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How the market order matching system works
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Delaron
Zoobog Enterprises
#1 - 2013-03-14 00:10:41 UTC
I have a question around how the order matching system works.
Just the other day I accidentally left out a digit from a sell order and it sold for the price that I asked for (far lower than what I intended), instead of matching the highest buy price which I thought was odd.
Say for simplicity's sake there are 3 buy orders on the market for 5, 20, and 300.
If I put in a sell order for 30, which order gets matched, and for how much?

From my little mistake I figure the system would match the order for 300, but I'd get 30.
Is that right?
Sabriz Adoudel
Move along there is nothing here
#2 - 2013-03-14 00:29:04 UTC  |  Edited by: Sabriz Adoudel
Delaron wrote:
I have a question around how the order matching system works.
Just the other day I accidentally left out a digit from a sell order and it sold for the price that I asked for (far lower than what I intended), instead of matching the highest buy price which I thought was odd.
Say for simplicity's sake there are 3 buy orders on the market for 5, 20, and 300.
If I put in a sell order for 30, which order gets matched, and for how much?

From my little mistake I figure the system would match the order for 300, but I'd get 30.
Is that right?


The person that offered 300 will get the item for 30.

The highest buy order is filled, but at the price asked for by the seller.

This is why you should not turn off those 'You entered a price 44% below regional average, are you sure' warnings. They are your friend, even if they are an annoying friend that doesn't shut up sometimes.

I support the New Order and CODE. alliance. www.minerbumping.com
Delaron
Zoobog Enterprises
#3 - 2013-03-14 01:04:31 UTC
Thanks for clearing that up Sabriz, much appreciated :)
Salpad
Carebears with Attitude
#4 - 2013-03-15 17:25:18 UTC
Sabriz Adoudel wrote:
ity's sake there are 3 buy orders on the market for 5, 20, and 300.
If I put in a sell order for 30, which order gets matched, and for how much?

From my little mistake I figure the system would match the order for 300, but I'd get 30.
Is that right?


The person that offered 300 will get the item for 30.

The highest buy order is filled, but at the price asked for by the seller.

This is why you should not turn off those 'You entered a price 44% below regional average, are you sure' warnings. They are your friend, even if they are an annoying friend that doesn't shut up sometimes.[/quote]

The annoying bit is that those warnings also warn me when I create a too expensive Sell Order, or a too cheap buy Order. I would I could turn that off, specifically, while still being warned about the opposite kinds of mistakes, since those are the ones that are actually dangerous.
Daimar Lavode
#5 - 2013-03-15 17:46:59 UTC
Salpad wrote:
The annoying bit is that those warnings also warn me when I create a too expensive Sell Order, or a too cheap buy Order. I would I could turn that off, specifically, while still being warned about the opposite kinds of mistakes, since those are the ones that are actually dangerous.


I kind of like the sell order ones, it's saved me from spending 10x or 100x too much in broker fees more than once.
flakeys
Doomheim
#6 - 2013-03-16 09:42:48 UTC
Salpad wrote:
Sabriz Adoudel wrote:
ity's sake there are 3 buy orders on the market for 5, 20, and 300.
If I put in a sell order for 30, which order gets matched, and for how much?

From my little mistake I figure the system would match the order for 300, but I'd get 30.
Is that right?


The person that offered 300 will get the item for 30.

The highest buy order is filled, but at the price asked for by the seller.

This is why you should not turn off those 'You entered a price 44% below regional average, are you sure' warnings. They are your friend, even if they are an annoying friend that doesn't shut up sometimes.


The annoying bit is that those warnings also warn me when I create a too expensive Sell Order, or a too cheap buy Order. I would I could turn that off, specifically, while still being warned about the opposite kinds of mistakes, since those are the ones that are actually dangerous.[/quote]


I agree , when i had a 1000+ orders up years back for reproc items i got that waring with EVERY item .Now as i only do sell orders i still get this with 40% of my orders as such you just don't look at it any more wich makes the 'warning' shoot passed it's point.

We are all born ignorant, but one must work hard to remain stupid.