How to operate my positions

1. SupportedVarieties

2. Closing a Position

3. Stop and Reverse Order

4. Rollover

5. Liquidation


1. Supported Varieties

Hong Kong Futures and Index Options, US Futures, Singapore Futures, Japan Futures


2. Closing a Position

2.1 What is closing a position?

Closing a position means placing a limit order in an opposite direction to, but with the same quantity as, the existing position;

Example: You hold a long position in two HSI2001 contracts. If you close your position at the market price, you submit a limit order to sell two HSI2001 contracts at the market price.

2.2 Price Type

You can close a position at the rival price, market price, or specific price;

Rival price: You buy or sell at the price offered by counterparties. (If you sell at the rival price, you sell at the best bid price in the first place)

Market price: You buy or sell at the current market price.

2.3 Explanations and Notes

(1) Orders submitted to close positions are all limit orders, and the time in force is 「day」;

(2) Closing a position at the rival price or market price does not guarantee a better execution price. In particular, an order may be filled at a higher or lower price when the market changes rapidly.

2.4 How to close a position?

2.4.1 In the mobile app, tap 「Close」 at the bottom of a specific position

2.4.2 Desktop

Method 1: Click 「Close」 in the trading window

Method 2: In the 「Positions」 window, click the "More" icon, and select 「Close at rival price」, 「Close at mkt price」, or 「Close at specific price」

Disclaimer

Closing a positions at the rival price, market price, or specific price is a convenient online trading method provided by Futu for clients. Futu works hard to provide stable services, but cannot guarantee their absolute reliability. Futu is not liable for any loss or damage arising from any failure to execute an order due to network interruption, server abnormality, and other physical factors.


3. Stop and Reverse Order

3.1 What is a stop and reverse order?

3.1.1 Meaning

If you place a stop and reverse order, you close your existing position and open a new position in the opposite direction to, but with the same quantity as, the existing position. In a stop and reverse order, two orders will be submitted: The first order is to close your existing position, while the second order is to open a new position in the opposite direction to your existing position. The second order will be automatically submitted only after the first order is fully filled. If the first order fails or partly filled, the second order will not be submitted.

3.1.2 Who may place a stop and reverse order

Clients who need to quickly switch position direction;

3.1.3 Examples

If you hold a long position in two HSI2001 contracts, and place a stop and reverse order at the market price, then:

Scenario 1: A limit order will be submitted to sell two HSI2001 contracts at the market price;

Scenario 2: When the order in Scenario 1 is filled, another limit order will be submitted to sell two HSI2001 contracts at the market price;

Scenario 3: When the order in Scenario 2 is filled, you will hold: a short position in two HSI2001 contracts;

3.2 Order and price types

The two orders involved in a stop and reverse order are both limit orders;

You can place a stop and reverse order at the rival price or market price;

3.3 When to place an order

You can place a stop and reverse order during the pre-market opening period and the continuous trading session;

3.4 Explanations and Notes

(1) The two orders involved in a stop and reverse order can be changed or cancelled if they have not been filled;

(2) You can view order group IDs via 「Today's Order」 or 「Transactions」. If two orders share the same order group ID, it means that they are generated by the same stop and reverse order;

(3) Since a stop and reverse order involves two orders, a fill is not guaranteed. If the first order is not fully filled or is cancelled, the second order will not be submitted; even if the first order is fully filled, the second order may fail or be partially filled;

(4) A stop and reverse order at the rival price or market price does not guarantee a better execution price. In particular, an order may be filled at a higher or lower price when the market changes rapidly.

3.5 How to place a stop and reverse order

You can place a stop and reverse order directly through the position page/trading window.

3.5.1 Mobile

Tap 「Reversing trading」 at the bottom a specific position

3.5.2 Desktop

Method 1: Enter the code, click 「Rev (rival)」 or 「Rev (MKT)」, and click 「Confirm」 in the pop-up window; after a fill, you can view the order group ID in the order;

Method 2: Click a position, click the "More" icon, select 「Rev (rival)」 or 「Rev (MKT)」, and click 「Confirm」 in the pop-up window;

Disclaimer

Placing a stop and reverse order is a convenient online trading method provided by Futu for clients. Futu works hard to provide stable services, but cannot guarantee their absolute reliability. Futu is not liable for any loss or damage arising from any failure to execute an order due to network interruption, server abnormality, and other physical factors.


4. Rollover

4.1 What is a rollover?

4.1.1 Meaning

If you roll over your contracts, you close your existing position and open a new position in the same contracts but in a further-out month. In a rollover, two orders will be submitted: The first order is to close your existing position, while the second order is to open a new position in the same contracts but in a further-out month. The second order will be automatically submitted only after the first order is fully filled. If the first order fails or partly filled, the second order will not be submitted.

4.1.2 Who may roll over contracts

Clients whose contracts are about to expire and who need to quickly switch them to longer-term contracts;

4.1.3 Example

You hold a long position in an HSI2001 contract. You can submit a rollover request by selecting rollover at the rival price and entering the contract to be rolled over, i.e. HSI2003. After the rollover request is submitted, the HSI2001 contract will be sold at the rival price and, after a fill, another HSI2003 contract will be bought at the rival price;

4.2 Order and price types

The two orders involved in a rollover are both limit orders; currently, you can roll over contracts at the rival price only;

4.3 When to place an order

The orders involved in a rollover can be placed during the pre-market opening period and the continuous trading session;

4.4 Explanations and Notes

(1) If you roll over your contracts, you can only switch them to contracts with the same underlying securities but in different months (If you roll over a Hang Seng Index contract, you cannot switch it to a Mini-Hang Seng China Enterprises Index contract);

(2) The two orders involved in a rollover can be changed or cancelled if they have not been filled;

(3) If you roll over more contracts than you hold, and your buying power is insufficient, then you will fail to place an order to open a position in contracts in other months;

(4) You can view order group IDs via 「Today's Order」 or 「Transactions」. If two orders share the same order group ID, it means that they are generated in the same rollover;

(5) Since a rollover involves two orders, a fill is not guaranteed. If the first order is not fully filled or is cancelled, the second order will not be submitted; even if the first order is fully filled, the second order may fail or be partially filled;

(6) A rollover does not guarantee a better execution price. In particular, an order may be filled at a higher or lower price when the market changes rapidly.

4.5 How to carry out a rollover?

4.5.1 Mobile

Tap 「Rolling trading」 at the bottom of a specific position

4.5.2 Desktop

Click a position, click the "More" icon, select 「Rolling positions (rival)」, and click 「Confirm」 in the pop-up window;

Disclaimer

Rollover is a convenient online transaction method provided by Futu for clients. Futu works hard to provide stable services, but cannot guarantee their absolute reliability. Futu is not liable for any loss or damage arising from any failure to execute an order due to network interruption, server abnormality, and other physical factors.


5. Liquidation

5.1 What is liquidation?

5.1.1 Meaning

It means closing all positions;

5.1.2 Who may liquidate positions

Clients who do not hold positions overnight or across trading sessions;

5.2 What are the order and price types

Liquidation orders are all limit orders;

You can liquidate your positions at the rival price or market price;

5.3 Explanations and Notes

(1) Since liquidation involves multiple orders, there is no guarantee that you will have all your positions liquidated successfully;

(2) Liquidation at the rival price or market price does not guarantee a better execution price. In particular, an order may be filled at a higher or lower price when the market changes rapidly.

5.4 How to liquidate positions?

5.4.1 Mobile

Swipe right on your positions, and tap the 「double arrow」 icon on the right side 

5.4.2 Desktop

Click "Batch Closing" in the upper right corner of the position window