Maximum price for BUY contact and price proposal issue

meno73

Hi all,

I am new to Binary.com and I have a couple of doubts:

1. I want to 'buy' a contract (CALL) but I want to get in the market only if the price is below a certain value.
   For example:
   I want to CALL EUR/USD but only if the price is below 1.1123.
   How to define the maximum price in the 'buy' contract? I saw something in the documentation:

price number
Maximum price at which to purchase the contract, or '0' for 'buy at market

but if I put '0' I get a weird error (price moved too fast from USD 0.00 to USD 1.00) and any other value I put I buy at market.
Can you please answer me with an example in JOSN format for me to try?

2. If I place a price proposal and than use its reference for the 'buy' contact, I sometimes get the error: price moved too fast since price porposal subscription (something like that). What are the conditions under which this error is thrown?

Thank you,

BR,

Alessandro.

negombo

Hello, meno73

I have the same problem. Here is what I am doing:

{
  "parameters": 
{
    "symbol": "frxEURUSD",
    "amount": "1",
    "basis": "stake",
    "duration": "3",
    "contract_type": "PUT",
    "currency": "USD",
    "duration_unit": "m"
  },
  "price": "0",
  "buy": "1"
}

The output is following:

            {
              "echo_req": {
                "parameters": {
                  "currency": "USD",
                  "amount": "1",
                  "symbol": "frxEURUSD",
                  "duration_unit": "m",
                  "basis": "stake",
                  "duration": "3",
                  "contract_type": "PUT"
                },
                "price": "0",
                "buy": "1"
              },
              "error": {
                "message": "The underlying market has moved too much since you priced the contract. The contract price has changed from USD0.00 to USD1.00.",
                "code": "PriceMoved"
              },
              "msg_type": "buy"
            }
            

But if, for example I pass "price": "9999999999" (huge number) - everything is OK. Seems "price": "0" is doesn't work..

Guys we need your help...

Raunak

Please note that when you are sending proposal first and you get proposal response, in that response you have ask_price say at that time price is very less (0.35) as per the payout you select say 0.85 then when you send buy with 0.35 but current market has moved to 0.50 then its a very considerable jump in case of percentage so we show this message.

If you use parameters to purchase contract then don't send price as 0 as it is not applicable to this scenario. We will update document accordingly.

Raunak

@meno73

I want to 'buy' a contract (CALL) but I want to get in the market only if the price is below a certain value.
For example:
I want to CALL EUR/USD but only if the price is below 1.1123.
How to define the maximum price in the 'buy' contract? I saw something in the documentation:

for this binary doesn't provide any mechanism but you can implement your own, you can subscribe to proposal call and monitor ask_price so when ask_price is below 1.1123 then call buy with proposal id and ask_price

meno73

thank you very much guys!

negombo

Thank you for the answer.
But how can I open buy contract at market price now? If this record in document is not valid:

Maximum price at which to purchase the contract, or '0' for 'buy at market'

so maybe there is another way to buy contract at the market price without proposal?..
As I said I used this method. Is it correct?

{
"parameters":
{
"symbol": "frxEURUSD",
"amount": "1",
"basis": "stake",
"duration": "3",
"contract_type": "PUT",
"currency": "USD",
"duration_unit": "m"
},
"price": "99999999999", // big number to buy at market price
"buy": "1"
}

junbon

@negombo and @meno73

I want to 'buy' a contract (CALL) but I want to get in the market only if the price is below a certain value.

Are you referring to the spot value of the the instrument (EUR/USD) or the price (the amount you pay) to enter the contract?

In your example of, I believe you were referring to the spot value of EUR/USD which is ranging from 1.12 to 1.13.

I want to CALL EUR/USD but only if the price is below 1.1123

To achieve this, first you need to subscribe to proposal request which would give you this response:

{
ask_price: "0.53"
date_start: 1461723247
display_value: "5.30"
id: "B6167D9A-0C1D-11E6-A54B-A90EFBF2A866"
longcode: "USD 10.00 payout if AUD/JPY is strictly lower than entry spot at close on 2016-10-04."
payout: 10
spot: "1.1235"
spot_time: "1461723247"
}

Once the spot value is below the value that you 1.1123, you can issue a buy request

{
"price": "0.53", // the ask_price from proposal response
"buy": "B6167D9A-0C1D-11E6-A54B-A90EFBF2A866"
}

meno73

@junbon

I am a bit late but I believe you didn't get my point:
I am planning to do 5 ticks expiry trades so 1 single pip difference may do the difference.

Imagine this scenario:
I do proposal and the system says that the spot is 1.1234.
So i decide that it's time to take the trade but only IF price is stricly 1.1234.

Problem is:
if in the time between the proposal and buy contact there is a new spot, I buy the contract at a different price and there is no way to discard.
Is there a way to make sure to buy at that exact price and in case it is changed to get a refusal by the system?
Problem is: if there is a spike? I waste money outside my control / decision.

Do you get my point?
Is there any solution to this?

junbon

@meno73

are you trying to buy at the fixed spot of 1.1234 (from your example) or a fixed contract price ? Please remember that 'entry spot' is always the 'next tick' after contract start time for tick expiry trades and hence it won't be guaranteed to stay at 1.1234.

meno73

Thanks junbon, basically you answered me....what i was trying to achieve is not possible.

However now I have another question: sometimes if you buy using a ProposalId you get a refusal from the system stating that 'the market has moved too much....'. What are the conditions triggering this event?
What does it mean 'moved too much' in numbers? 1pip, 10pips...what.??
Got the question?

Thank you,

Alessandro.

junbon

@meno73

The 'move' is referring to the price of the contract. For example, in proposal you see a price of USD 50 to win USD 100. However, when the buy request reaches our servers, the price has moved to USD 55. In this case, we will reject the request. The movement in contract price can be due to many factors.