1. What is a conditional order?

A conditional order is a type of order that includes specific conditions. The order is triggered and sent to the stock exchange only when the specified conditions are met.

2. What kind of conditional orders does Pinetree offer?

Pinetree offers the following types of conditional orders for derivative trading:

– Stop Limit Orders (Buy Stop Limit/Sell Stop Limit)

– Take Profit and Stop Loss Orders

3. Which trading session can conditional orders be placed?

Conditional orders can be placed in all sessions but can only be triggered in continuous trading orders.

4. How long is Pinetree’s derivative conditional order valid?

Conditional orders are valid from the time the Customer places the order until the expiration date the Customer selects, but they do not extend beyond the expiry date of the derivative securities.

5. Where can I look up information about conditional orders?

Customers can look up order information as follows:

– When the order has not been triggered: Look it up under the conditional order list.

– When the order has been triggered and placed on the exchange: Look it up under the normal order list.

6. Why was my conditional order rejected?

A conditional order will not be triggered and/or executed if the Customer does not have sufficient funds and/or positions in the securities account required for the conditional order to be triggered and executed.

Stop Limit Order (Buy Stop Limit/Sell Stop Limit)

1. What is a Buy Stop Limit/ Sell Stop Limit conditional order?

Buy Stop Limit/Sell Stop Limit conditional orders are tools that allow Customers to buy/sell at an order price with a predetermined trigger price without the need to continuously monitor the market.

2. How does a Buy Stop Limit/ Sell Stop Limit conditional order work?

Once the market price meets the trigger condition, a LO order (with a predetermined price set by the Customer) or an MP order will be sent to the exchange and can be executed at the specified order price or a better price.

3. How long is a Buy Stop Limit/ Sell Stop Limit conditional order valid?

The order is valid for multiple days until it is triggered, but not beyond the expiry date of the derivative contract.

4. What is the difference between the Trigger price and the Order price?

Trigger Price: The price used to compare with the market price during the continuous matching session to determine if the condition is met.

Order Price: The price at which the Customer wishes to buy or sell, which is sent to the exchange when the conditional order is triggered.

Example: Customer places a Buy Stop Limit conditional order to buy 10 VN30F1M futures contracts at 1250 with the condition that the market price must be >= 1230. In this case, the trigger price is 1230 and the order price is 1250.

5. Can I modify or cancel placed Buy Stop Limit/ Sell Stop Limit conditional orders?

Customers are allowed to cancel or modify the order details in the conditional order book before the order is triggered. After trigger and submission to the exchange, the Customer can cancel or modify the order details in the regular order book on the same day.

6. Will my Buy Stop Limit/Sell Stop Limit conditional order be automatically canceled at the end of the trading session if it is partially filled or not executed?

A triggered order that remains unfilled or partially filled will be automatically canceled at the end of the trading day.

7. Why was my Buy Stop Limit/ Sell Stop Limit conditional order rejected after meeting the conditions?

If Customer’s Buy Stop Limit/ Sell Stop Limit conditional order is triggered and sent to the exchange but violates one or more of the following rules, it will be rejected and automatically canceled (it will not be re-triggered):

– The order price is below the lower price limit or above the upper price limit during the trading session when the conditional order is triggered.

– The quantity of contracts the Customer places may result in exceeding the open position limit as per the regulations.

– The customer’s account does not have sufficient buying/selling power at the time the conditional order is triggered.

8. I have 3 Buy Stop conditional orders for the same derivative code that have all been triggered. Which of my orders will be sent to the exchange first?

The system will prioritize sending orders to the exchange in the order they are triggered. Orders triggered first will be sent to the exchange first.

9. Do my trigger price and order price need to be within the price range of the contract code at the time of placing the order?

Customers can choose both the trigger price and the order price when placing a conditional order. However, the order price must fall within the price limit (ceil-floor) for the contract on the trading session that the order is triggered.

Take Profit/Stop Loss Orders (TP/SL Orders)

1. What is a TP/SL conditional order?

A TP/SL order helps investors manage losses or secure profits on futures contracts based on predetermined levels set by the Customer, applied to an existing position.

2. How does a TP/SL conditional order work?

Customers can set either one order (Stop Loss or Take Profit) or two orders (both Stop Loss and Take Profit).

Once the market satisfies the trigger condition, the conditional order will be triggered and sent to the exchange.

3. How long is a TP/ SL conditional order valid?

The order remains valid for multiple days until it is triggered, but not beyond the expiration date of the futures contract.

4. What is the difference between the Trigger price and the Order price?

Trigger price is the price used to compare with the market price in continuous matching sessions to determine if the condition is met.

Order price is the price at which the Customer wishes to buy or sell, and it will be sent to the exchange when the conditional order is triggered.

Example: The Customer holds 5 Long positions with a cost price of 1150. The Customer can place a TP/SL order with a maximum volume of 5 contracts. The trigger price for take profit is 1160, and the order price for take profit is 1165. The trigger price for stop loss is 1150, and the order price for stop loss is 1148.

– A Short order for profit-taking at 1165 will be sent to the exchange when the market price falls to >= 1160

– If the market price falls to <= 1150, the stop loss order will be triggered with an order price of 1148.

5. Can I modify or cancel placed TP/SL conditional orders?

Customers are allowed to cancel or modify the order details in the conditional order book before the order is triggered. After trigger and submission to the exchange, the Customer can cancel or modify the order details in the regular order book on the same day.

6. What happens when my TP/SL conditional order is placed and remains unfilled or partially filled, but the market reverses to the price I want to stop loss?

The order will be triggered only once. After trigger, if the order is not filled or partially filled, it will not be triggered again on the same day or in subsequent days.

If the conditional order includes both Stop Loss and Take Profit orders, the system handles it as follows:

– In the case where the take-profit order is triggered first but not fully executed or partially executed, the stop-loss order will remain pending. If the market then reverses and hits the stop-loss condition, the unexecuted portion of the take-profit order will be amended to the price level of the stop-loss order.

– In the case where the take-profit order is triggered and then canceled, the opposite side (stop-loss) will also be canceled.

7. Why was my TP/SL conditional order rejected after meeting the conditions?

If the TP/SL conditional order is triggered and sent to the exchange but violates any of the following conditions, it will be rejected and automatically canceled upon trigger:

– The order price is lower than the floor price or higher than the ceiling price during the trading session when the conditional order is triggered.

– The number of contracts exceeds the position limit as per regulations.

– Insufficient buying/selling power in your account at the time of order trigger.

8. I have placed a TP/SL conditional order, but then I placed a regular order to close/open my current positions. How will the previously placed conditional order be processed?

In the case where Customers increase or decrease the current position using a regular order before the TP/SL conditional order is triggered, the system will issue a warning but still proceed to trigger the order if the trigger conditions are met.

Example: If a Customer places a TP/SL order for 10 contracts and then closes 5 positions using a regular order when the trigger conditions are met, the system will process the TP/SL order for the remaining 5 contracts in the account and open 5 new positions.

Please consider and check your account status before modifying it before the TP/SL order is triggered.