The order types

Our order types

 

  • Standard
  • OCO (One Cancels Other)
  • Trailing stop
  • Midpoint

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Trailing stop and OCO order

From now on, our new order types trailing stop and OCO offer, among other benefits, a convenient oppertunity to protect against losses. These new intelligent order types can be used on the Stuttgart and Tradegate Stock Exchanges and in OTC direct trading with the issuers BNP Paribas, BondInvest, Citi, Commerzbank, Deutsche Bank X-markets, Goldman Sachs, HSBC, RBS, Vontobel and Société Générale.

1. Standard order

You can enter your normal order here. You have the choice from the usual limit types, cheapest/best, limit, stop buy/stop loss and also, depending on the stock exchange, stop limit. You can find more information about this in our FAQs

2. Trailing stop

A trailing stop order is based on a traditional stop order. Unlike this, however, the stop limit can be adjusted automatically to suit the current stock price at this stock exchange by a difference to be defined when the order is placed (either as an absolute value in EUR or as a percentage rate).

Example:
Current price of the stock is EUR 58. Stop limit is set at EUR 55.
The absolute trailing stop limit difference is EUR 3.

In the further course, the stock price of the share rises to EUR 60.

Consequence:

Your stop limit is adjusted automatically to EUR 57.

The stock price of the share now falls again to EUR 59.

Consequence:

Your stop limit stays at EUR 57.

In the further course, the stock price of the share rises to EUR 62.

Consequence:
Your stop limit is no raised further to EUR 59.

The stock price of the share now falls again to EUR 59.

Consequence:
The trailing stop limit takes effect and your share will be sold at the next reported stock price. 

Please note that this order type is currently only available on the Stuttgart Stock Exchange and the Tradegate trading exchange, as well as at some direct trading partners.

On some exchanges (e.g. Tradegate or Deutsche Bank), it is additionally possible to enter a further stock price limit in addition to the stop limit.

The limit here is understood as an absolute value of the difference from the trigger price and not as an absolute limit!


Example:

Sale: Limit difference value = 1

Triggering at stock price 10
>> limit: = 10 - 1 = 9

You can query the current value of your stop limit on some exchanges (not the Stuttgart Stock Exchange)  during trading hours via your order book using the detail display (magnifying glass).

3. OCO (One-Cancels-Other)

In principle, a one-cancels-other order consists of two orders at a time, one of which will be deleted if the other is executed respectively. When you enter the order, if you intend to make a sale, select a stop loss to secure your position in a downward direction and at the same time, also set a top sell limit to make a profit. Accordingly, you will be positioned for falling as well as rising stock price developments without having to continually observe the market.

Example:
You hold a position of stocks that are currently at EUR 55 and you would like to sell them either when reaching or falling below a stock price of EUR 50 (stop loss for protection) or you want to also sell them if the stock price reaches EUR 60 (sell limit).

The One Cancels Other order applied as a buy order enables you to start trading at a cheaper price than the current one as one option. Or, as the other option, you start trading automatically when the upper stop buy that you have chosen is reached because you expect rates to rise further rates when this benchmark is broken.

4. Midpoint

This is an additional order type offered on the Xetra exchange.
This functionality of Deutsche Börse enables all Xetra participants to enter orders in a closed order book and be certain of complete anonymity. The execution price is always exactly the average value of the best buying and selling rate in the open order book on the Xetra.

With Xetra® MidPoint, trading participants can trade stocks of the DAX®, MDAX®, SDAX® and TecDAX® indices without disclosing the volume and limit of their order. Smaller orders can be rejected by the stock exchange. This also means that partly executed orders can no longer be executed or changed when the open volume is too small. In these cases, the relevant orders can only be cancelled.

Orders in Xetra MidPoint can be provided with or without limit. Order suffixes to control the transaction are possible, for example,
“Fill or Kill” and “Immediate or Cancel”. Orders are exclusively executed together with other Xetra MidPoint orders.

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