JP Stock trading jargons/Glossary
I was thinking of slightly trying trading some stocks too instead of just NISA and MTFs and started understanding each terms.
There is a hurdle of understanding the japanese as well as the thing itself irrespective of language.
I couldn't find any good resources or a summarised page with the info, so I tried making the following.
Being in Japan, we *have* to use excel for something like this.
- Are these terms common across the platform? (I use SBI)
- I dont plan to write the explanations as of now, becuse there are enough resources in English to learn, once you get the english name. But hope to include a simple graph with points plotted to show the time of order, or buy/sell
- Any corrections or additions are welcome. I wonder whether this can be added to the Wiki in future
- This is written from a stock buying perspective, but I believe, the same (or should I say the exact opposite?) is applicable while selling stocks as well
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These are the basic order types, the complex ones are more like combinations of these or one additional condition.
Basic Order Types
| No. | Order Type | Conditions | ||
|---|---|---|---|---|
| 1 | 指値 さしね | Limit Order | Nil | |
| 2 | 寄指 よりさし | Limit on Open | ||
| 3 | 引指 ひけさし | Limit on Close | ||
| 4 | 不成 ふなり | Limit to Market(Japan only thing? no English resources?) | ||
| 5 | IOC | Immediate or cancel | ||
| 6 | 成行 なりゆき | Market Order | Nil | |
| 7 | 寄成 よりなり | Market on Open | ||
| 8 | 引成 ひけなり | Market on Close | ||
| 9 | IOC | Immediate or cancel |
Stop Order Types
You set a condition, a trigger condition, which executes Order A, one of the above 9 types of order.
The type is numbered as Stop-A, where A is the order number from basic table
| Stop Type No. | Order Type | Sub Order Type | Sub Order Type Conditions | ||
|---|---|---|---|---|---|
| Stop - 1 | 逆指値 Stop Order | 指値 | Stop Limit Order | Nil | |
| Stop - 3 | 引指 | ||||
| Stop - 4 | 不成 | ||||
| Stop - 6 | 成行 | Stop Market Order (Only in Japan?) | Nil | ||
| Stop - 8 | 引成 |
OCO Types : One Cancels the Other
Basically a combination of Limit order (either 1. or 4.) and a Stop order. The order type Number is the combination of one from first table(OCO1) and one from Stop types table(OCO2).
You set two orders A and B, if Order A is executed, B is cancelled and vice versa.
The type is numbered as OCO A-B , where A is from the Basic type table and B is from stop order table
| OCO Type No. | OCO1 : 指値(Limit Order ) Conditions | OCO2 : 逆指値(Stop Order) Type and Condition | |
|---|---|---|---|
| OCO 1 - Stop - 1 | OCO : One Cancels the Other | Nil | 指値-Nil（Limit Order） |
| OCO 1 - Stop - 6 | 成行ｰNil (Market Order) | ||
| OCO 4 - Stop - 4 | 不成:Limit to Market | 指値ｰ不成 （Limit to Market） |
IFD Order types : If Done Order
If Order A happens, Order B is executed. If Order A doesn't happen, nothing happens.
Order type is numbered as 「IFD - A - B 」
Order A, the first order can be any of the Basic order from 1 to 9 or any Stop Order. (14 cases, so will be represented by x in the IFD table)
Order B will be a sell order and not all types of orders are supported.(refer table)
Total no. of types = 14 x 8 = 112 Cases
| IFD Order Type No. | Order A Type | Order B Type/Order B Sub Type | Order B Condition |
|---|---|---|---|
| IFD x - 1 | x : Any order from basic order type or stop order type | 指値 Limit Order | Nil |
| IFD x - 3 | 引指 Limit on Close | ||
| IFD x - 4 | 不成 Limit to Market | ||
| IFD x - Stop - 1 | 逆指値/指値 Stop Limit Order | Nil | |
| IFD x - Stop - 3 | 引指 Limit on Close | ||
| IFD x - Stop - 4 | 不成 Limit to Market | ||
| IFD x - Stop - 6 | 逆指値/成行 Stop market Order | Nil | |
| IFD x - Stop - 8 | 引成 Market on Close |
IFDOCO Order Types:
A combination of an IFD order and an OCO Order(Sell)
You have to setup three Orders A(buy), B(sell), C(sell)
If A is executed, either B or C will be executed. If B is executed C will be cancelled. If C is executed B will be cancelled.
A can be any of the order type from basic table or stop order table (14 cases), and B and C together can be any of the OCO type (3 type)
Total IFDOCO cases : 14 x 3 = 42 Cases
Total no. of order types that can be made in SBI is, 9 Basic + 5 Stop order + 3 OCO + 112 IFD + 42 IFDOCO = 171 Cases!!
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I hope that this post just becomes a staring point and finally this can be something useful.