Orderly is an execution engine designed for tight or unstable market situations — when spreads widen, volatility increases, and traditional order types become inefficient.
In these conditions, traders often face an uncomfortable choice:
- Limit order: safe but may never execute
- Market order: executes immediately but can cross the spread and move through the order book, causing slippage
Orderly operates between these two extremes.
Concept #
How it Works #
When you start Orderly:
- Your order is placed just inside the best price on your side of the market
- slightly above the best bid when buying
- slightly below the best ask when selling
- The engine observes the live market.
- If the order does not execute, Orderly repositions the order to follow the current market conditions.
- This process repeats until the order is filled.
If market conditions change significantly or the order cannot be executed efficiently, Orderly can fall back to a direct execution to complete the trade.
Detailed Mechanism #
Orderly waits for 5 market trades. If there is no fill, the order is repriced to reflect current market conditions.
This process repeats for up to 5 rounds.
If there is still no fill, Orderly falls back to a market order.
Why This Matters #
This approach helps avoid two common execution problems:
Crossing the spread
Market orders often execute immediately against the opposite side of the book, paying the full spread.
Walking through the order book
Large or urgent market orders can consume multiple price levels, increasing slippage.
Orderly continuously adjusts your order so it stays competitive in the market without behaving like a market order.
The Result #
Orderly aims to provide:
- Better execution prices
- Reduced spread costs
- Controlled participation in volatile markets
The engine keeps your order close to the market while still allowing you to maintain price discipline.
Usage #
Setup #
Before starting, Orderly must be configured.
Abort Procedure (iOS only) #
Define how execution behaves if the app goes into the background.
Trade Setup #
- Select market
- Select account
- Select side (buy / sell)
- Enter base amount
Max Amount
- Tap Max Amount to see the maximum tradable size
- Tapping Amount fills the full available balance
Market Snapshot #
Shows current market conditions for the selected amount:
- Spread
- Estimated slippage
The section can be refreshed at any time.
Execution Impact #
Displays estimated execution outcome:
- Estimated average fill
- Expected slippage
- Estimated fee
- Total cost
The section can be recalculated at any time.
Execution #
Once setup is complete and the amount is valid, tap Start Engine.
Execution begins immediately and Orderly manages the order flow automatically.
Status Indicators #
During execution, Orderly shows live status updates:
Matching size against market flow
- Limit order is placed inside the spread
- Waiting for matching trades
Liquidity captured — building position
- Trades are being filled
- Position is increasing
Maintaining price priority
- Order is being adjusted
- Cancel and re-place to stay competitive in the order book
These states repeat dynamically until the order is fully executed and the engine finishes.
Abort (macOS) #
Orderly can be aborted while running.
- Click Abort Orderly
- Select an abort procedure
- Confirm to stop execution
Orderly will terminate according to the selected procedure.
