What is Conditional Trading?
Conditional trading allows you to submit orders that are only placed if certain market conditions are met. Meaning, you don’t have to repeatedly monitor the market. You simply set the criteria for your trade and our systems place your order when your conditions are met.
Conditional orders are active for up to 12 months, and you can cancel or amend them at any time during that period. When all your trigger conditions are met, your order will be placed. If your order is not placed immediately once the conditions are met, it will have a default expiry of 21 calendar days.
Who is eligible?
Conditional orders are available to all Westpac Share Trading customers and there is no cost to activate this service. You simply pay the normal brokerage rate that applies to your account if your conditional order is triggered, and the trade is placed.
Key features
Place trades according to a pre-determined investment strategy
Choose from six different order types, including falling sell (stop loss) and trailing stops.
Orders can remain active for up to 12 months
Easily cancel or amend orders at any time
Ability to set conditional orders based on volume or time-based conditions.
Receive an SMS or email notification when your order is received, triggered or executed.
Types of conditional orders
Falling sell order (stop loss): A falling sell order helps you limit any losses or protect any gains. For example, you may have an unrealised profit on a share that you don’t want to lose should the price fall. You can set a conditional order to sell the share if its price drops to a specified level.
Falling buy order: A falling buy order allows you to set a trigger for an order to buy a share if the price drops to a particular level.
Rising buy order: A rising buy order allows you to set a trigger for an order to buy a share if the price rises to a particular level. For example, you may believe that if a share trades through a certain price (resistance level), its price will continue to rise (break out). In such circumstances, you could consider placing a rising buy order with a limit slightly higher than the resistance level.
Rising sell order (profit trigger): A rising sell order allows you to set a trigger to sell a share if its price rises to a particular level.
Trailing sell order: A trailing sell order allows you to set a trigger for a sell order for a share if its price rises to or above your nominated ‘trail start price’ and subsequently experiences a fall in price equal to or greater than your nominated ‘trail stop value’.
Trailing buy order: A trailing buy order allows you to set a trigger for a buy order for a share if the price falls to or below your nominated ‘trail start price’, and subsequently experiences a rise in price equal to or greater than your nominated ‘trail stop value’.
Optional Parameters
Trading volume and time conditions
For any conditional order type, you may set:
The minimum volume (number of units of the security) that must have traded before your order may be triggered
A time constraint.
Setting a parameter for the minimum volume traded may help ensure that the order is not triggered without sufficient trading activity in the security. The volume condition considers all units traded on the day the trigger parameters are met, and includes units traded above and below the price trigger parameter.
You can also set a time constraint so that your conditional order will only be triggered according to your set time criteria. For example, between 11am and 3pm on any trading day.
Please refer to the Westpac Share Trading Terms and Conditions for further information regarding conditional orders.
Things you should know
Westpac Securities Limited ABN 39 087 924 221, AFSL 233723 (‘Westpac Securities’) (trading as ‘Westpac Share Trading’) provides the opportunity to trade listed financial products through our arrangement with Australian Investment Exchange Limited ABN 71 076 515 930, AFSL 241400 (‘AUSIEX’), a wholly owned subsidiary of Nomura Research Institute, Ltd (‘NRI’). AUSIEX is a Market Participant of the ASX Limited (‘ASX’) and Cboe Australia Pty Ltd (‘Cboe’), a Clearing Participant of ASX Clear Pty Limited and a Settlement Participant of ASX Settlement Pty Limited. Neither AUSIEX nor Westpac Securities are representatives of each other. Westpac Securities is not a related party of AUSIEX, NRI, ASX or Cboe. Under this arrangement, all trading, clearing, settlement and stock sponsorship arrangements are directly with AUSIEX. AUSIEX is not authorised to carry on business in any jurisdiction other than Australia. Accordingly, the information contained in this website is directed to and available for Australian residents only.
You should read the Westpac Securities and AUSIEX Financial Services Guides (“FSGs”), which provide you with information on the services Westpac Securities and AUSIEX can provide. You can access the FSGs via https://westpac.com.au/personal-banking/share-trading.
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