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- Add new documentation URLs to TARGET.md - Add 8 new documentation files from polymarket-learn section - Update maker-rebates-program.md with 5-minute crypto markets info
55 lines
3.1 KiB
Markdown
55 lines
3.1 KiB
Markdown
> ## Documentation Index
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> Fetch the complete documentation index at: https://docs.polymarket.com/llms.txt
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> Use this file to discover all available pages before exploring further.
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# Using the Order Book
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> Understanding the Order Book will help you become an advanced trader.
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In the Getting Started tutorial on [Making your First Trade](../get-started/making-your-first-trade/), we learned about market orders.
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In a market order, your trade executes instantly at the current market price.
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But what if you think the market price is too high and want to set a specific price that you would be willing to accept? These are called [Limit Orders](../trading/limit-orders/).
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## Viewing the Order Book
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The order book is a list of every open order to buy or sell shares in a particular market.
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<Frame>
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<img className="block w-full h-auto dark:hidden" style={{ maxWidth: '100%', height: 'auto' }} noZoom src="https://polymarket-upload.s3.us-east-2.amazonaws.com/Orderbook-light.png" />
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</Frame>
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In this market, **“Presidential Election Winner 2024”**, we are viewing the order book for Trump <span style={{ backgroundColor: '#E5F8E6', color: '#27AE60', padding: '2px 4px', borderRadius: '4px' }}>Yes</span> shares.
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The green side represents the <span style={{ backgroundColor: '#E5F8E6', color: '#27AE60', padding: '2px 4px', borderRadius: '4px' }}>Bids</span>: the highest price traders are willing to pay to buy Trump <span style={{ backgroundColor: '#E5F8E6', color: '#27AE60', padding: '2px 4px', borderRadius: '4px' }}>Yes</span>
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shares.
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The red side represents the <span style={{ backgroundColor: '#FEEEE5', color: '#F55A00', padding: '2px 4px', borderRadius: '4px' }}>Asks</span>: the lowest price traders are willing to accept to sell Trump <span style={{ backgroundColor: '#E5F8E6', color: '#27AE60', padding: '2px 4px', borderRadius: '4px' }}>Yes</span> shares.
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<Tip>
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Notice that there is a 0.3c gap between the highest bid and the lowest ask price. This is referred to as the spread.
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</Tip>
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## Managing open orders
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When you have an open order, you'll find it displayed just below the Order Book on the market's page.
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If you have open orders across multiple markets, you can easily manage and monitor them all from the [Portfolio page](https://polymarket.com/portfolio?tab=Open+orders).
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## Canceling open orders
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When you have an open order, you'll find it displayed just below the Order Book on the market's page.
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To cancel the order, you can simply click the red **x** button alongside the order.
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<iframe width="560" height="315" src="https://www.youtube.com/embed/KuA2UdUfZls?si=RUpuzqB9lbBB2pl9" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen />
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If you have open orders across multiple markets, you can easily manage and monitor them all from the [Portfolio page](https://polymarket.com/portfolio?tab=Open+orders).
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Nice! You can officially call yourself an advanced trader.
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<Tip>
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If some of this still isn’t making sense, feel free to reach out to us on [Discord](https://discord.com/invite/polymarket). We’re happy to help get you up to speed.
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</Tip>
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