Orders and execution quality
Separate the trading instruction from the resulting fill.
An order expresses an instruction, while a deal or fill records what actually executed. Price availability, spread, depth, order rules and latency can make the result differ from the requested price. This hub explains those stages and provides calculations for inspecting execution outcomes.
What this topic covers
The examples distinguish TradeCopier routing from broker acceptance and market execution. No educational order example can guarantee a fill price or prove execution quality for every broker and market condition.
Every resource identifies its sources, assumptions and correction route. Read the editorial standards for the review method.
Questions answered here
- When do market, limit, stop and stop-limit orders execute?
- How do bid, ask, spread, depth and tick size affect fills?
- How should orders, deals and positions be reconciled?
- How can slippage and execution cost be measured consistently?
Complete topic index
10 reviewed resources
Guides (1)
- How to Design a Reproducible Trade Execution Quality Study
A prospective protocol for measuring trade-copy routing, destination responses, fills, price differences and failures with synchronized timestamps.
References (8)
- Bid–Ask Spread and All-In Trading Cost Calculator
Calculate spread, round-trip commission, signed slippage and financing in one account-currency model without double-counting costs already in actual fills.
- Market Depth and Order Books: Read Size Beyond the Best Price
Learn how an order book shows price levels, calculate an example volume-weighted fill, and understand why visible depth cannot guarantee execution.
- Market, Limit and Stop Orders: Which Condition Controls the Trade?
Compare market, limit and stop orders using one price scenario, including execution uncertainty, trigger rules and the records needed to verify a fill.
- Orders, Deals and Positions: Reconcile Requests with Exposure
Distinguish orders, deals and positions, work through a partial-fill ledger, and download a generic CSV for source and follower reconciliation.
- Price Limits and Circuit Breakers: What Can Happen to an Open Order
Distinguish price limits, trading halts and price banding with an example boundary, and check order and position behavior when normal execution is interrupted.
- Price Tick Grids: Why a Correctly Formatted Price Can Still Be Invalid
Validate prices against a tick increment, compare rounding directions for a limit order, and separate price formatting from stop-distance and execution rules.
- Stop-Limit Orders: Two Prices and the Risk of No Fill
Understand a stop-limit trigger and limit price with a gap example, and learn why controlling price can leave a position open.
- Time in Force: GTC, Day, IOC and FOK Without Mixing Their Roles
Distinguish order lifetime from filling policy, compare a partial-quantity example, and verify expiration, cancellation and actual fills.
Calculators and tools (1)
- Slippage Cost Calculator for Buy and Sell Transactions
Convert the signed difference between planned and actual fill prices into increments and account-currency cost for a linear quantity model.
Product context
Connect the education to a verified workflow
A correct formula or market definition does not prove that every broker, platform pair, account mode or order action is supported. Check the current product information for the exact setup.
Review TradeCopier activity logsSee the product context for monitoring copied events and investigating differences between intended and observed results.
