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A Conditional Market order waits for a price condition, then places a market order using your Max Slippage setting. Select Cond. Market in the order form. Unlike a Stop Market order, the trigger can watch a different market from the one you trade. It can also use the best bid or best ask, as well as mid, mark and last trade prices.
Conditional market order form with trigger symbol, above/below selector, trigger price, trigger condition and amount

BTC Conditional Market form with a trigger symbol, price and condition.

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How it works

  1. Pick the Trigger Symbol. It defaults to the market you are trading, but you can watch another market on Pacifica.
  2. Choose ≥ Above or ≤ Below, then enter the Trigger Price.
  3. Choose the Trigger Condition price source: Mid, Mark, Last, Best Bid or Best Ask.
  4. Enter the Amount and choose your side.
  5. When the chosen price meets the condition, Pacifica submits the market order.
If the condition is already true when you submit, the form warns you and the order can trigger as soon as the condition is evaluated. The strategy submits one order and does not trigger again.

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Settings

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Example

You want to buy 0.1 BTC if its mid price falls to $95,000:
  • Select Cond. Market, with Trigger Symbol set to BTC.
  • Choose ≤ Below, set Trigger Price to $95,000 and Trigger Condition to Mid.
  • Set Amount to 0.1 BTC and choose Buy.
  • When the mid price reaches $95,000 or lower, Pacifica places a market buy. The fill price depends on available liquidity and your Max Slippage.

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Good to know

  • The trigger price determines when the order is placed. It is not a guaranteed fill price.
  • Any amount that cannot fill within your slippage limit is cancelled.
  • Open conditional orders appear in Strategies, under Conditional Orders.
  • To set a limit price for the resulting order, use Conditional Limit.