Chase limit orders

Chase Limit runs in your browser, in Mirrorlane. The exchange sees only the orders it places, one at a time. It keeps going while any Mirrorlane tab is open on this device, and picks up again when you reopen Mirrorlane here.

The chase places a post-only limit order at the best price on its side, the best bid for a buy or the best ask for a sell, or Max distance behind it. Every 5 seconds it looks at the book again, and if the best price has moved, it moves the order to follow.

Buying with Max distance 0.1% while the best bid is 2,500, the order rests at 2,497.50. If the best bid rises to 2,510, the order moves to 2,507.49 within 5 seconds.

Post-only means the order only ever rests: if it would fill at once, the exchange cancels it, and the chase places it again at the new best price. So, apart from a last remainder, the chase fills as a maker.

Each order is one chunk of your size. When it fills, the next chunk goes up at the current price, until the whole size has filled. Every order expires 1 hour after it is placed, and while the chase runs an expired order is replaced. When what is left is below the market’s minimum order size, it goes as a market order, filling no further than 3% past the best price on the other side.

The order details show where it would rest now (Rests at), Behind the best, the margin and Fees.

• Remember me, in Settings, Security, must be on, so strategies pick up after a reload. With a key already in use, refresh this device’s key after turning it on. See Your trading key.
• Advanced order types, in Settings, Trading, shows Chase Limit in the Advanced menu. It is on by default.
• Up to 10 strategies run at once on one account: Chase Limit, Iceberg and Advanced TWAP together.
• Plus or Premium. On a Standard account, trading here is paused. See Account types.

Each order is an ordinary post-only limit order and pays that order’s fee; a last remainder sent at market pays a market order’s. The Fees row shows an estimate before you start. See The fee.

• You close the last Mirrorlane tab. Its order stays on the book until it fills or expires, within the hour. Reopen Mirrorlane here and the chase resumes with that order.
• The connection to the exchange drops. Every running strategy stops (Aborted: Disconnected) and cancels its order. It doesn’t restart on its own.
• You sign out, or revoke this device’s key. Strategies stop and cancel their orders first. While your wallet registers a new key, they place nothing.
• An order’s outcome is unknown. If the exchange doesn’t answer, the chase places nothing while it looks for that order, for up to two minutes (Waiting for an order to confirm). Found, it carries on. Never found, it stops, and the order is watched until it would have expired: cancelled if it rests, its fills counted. No order is ever sent twice.

• The price runs away. A chase has no limit price. It follows the best price wherever it goes, so a buy can end up paying well above where it started. Stop it when the price has gone further than you want.
• An order is refused. The chase tries again every 5 seconds and shows the reason under its status. If the reason won’t clear, such as not enough margin, stop it.
• You cancel its order by hand. The chase places a new one at its next look. To end it, stop it.
• Several strategies run at once. They share one request budget, and the terminal paces orders to stay inside the exchange’s limits, so moves can lag behind the book.
• An older tab holds the strategies. After a release, an older Mirrorlane tab can keep them, and a new chase won’t start. Close older tabs, then refresh.

The Strategies tab, beside Open orders, shows each run: how much has filled, the average price, the share filled as a maker, its status and the seconds to its next look. Stop ends it: what has filled stays filled and its order is cancelled. Stop all ends every run. Its order shows in Open orders marked by a strategy, where Edit is off. A notice says when a run completes or stops.