> For the complete documentation index, see [llms.txt](https://help.rails.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://help.rails.xyz/trading/options/placing-orders.md).

# Placing Orders

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#### New to Options?

If you have never traded options before, we recommend starting with our [Intro to Options](/trading/options/intro-to-options.md) article before proceeding through this section.
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<table data-view="cards"><thead><tr><th align="center"></th><th data-hidden data-card-target data-type="content-ref"></th></tr></thead><tbody><tr><td align="center"><strong>Order Types</strong></td><td><a href="/pages/bLGN9bGsA3cLiuyEo0cm#order-types">/pages/bLGN9bGsA3cLiuyEo0cm#order-types</a></td></tr><tr><td align="center"><strong>Placing Orders</strong></td><td><a href="/pages/bLGN9bGsA3cLiuyEo0cm#placing-orders">/pages/bLGN9bGsA3cLiuyEo0cm#placing-orders</a></td></tr><tr><td align="center"><strong>Closing a Position</strong></td><td><a href="/pages/bLGN9bGsA3cLiuyEo0cm#closing-a-position">/pages/bLGN9bGsA3cLiuyEo0cm#closing-a-position</a></td></tr></tbody></table>

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#### Before you continue:

* There is a minimum order size of $1 USD for all trades.
* There is no maximum order value.
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### Order Types

Read below to understand the various order types available for options trading:

Only Market and Limit orders are available. Trigger-style orders such as stop-loss and take-profit are not supported.

<details>

<summary><strong>Market Order</strong></summary>

A market order is an order to buy or sell an option contract immediately at the best available price. This makes it the fastest and simplest order type to execute, as it prioritises speed over price. Market orders are filled against existing liquidity in the order book and may be subject to slippage in fast-moving markets.

**What's Required:**

Two pieces of information are required to place a market order:

1. **Order Side:** Specify Buy or Sell.
2. **Amount:** Enter the number of contracts you wish to trade.
   * Use the **% shortcuts** (10%, 25%, 50%, 75%, 100%) to set a proportion of your available balance.

</details>

<details>

<summary><strong>Limit Order</strong></summary>

A limit order enables you to buy or sell an option contract at a specified price or better. When placing a limit order to buy, it will only be executed at the limit price or lower. Conversely, a limit order to sell will only be executed at the limit price or higher. Limit orders may not be filled if the market does not reach your specified price.

**What's Required:**

Three pieces of information are required to place a limit order:

1. **Order Side:** Specify Buy or Sell.
2. **Price:** Enter the limit price in USDT at which you wish the order to execute.
3. **Amount:** Enter the number of contracts you wish to trade.
   * Use the **% shortcuts** (10%, 25%, 50%, 75%, 100%) to set a proportion of your available balance.

</details>

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#### Single-leg only

Rails is launching options with single-leg strategies only, in supported markets. Multi-leg strategies are not available at launch.
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### Placing Orders

To place a market or limit order, complete the following steps:

1. Select the **Asset** and **Expiry** you wish to trade from [the options chain](/trading/options/overview.md#option-chain).
2. Click on the **Strike** row for the contract you want — this will open the order panel on the right-hand side.
3. Select **Buy** or **Sell** depending on whether you want to go long or short on the contract.
4. Select **Market** or **Limit** to choose the type of order you want to execute.
   1. If placing a **Limit** order, enter your desired **Price** in USDT. For Limit orders, you can optionally enable Post Only, which ensures your order only adds liquidity and is rejected if it would fill immediately.
5. Input the number of **Contracts** you wish to trade, or use the **% shortcuts** to set a proportion of your available balance.
6. Click the **Buy** or **Sell** button to place your order.

A success message will appear if your order is placed successfully, and you should see it reflected under the **Open Orders** tab. See our troubleshooting tips if you need help.

### Closing a Position

You can close an existing options position directly from the **Positions** tab at the bottom of the trading page.

1. Navigate to the **Positions** tab on the main trading page.
2. Locate the position you wish to close in the table.
3. In the **Close by** column, click either **Limit** or **Market** depending on how you want to exit.
   * **Limit** — closes the position at a price you specify. Note: limit orders may never fill.
   * **Market** — closes the position immediately at the best available price. When closing, orders are Reduce Only — they can only reduce or close your existing position and will never open or increase a position.
4. Confirm the details in the order panel and click **Sell** to submit.

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**Still need help?** See our [troubleshooting tips](/support/troubleshooting-guide.md).
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