reached, the position closes at the current market price. After a sharp jump or gap, that can be worse than the level you set. If the price gaps past your liquidation price, the position is liquidated instead.