Market Parameters

Learn which market parameters affect order placement on Yellow, including price increments, size increments, and minimum order requirements.

Each market on Yellow has a set of rules that define how orders can be placed. These parameters are shown in the market details and are used by the order form and platform checks.

Trading Parameters

Tick Size (Price Step)

The tick size is the smallest allowed price increment for an order.

Example:

• if the tick size is 0.10, valid prices include 100.0, 100.1, and 100.2

• 100.05 would be invalid

Step Size (Size Step)

The step size is the smallest allowed increment for order size.

Example:

• if the step size is 0.001, valid sizes include 0.001, 0.002, and 0.015

• 0.0005 would be invalid

Minimum Order Size

This is the smallest order size allowed for a market.

Orders below this size will be rejected.

Minimum Order Value

Some markets may also require a minimum order value.

Order value is usually calculated as:

price × size

This means an order can meet the minimum size requirement but still be rejected if its total value is too low.

Maximum Order Size

Some markets may also enforce a maximum size for a single order.

Why Orders Get Rejected

An order may be rejected if:

• the price is not aligned with the tick size

• the size is not aligned with the step size

• the size is below the minimum order size

• the order value is below the minimum order value

• the order exceeds the maximum order size, if enforced

What to Check Before Placing an Order

Before submitting an order, check:

• the market symbol

• the tick size

• the step size

• the minimum order size

• the minimum order value, if used

• the maximum order size, if enforced