Cryptocurrencies like Bitcoin are known for their high volatility, making strategic trading tools essential for investors. One such powerful tool is the Plan Order feature offered by OKX, designed to help traders automate their strategies while managing risk effectively.
What is a Plan Order?
A Plan Order is a conditional trading strategy where users preset:
- A trigger price (market condition)
- A delegated price (execution price)
When the market reaches the trigger price, the system automatically places an order at the delegated price. This enables:
- Take-profit/stop-loss positions
- Trend-based entry points
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Key Characteristics:
- No pre-locking: Doesn’t freeze margins or positions before activation.
Non-guaranteed execution: May fail due to:
- Insufficient margin
- Position limits
- Non-trading contract states
- System issues
How Plan Orders Work
- Activation Phase
The order triggers only when the market hits your specified price. Pending orders won’t appear in your "Open Orders" until activated. Execution Rules
- If successful, it opens/closes positions like a standard limit order.
- Failed orders leave your existing holdings unaffected.
- Delegated prices that breach limit rules default to the market’s ceiling/floor price at trigger time.
- Market Order Limits
Quantity restrictions apply per contract (adjusted dynamically based on market conditions).
Advantages of Using Plan Orders
| Feature | Benefit |
|---|---|
| Automated Execution | Eliminates emotional trading |
| Risk Management | Built-in stop-loss/take-profit |
| Flexibility | Adapts to both bullish and bearish trends |
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Common Scenarios for Plan Orders
- Volatility Management: Set triggers to buy dips or sell peaks automatically.
- 24/7 Market Coverage: Execute strategies even when you’re offline.
- Backtesting: Simulate delegated prices against historical data.
FAQs
1. Can I cancel a Plan Order before triggering?
Yes, pending Plan Orders can be canceled anytime before activation.
2. Why did my Plan Order fail to execute?
Common reasons include insufficient funds, hitting position limits, or market halts.
3. Are Plan Orders free to use?
OKX doesn’t charge extra for Plan Orders, but standard trading fees apply upon execution.
4. How do I set a stop-loss with Plan Orders?
Set the trigger price below your entry (for long positions) or above it (for shorts).
5. Can Plan Orders compound with other strategies?
Yes, combine them with OCO (One-Cancels-the-Other) or trailing stops.
6. What happens if the market gaps past my trigger?
The order activates at the next available price, which may differ from your delegated price.