Table of Contents
Instant order – An alternative of Market Order
Instant order is custom made proprietary Growlonix order which tries to simulate market order and tries to fulfill the order in multiple attempts. Instant order first place a limit order on exchange at market price(Bid/Ask/Last as defined by user). If limit order doesn’t fulfill or partially fill, then Growlonix cancels that limit order and place a new order with the lower price for a sell order and higher price for a buy order. The new limit order is placed at the currnet price multiplied with instant factor (formulate given below). This cycle will continue until the order is filled or 10 attempts (max retry limit) reached. One obvious advantage of using Instant Order over Market order is lesser trading fees. Limit orders generally have lesser trading fees compared to market order which is essential if someone is doing scalping trades.
By default, the instant multiplier is 1 but one can override this value using Advance Option
Default Multiplier: 1
Example using default multiplier
Sell price = current price * 0.99
Buy price = current price * 1.01
Complete Formulae:
Sell price = current price * (((100 – multiplier)/100) ^ sell attempt)
Buy price = current price * (((100 + multiplier)/100) ^ buy attempt)
Minimum Multiplier = 0.05
ORDER_MAX_RETRY = 10
Note: Presently this order is only available on bittrex, Binance, Binance Margin, Binance Futures.
How to Place Instant order
- From the drop-down menu select Instant buy or sell.
- Select your base currency and quote currency
- Enter the quantity (of quote coin) in “Quantity”/“TOTAL” which you want to buy or sell.
- From Advance option set instant multiplier e.g. 0.5, 1, 2
- Place the order by clicking on the submit order.
Instant Sell
Instant Buy
Instant multipler
Hypothetical Example
For e.g., if the instant sell order is placed with the multiplier 0.05 and the current market price is $100. In this case, a first limit sell order will be placed at 100 * (((100 – 0.05)/100) ^ 1) = 99.95, if this order doesn’t fulfill in 50 milliseconds, this limit order will be canceled and a new limit sell order will be placed at 100 * (((100 – 0.05)/100) ^ 2) = 99.9. If the order is not filled at this price a new limit order will be placed at 100 * (((100 – 0.05)/100) ^ 3) =99.85. This process will go in a loop until the order is completely filled or 10 attempts reached.
