For limit orders, the market range sets the upper and lower limits for your rate order to be filled and turned into a position. Setting market range limits for orders helps increase the chances of order execution, as not all rates are actively traded under normal conditions. When you choose a specific rate for execution, it might not be available, but the market range improves fill likelihood.
The market range has several benefits:
• Ensures your order is filled at a rate close to your chosen level.
• Acts as a safety measure, preventing trades from opening if the price sharply diverges from your target.
The market range extends from your target rate in the market's direction:
• If your target rate is higher than the current market rate, the range extends upward.
• If your target rate is lower, the range extends downward.