Triggered Orders

Triggered orders are orders created to execute when certain conditions are met. Orders may apply to a new position or impact an existing pending order. The author of the Vela team trigger wallet is able to trigger a trade.

Unlinked Orders - Creating a New Position

Limit Order

Stop Order

Stop Limit Order

In the case where the limit order is activated (Mark Price = Stop Price) then the following table will apply.

Linked Orders to an Open Position

Percent vs Quantity for Closing a Position

When closing a position the user must enter the percent (dashed red box in image above) of the position to close for each order type. They can also manually type in an asset quantity (dashed blue box in image above) to close, however this will auto populate the percent field based on the current position size. It is important to recognize that Vela Exchange utilizes the percent amount, rather than quantity, to determine how much of the position will get closed when a linked order is triggered.

For example, assume there is an existing 2.00 WETH long position with two take profits set; The first at 1300.00 for 80% (shown initially as qty 1.60 WETH) The second at 1350.00 for 50% (shown initially as qty 1.00 WETH)

Now let's say the user adds another 0.50 WETH to this position prior to the price reaching 1300.00 making their total position size = 2.50 WETH.

When the price reaches 1300.00, the first take profit will trigger, closing 80% of the position (=2.00 WETH) resulting in a new position size of 0.50 WETH. When the price reaches 1350.00, the second take profit will trigger, closing 50% of this existing position (=0.25 WETH). Notice that, since percent takes precedence, the initial quantities shown are irrelevant if there are any changes to the overall position size before the linked order is triggered.

*To fully close a position, you must always set a trigger to 100%

Take Profit / Stop Loss Order

Trailing Stop Order

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