Box Top
This order type starts as a market order purchasing at the best available price, but upon transacting the first asset, it transforms into a limit order at that price.
This order type operates in two stages - first it begins purchasing/selling assets at the best available price given current market conditions. Once the box top order begins filling at the first fill price, it transforms into a limit order at that same value.
This order type is primarily designed to not create any slippage while identifying and deploying a limit order at the then-current market price.
How it is used
Harry did rather well last bull run and managed to sell the top. Now he is trying to enter the market again but is worried that his position could cause fluctuations in the price so he sets up his purchase as a box top. By setting a box top order, Harry does not have to worry about finding the right limit price for his order. As he places the box top order the first fill price determines his limit price and sits in the order book at the right spot and waits for it to fill.
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