Haftungsausschluss: CFDs sind komplexe Instrumente und bergen aufgrund der Hebelwirkung ein hohes Risiko, schnell Geld zu verlieren.
Sie sollten sich überlegen, ob Sie die Funktionsweise von CFDs verstehen und ob Sie es sich leisten können, das hohe Risiko einzugehen, Ihr Geld zu verlieren.
Web Trader MT5
F
Fill
A ‘fill’ signifies the successful execution of an order after matching with a corresponding party – it is the fulfilment of an asset to be purchased or sold.
Fill or kill
Fill or kill is an instruction on an order that instructs the broker or exchange to either execute the order instantly and entirely or cancel it totally—no half measures, no waiting around, no partial fills. Either the whole thing goes through right now, or nothing occurs at all.
Traders employ a fill-or-kill order when they want clarity on size. A partial fill can leave them in a difficult position that is inconsistent with their desired exposure, and in rapidly moving markets, being half-filled while the other half is still working can pose a serious risk.
It is most often used by institutional traders who trade in large sizes, for whom consistency in execution is important.
Example: A fund manager wants to buy exactly 200,000 shares of a business to size a portfolio allocation precisely. They send a fill or kill. If at this moment, the market can absorb the whole 200,000 order at a reasonable price, it will be executed. If not, it is completely canceled out, and the manager re-evaluates, because 120,000 shares do not suit the approach they had in mind.
Fill or kill (FOK)
An order type that requires a trade to be executed immediately and completely, or else cancelled.
Fill Or Kill Order (FOK)
A fill-or-kill order means that a trade must be executed promptly and in full, or it will be canceled. There are no partial fills, no tardiness; it is all instant or none. Traders use the FOK order when getting the exact transaction quantity at a specific price is critical to their strategy.
A partial fill is an improperly sized exposure that will not meet the strategy and, in certain instances, is worse than no exposure at all. It is most prevalent in institutional traders who trade in substantial amounts and require absolute certainty of execution.
Example: 500 futures contracts are exactly what a portfolio manager wants for a particular hedge; not 300, not 450. They place a fill-or-kill order. The market can deliver all 500 at once, achieving full execution.
If only 300 were available, the order would have been canceled altogether, as a partial hedge of unknown size isn’t the hedge the strategy was looking for.
Fill Price
The fill price is the actual price at which a trade was filled (what you actually paid or received) as opposed to what you were hoping to get in the order. For small orders in liquid markets, the fill price is typically the desired price or very close to it. Slippage may cause the actual price to deviate from a trader’s expectations in thinner markets or in larger sizes.
Monitoring fill prices is important, since a strategy that appears profitable based on mid-market prices may not look the same once real execution costs are taken into account.
Example: A trader submits a market order to buy at approximately $45.50 (the trader saw this price on their screen). The order is filled in full for $45.67. It’s 17 cents on one trade, but it adds up over hundreds of trades.
A trader who has never compared the expected and actual fill prices is overestimating the profitability of their trading strategy.
Fill Ratio
The fill ratio is a percentage that shows how much of an order is filled relative to the order’s total quantity. A fill ratio of 100% indicates that the entire order was filled. A 60% fill ratio suggests that only 60% of the requested volume was executed; the remainder was unfilled.
For algorithmic traders and institutions sending big volumes of orders, it matters the most. Low fill rates often mean something in the execution method is wrong – whether that be pricing, timing, or order size in relation to liquidity.
Example: A trading business reviews monthly execution data and finds that its fill ratio for a particular stock has declined from 85% to 62%. Upon examination, it has been found that a competitor is operating a similar strategy on the same stock, depleting available liquidity first.
Now you either have to change the algorithm’s logic or accept that the edge in that stock has become much more competitive than before to improve the fill ratio.
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