What does the Type option control in Trade Trigger Options?

What Does the Type Option Control in Trade Trigger Options?

The Type option in MagicTradeBot’s Trade Trigger Options controls how orders are executed after a trading signal is confirmed.

It determines whether the bot prioritizes speed and certainty of execution or price precision, directly affecting:

• Execution speed
• Slippage
• Fill probability

🔹 Available Options

1️⃣ Type: 0 → Market Order

Type: 0

Behavior:

• Executes immediately at the best available price in the order book
• Ensures the trade is filled instantly, even in fast-moving markets
• May incur higher slippage if the market is volatile

Best For:

• Scalp trading
• High-frequency trading (HFT) strategies
• Fast-moving or highly volatile markets

Pros:

• Immediate execution
• Never misses a trade signal
• Simple and reliable

Cons:

• Slippage risk during rapid price changes
• Price may deviate from signal target

2️⃣ Type: 1 → Limit Order

Type: 1

Behavior:

• Executes only at the specified price or better
• If the market price does not reach the limit, the order may remain unfilled
• Offers precise entry points, reducing slippage

Best For:

• Calm or low-volatility markets
• Traders who require precise price execution
• Swing or day trading strategies where timing is less critical

Pros:

• Low slippage
• Controlled entry price
• Can be adjusted with price buffers for better fill probability

Cons:

• May remain unfilled if price never reaches the limit
• Missed trades can occur during fast-moving markets

🔹 Supporting Settings for Type

1. AskPriceBufferPer

AskPriceBufferPer: 0.1

• Adds a small buffer to the limit order price to improve fill chances
• Example: If Ask = 100.00 and Buffer = 0.1 → Limit Price = 100.10
• Set to 0 for exact price matching

2. TimeInForce

TimeInForce: 60

• Duration (in seconds) a limit order remains open
• Cancels unfilled orders automatically to avoid stale trades

• Recommended values:

  • Scalping: 10–30s
  • Day trading: 30–120s

🔹 Key Takeaways

Summary:

• Use Market Orders for speed and guaranteed execution.
• Use Limit Orders for price precision and reduced slippage.
• Combine with AskPriceBufferPer and TimeInForce for optimal fill control.