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.

Unlinked Orders - Creating a New Position

Limit Order

INITIAL CONDITION	ORDER TRIGGER CONDITION (LONG)	ORDER TRIGGER CONDITION (SHORT)
Limit Price < Mark Price	Mark Price = Limit Price	Placed as Market Order
Limit Price > Mark Price	Placed as Market Order	Mark Price = Limit Price

Stop Order

INITIAL CONDITION	ORDER TRIGGER CONDITION (LONG)	ORDER TRIGGER CONDITION (SHORT)
Stop Price < Mark Price	Placed as Market Order	Mark Price = Stop Price
Stop Price > Mark Price	Mark Price = Stop Price	Placed as Market Order

Stop Limit Order

INITIAL CONDITION	LIMIT ORDER ACTIVATION CONDITION (LONG)	LIMIT ORDER ACTIVATION CONDITION (SHORT)
Stop Price < Mark Price	Placed as Market Order	Mark Price = Stop Price
Stop Price > Mark Price	Mark Price = Stop Price	Placed as Market Order

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

INITIAL CONDITION	ORDER TRIGGER CONDITION (LONG)	ORDER TRIGGER CONDITION (SHORT)
Stop Price < Limit Order	Placed as Market Order	Mark Price = Limit Price
Stop Price > Limit Order	Mark Price = Limit Price	Placed as Market Order

Linked Orders to an Open Position

Percent vs Quantity for Closing a Position

When closing a position the user must enter the percent of the position to close for each order type. They can also manually type in an asset quantity to close, however this will auto populate the percent field based on the current position size. It is important to recognize that Navigator 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

INITIAL CONDITION	ORDER TRIGGER CONDITION (LONG)	ORDER TRIGGER CONDITION (SHORT)
Take Profit < Mark Price	n/a	Mark Price = Take Profit
Take Profit > Mark Price	Mark Price = Take Profit	n/a
Stop Loss < Mark Price	Mark Price = Stop Loss	n/a
Stop Loss > Mark Price	n/a	Mark Price = Stop Loss

Trailing Stop Order

INITIAL CONDITION	ORDER TRIGGER CONDITION (LONG)	ORDER TRIGGER CONDITION (SHORT)
Trailing Stop as X %	Mark Price drops X% from High	Mark Price rises X% from Low
Trailing Stop as X Amt	Mark Price drops X from High	Mark Price rises X from Low

For a Long position order:

When initiating a Trailing Stop order, the Trailing Stop price will always be lower than the Market Price. After a successful order placement, as the Market Price rises, the Trailing Stop price will also increase with the predetermined price gap. When the Market Price begins to decline, the Trailing Stop price remains static, and the order is executed when the Market Price is equal to or smaller than the Trailing price.

The logic of the Trailing Stop Order for Short positions operates in the reverse manner.