Type of order which currently only Kraken has as far as I noticed. and It was the only reason why I used their exchange back in the day ( now I hope to be here only / not trading CEX anymore anyway).
The idea goes like this ( You can check it there, I assume that they didn’t remove it).
I can place limit order for buy and limit sell order / stop loss at the same time.
Example:
Limit buy order for BTC at price 10,000$ for 10,000$. If the order executes I have 1 BTC at hand.
What Kraken Advanced order lets me Do is choose what I want to do with that 1 BTC and automatically opens another order.
for example stop loss at 9500 or maybe sell order at 11,000.
traditional forex allow you to even do both at the same time, so you place a limit order with a stoploss and take profit already marked. its hard to do in a non-custodial way but @canesin once said they are looking into it.
I would not be surprised to see advanced orders or conditional orders on the exchange sometime in 2021. Once volume is steady over 1-5 million daily it would be a great time to add focus for this feature set on the exchange.
The first implementation would likely be with Nash Cash having BTC or ETH as options to be purchased while in the background it is a USDC conditional order into BTC or ETH.
As well once the Codebase is refactored in Rust, this feature would be available on mobile as well shortly afterwards.