Stop-market is a type of order that will be activated and turn into a market order when the trigger price you set is reached.
Like any market order, a stop-market order will be executed immediately at the best market price of the moment when it is activated.
This means that a stop-market order will not necessarily be executed at the stop price.
In most cases, a stop-market order is filled at a price worse than the stop price, depending on the volatility of the market or how quickly the order can be executed.
Steps to put a stop-market order:
1. Access order book page https://www.novadax.com/en/product/orderbook
2. Choose the pair you want to trade (BTC/USDT for example)
3. On the right side, click on "Market" and tick "stop" to define 2 parameters to create a stop-market order:
1) Stop price: the market price of some moment in the future that will activate the order and turn it into a market order.
2) Amount: the amount of coins that you are willing to spend to buy or to sell.
There is no need to set a purchase or sale price.
For example, the price to buy BTC in USDT is 9,752.03 and you want to place a stop-market order with stop price of 9,700.
Just input the stop price and amount to buy and click on "BUY BTC".
The order will stay open while waiting for the stop price being reached to activate the order and turn it into a market order which will be executed at the best market price.