What order types are supported when trading Hong Kong stocks on BiyaPay?

BiyaPay offers five order types for trading Hong Kong stocks: limit orders, market orders, stop-loss/take-profit orders, two-way stop-loss/take-profit orders, and trailing stop-loss/take-profit orders.

How to view Hong Kong stock order types in the app:

**How to view Hong Kong stock order types on the web: **

On the trading page, to the right of the limit price and market price, click on “Stop-Loss and Take-Profit” to see other order types.

The rules for these five order types are explained in detail below:

I. Limit Order: A limit order is an order executed only after a specific or better price is reached.

II. Market Order: A limit order is an order to immediately buy or sell an asset at the current market price.

III. Take-Profit/Stop-Loss: A “take-profit/stop-loss” order refers to a pre-set trigger price, the order price after triggering, and the order quantity. When the latest price reaches the trigger price, the order will be placed at the pre-set price. This can be a market order or a limit order. Take-profit and stop-loss can be done separately, or together.

1. Take-Profit/Stop-Loss Buy: Can be executed by amount or quantity.

The asset is frozen after the order is placed. If the order price is a market price and executed by quantity, the amount frozen is the trigger price * quantity. If the order price is a limit price and executed by quantity, the amount frozen is the order price * quantity. If the order price is a market price and executed by amount, the frozen amount will be used to buy at the take-profit trigger price or buy at the stop-loss trigger price, and then the order will be sold. If the available balance is insufficient after the take-profit/stop-loss order ends, no further purchases can be made.

2. Take-Profit and Stop-Loss Selling. Only quantity-based execution is allowed.

The entered quantity of assets is frozen upon placing the order. Whichever price is reached first, either the take-profit trigger price or the stop-loss trigger price, will trigger the order. After triggering, the order will be placed. If the available balance is insufficient after the take-profit/stop-loss order closes, selling will not be possible.

IV. Two-Way Take-Profit and Stop-Loss

1. Two-Way Take-Profit and Stop-Loss Buying. Execution can be based on amount or quantity.
   The take-profit trigger price must be lower than the market price, and the stop-loss trigger price must be higher than the market price. Assets are frozen upon placing the order. If the order price is the market price and execution is based on quantity, the higher trigger price will be used as the standard, freezing an amount equal to trigger price * quantity *. If the order price is a limit price and execution is based on quantity, the higher order price will be used as the standard, freezing an amount equal to order price * quantity. If the order price is the market price and execution is based on amount, the frozen amount will be frozen. Whichever price is reached first, either the take-profit trigger price or the stop-loss trigger price, will trigger the order. After triggering, the order will be placed. If the available balance is insufficient after the take-profit/stop-loss order closes, buying will not be possible.

2. Two-way Take-Profit and Stop-Loss Selling. Only quantity-based execution is allowed.

The take-profit trigger price must be higher than the market price, and the stop-loss trigger price must be lower than the market price. The entered quantity of assets is frozen after the order is placed. Whichever price is reached first, the order is triggered. After triggering, the order is placed. If the available balance is insufficient after the take-profit/stop-loss ends, no further sales can be made.

V. Trailing Take-Profit and Stop-Loss Trailing take-profit and stop-loss are market-price-tracking stop-loss orders. A price range or percentage is preset, and a market order is automatically executed when the market price reaches the preset level.

Trailing take-profit and stop-loss orders can only be placed at market prices. They can only be for take-profit or stop-loss, not take-profit + stop-loss.

An activation price can be selected or not. If no activation price is selected, the order is activated immediately after placement. If an activation price is selected, the order is activated when the market price reaches or exceeds the activation price. Without activation, there is no trigger price.

Activation

If the set activation price equals the latest transaction price at the time of order placement, activation occurs immediately upon order placement.

If the activation price is greater than the latest transaction price at the time of order placement, the order is activated when the new latest transaction price is greater than or equal to the activation price.

If the activation price is less than the latest transaction price at the time of order placement, the order is activated when the new latest transaction price is less than or equal to the activation price.

Trigger
Buy: Latest price ≥ Trigger price
Sell: Latest price ≤ Trigger price
Trigger price calculation:

Buy: Lowest price + pullback price distance; Lowest price * (1 + pullback range)
Sell: Highest price - pullback price distance; Highest price * (1 - pullback range)
Trailing stop-loss/take-profit orders can only be placed by amount for buy orders and by quantity for sell orders. Neither buy nor sell orders freeze assets.

The trigger price changes with the price after an order is placed.

Buy trigger price = Historical lowest price - Pullback range
Sell trigger price = Historical highest price - Pullback range

If the buy/sell quantity and amount are sufficient, the order will be placed according to the quantity. If the sell amount is insufficient, all assets will be sold. If the buy amount is insufficient, all assets will be bought.