CoinDCX is growing at a disruptive pace! 🔥
After bringing major altcoins from world’s leading exchanges like Binance and Huobi to a single platform, we were flooded with requests for adding new trading features to the platform. We are excited to announce the launch of two new features - Depth Chart and Stop limit order to our intuitive platform for a seamless trading experience.
**We are going live with the features you requested for @ 4:00 PM IST today (August 2, 2018!). **🚀🚀
Let’s dive into this and find out more about Stop Limit order and Depth Chart and learn how to use it to your advantage.
What is a Stop Limit order ?
A Stop Limit order was considered as a trade feature used only by professional day traders though recently it is being used extensively by most traders on exchanges like Binance.
Here’s the first look of the order window.
This order type has 4 components.
Stop Price : In simple terms, this component is like a trigger for your order. Once the price of the token reaches the stop price, your limit order will be placed. You will be able to find your order in the order book by this time at the limit price.
Limit Price : This is the price at which you wish to buy/sell after your order has been triggered at stop price. Once the market price of the token hits the stop price, your order gets placed in the order book at this price.
Quantity : Quantity is the number of tokens that you wish to buy/sell.
Buy For : This is the amount of BTC/ ETH that you wish to trade (buy/sell).Once you enter quantity, this is autofilled.
Why to use Stop Limit order ?
As a trader, staying afloat in a dynamic market is a challenge. When you are not actively watching token prices in your portfolio, there is a possibility that there will be dramatic fluctuations and you need a tool to protect yourself from such turbulence in markets.
Stop Limit order is the perfect tool to safeguard tokens in your portfolio from the overnight change in prices. It puts you in control of your portfolio.
How to use Stop Limit order ?
Stop Limit order can be used to help you in both - stopping loss and taking profit.
When you place a Stop Limit sell order at a low stop price, that helps you in stopping loss beyond a certain price. On the other hand, placing a Stop Limit sell order at a high stop price would help you in taking profit when the market is rushing to the moon.
Say goodbye to FOMO. Stop Limit orders have got you covered.
What is a Depth Chart ?
In cryptocurrency markets, prices are governed by demand and supply. Depth charts give you a visualization of demand or supply of a particular cryptocurrency. Depth charts essentially show supply and demand at different prices.
A depth chart for a buy/sell market has two lines, one for BUY orders and one for SELL orders. The green line represents BUY orders and the red line represents SELL orders.
These lines represent the quantity of a token can be traded at a particular point.
The vertical axis represents the quantity of the particular token (in this case - LTC) that is available for trade. The horizontal axis represents the price at which the tokens can be traded.
How to use a depth chart ?
Place your cursor at any point on the BUY or SELL line on the depth chart and you will know the exact number of tokens that you can buy/sell at that price.
When you place your cursor and click on a particular point, the limit/ stop limit order window gets prefilled with values for stop price and limit price. This makes it easier for you to change it to your desirable price with a few clicks.
We hope you enjoy trying out these new features. If you have any suggestions for more trade features, write to us at firstname.lastname@example.org.
Stay tuned for updates! 🚀
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Disclaimer: CoinDCX is not dealing with fiat (INR) pairs due to the latest RBI notice (Announcement). Trading in bitcoins and cryptocurrencies is subject to market risks, prices are determined purely by the demand/supply and not controlled by the platform.