Range Entry Order

Brief

The article describes a range entry order and explains how it works.

Details

A range entry order is an order to open a Buy or Sell position within a specified price range. The range is set by the Stop Entry and Limit Entry order rates. (For details, see Entry Order). First, the range entry order's Rate (Stop Entry order rate) is specified as follows:

• A range entry order to buy a symbol is placed above the current market price.
• A range entry order to sell a symbol is placed below the current market price.

Then, in the box to the right, the distance in pips is specified for the Limit Entry order rate. Once the market price hits the Stop Entry order rate, the Limit Entry order is triggered, and the range entry order is executed at the Limit Entry order rate or better.

A range entry order can have the following Time In Force values:

• GTC - stands for Good Till Canceled. It means that the order remains active until it is canceled. A GTC order can be partially executed at the available liquidity amount at the market prices.
• GTD - stands for Good To Date. It means that the order remains active until a specified date and time. By default the time is set as the end of the current trading day (16:59 New York time).

Note that Stop and Limit orders can be added to a range entry order, and a Stop order can be made trailing.

For more information, see Working with Entry Order.