On STX, players must place orders in order to execute a wager. Players wager by placing buy or sell orders in a specific market using any available funds in their account. When a player's order is matched by another player's order (equal price but opposite side) a wager occurs.
There are many different terms related to Orders on STX including:
Order Book: The "Order Book" discloses the orders that are currently outstanding in a given market. Each order in the Order Book has a quantity and price associated with it, but the orders are aggregated by price when being displayed. The Order Book shows you the liquidity available at each price as well as what the best bid and best offer are on the market. If a player has an Open Order, the remaining quantity that hasn't been filled will appear in the Order Book.
Limit Order: A “Limit Order” is an order to buy or sell a specific quantity of wagers at a limit price. The resulting wagers cannot execute at a price less favorable to the player than the limit price, but wagers can execute at prices more favorable if it is available in the market.
Market Order: A “Market Order” is an order to buy or sell a specific quantity of wagers at the best available price in the order book at the time of order placement. Due to the dynamic nature of an order book, there is no guarantee to the price at which a market order will execute, but the STX engine will give an estimate based on current market conditions.
Maker Order: A "Maker Order" is any order that sits on the order book when it is placed because there is no existing order of the opposite direction and overlapping price to match with.
Taker Order: A "Taker Order" is any order that matches with one or more existing orders on the order book thus executing a wager immediately upon order placement.
Open Order: An "Open Order" is any Maker Order that is currently available in the Order Book and can be matched.
Closed Order: A "Closed Order" is any order that has either executed in full or been fully or partially cancelled prior to being matched. Orders can either be cancelled directly by the player that submitted the order, or when the market the order was placed in has expired before the order was matched. Orders that are cancelled result in funds that were tied up due to the associated risk being released back to the Player’s available balance.
Filled Order: A "Filled Order" is an Order that has been completely matched leaving nothing remaining in the order book.
Partially Filled Order: A "Partially Filled Order" is an order that has been partially matched, but some of the order remains open in the order book. The remaining quantity in a partially filled order can be cancelled, but the matched quantity can't be cancelled.