Scaled order is an order with several limit orders placed one by one in decreasing or increasing order of price.
How to create a Scaled order
When creating a Scaled order you have to select:
1) Buy or Sell
2) High and Low prices
3) The number of levels from 10 to 100
4) Enter either the Amount or Total.
All orders for both buy and sell are placed with the same volume in the base currency. It means if our Amount is 0.04333 BTC, and we have 10 grids, the system will distribute that Amount among 10 grids. It means each order will have 0.004333 BTC.
📑 Note: The Low price has to be less than the High price, and there should be a distance between them that allows placing the specified number of orders.
When launching a scaled order, the buy order can be placed under the current price only. It means that the sell scaled order can be placed only above the current price. Once all the parameters are set, go ahead and click Buy/Sell BTC.
Track your Scaled order
To see whether your order has been filled yet or not, you will have to go to the Open Orders tab. The Filled volume will appear as the limit orders are executed.
As the orders get executed, the price range will shrink, the volumes will decrease, and the percentage of execution will grow.
📑 Note: Once the order has been placed, it cannot be modified. The only way to modify it is to cancel the order and create a new one.
After placing an order, both orders will be displayed with crosses. By pressing any cross, the scaled order will be fully cancelled.
Sell and Buy Scaled orders
Scaled buy orders are great for price averaging. When creating it, the High price cannot be higher than the current price and the Low price has to be smaller than the High price. Otherwise, the system will ask you to insert the correct figures.
If we talk about Scaled sell orders, they are great for selling all the way up. This way you will be able to sell your base currency for a higher price each time the price moves up.
The Scaled sell order cannot be set below the current price. Just like with the Scaled buy order, the Low price has to be smaller than the High price, as well.