[discussion] Supporting market orders in live trading

[askmike]

Ahaa, you have a market taker order in mind with slippage precheck by looking into the order book? This will be the deluxe market taker option ;-) Are you working on this? On bigger markets and smaller investments many people will be probably already happy to have a "standard" market taker option...

This isn't a very magical thing! It already exists on every exchange and it's called a "limit order", but be sure to not check the post only / partcipateDoNotIniate option. If you look at this example:



Right now the "post only" button is checked, if you check the "allow taker" button instead you can create an order that will execute as market. For example:

If you want to buy right now you can create a limit order with a limit price of 5625 euro and a size of 100 bitcoin. What would happen is that you would immediately buy ~6 bitcoin (the top 3 asks) and after that place a limit order for ~94 bitcoin that rests in the orderbook (at the top of the bids). It would be very simple for Gekko to calculate this limit price based on a % above the current price, for example 1%. This wouldn't impact anyone trading in very liquid markets since all the orders would execute at market, but it would save people from eating deep into the orderbook and paying ~5%. Note that Gekko would only have to calculate the correct limit here and send one order to the exchange. All exchanges will manage executing the correct orders and placing a limit order for the remainder (if there isn't enough liquidity below the specified limit).

Note that Gekko currently does NOT do this, when Gekko would buy in the situation above it would create limit orders with a limit of 5620.29 euro (meaning it would never execute at market).

On bigger markets and smaller investments many people will be probably already happy to have a "standard" market taker option...

I am reluctant to add straight up market orders for people who don't understand order execution and trade on tiny markets on binance, not because of people who know what they are doing and trading on bitfinex..