A Scaled order is an algorithmic tool that enables advanced users to automatically create multiple limit orders across a user-determined price range. This tool also provides control over the diversity and distribution of orders within the price range.
How to place a Scaled order on Bitfinex
1. Firstly, log in to your Bitfinex account.
2. You will then be redirected to the Trading page of the Bitfinex platform.
3. Here, you can select the relevant trading pair from the ticker list.
4. Then, navigate to the order form, select Scaled from the drop-down box, and choose if you intend to Exchange or Margin trade.
5. On the Scaled order, the form will offer you an option of entering Lower and Upper Price, Amount, Order Count, along with Amount and Price Variance (in percentage). In addition, you can set the Distribution to control the share of the total amount each order receives. Then you can choose the action to sell or buy.
6. Following the information you enter on the form, you may click Preview to see the limit orders that can be made based on your input or Submit to complete your order.
If you choose to Preview the information, you will see the orders and can Cancel or Submit them.
7. Once submitted, your orders will be generated according to your specified specifications.
How to use a Scaled order
Scaled orders are a complex trade creation tool that enables traders to spend less time entering orders and more time concentrating on their strategy.
A Scaled order consists of many orders at various prices to mitigate the market impact of submitting a single large order. Additionally, it can be used to obtain a more favourable average price when entering or quitting a position.
If you have any questions, please feel free to reach out to Bitfinex Support. We are happy to help!
