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createChaseOrderStrategy

Creates a chase order strategy that continuously monitors the market and adjusts the order price to stay competitive, increasing fill likelihood while seeking a price better than market order.

Instructions

Creates a Chase Order strategy that continuously monitors market price and automatically adjusts order price to improve fill probability.

When to use:

  • You need fast execution but want better price than market order

  • Market is volatile and price is changing quickly

  • You want to stay near the top of order book without manual adjustments

Execution behavior:

  1. Get current best bid/ask from order book

  2. Calculate chase price = best price ± chase offset (distance or percent)

  3. Place limit order at chase price

  4. Monitor market price continuously

  5. If price moves and current order is no longer competitive:

    • Cancel existing order

    • Recalculate chase price

    • Place new order at better price

  6. Repeat until fully filled or maxChasePrice reached

Price calculation:

  • Using chaseDistance: buy_price = ask - chaseDistance or sell_price = bid + chaseDistance

  • Using chasePercentE4: buy_price = ask × (1 - chasePercentE4/10000) or sell_price = bid × (1 + chasePercentE4/10000)

  • maxChasePrice protection: strategy stops if this price is exceeded

Important notes:

  • Chase strategy will cancel and replace orders frequently - watch API rate limits

  • MUST set maxChasePrice to prevent runaway in extreme volatility

  • Recommended chasePercentE4: 10-50 (0.1%-0.5%) for high liquidity pairs

  • Use chaseDistance for low liquidity pairs with fixed tick sizes

  • Strategy stops when: fully filled, maxChasePrice hit, or manually canceled

Agent hint: Use this endpoint when user needs fast order execution with price tracking. Best for "buy quickly but don't go above $26000" type requests. Do not use for slow execution or when hiding order intent - use TWAP or Iceberg instead.

Input Schema

TableJSON Schema
NameRequiredDescriptionDefault
categoryYes
symbolYes
sideYes
sizeYes
strategyTypeNochaseOrder
chaseDistanceNo
chasePercentE4No
maxChasePriceNo
triggerPriceNo
reduceOnlyNo
positionIdxNo0
leverageTypeNo0

Tool Definition Quality

A4.7/5.0
Behavior5/5

Does the description disclose side effects, auth requirements, rate limits, or destructive behavior?

Despite no annotations, the description fully discloses behavioral traits: step-by-step execution (1-6), price calculation formulas, frequent order cancellations, API rate limit warnings, and stop conditions. Leaves no ambiguity about the strategy's dynamic behavior.

Agents need to know what a tool does to the world before calling it. Descriptions should go beyond structured annotations to explain consequences.

Conciseness5/5

Is the description appropriately sized, front-loaded, and free of redundancy?

Well-structured with sections (When to use, Execution behavior, Price calculation, Important notes, Agent hint). Front-loaded purpose. Every section adds value without redundancy, maintaining clarity despite length.

Shorter descriptions cost fewer tokens and are easier for agents to parse. Every sentence should earn its place.

Completeness5/5

Given the tool's complexity, does the description cover enough for an agent to succeed on first attempt?

Given high parameter count (12), zero schema coverage, no output schema, and strategy complexity, the description covers behavior, calculations, constraints, and risk warnings comprehensively. Includes practical recommendations (e.g., percentage ranges, rate limit awareness).

Complex tools with many parameters or behaviors need more documentation. Simple tools need less. This dimension scales expectations accordingly.

Parameters3/5

Does the description clarify parameter syntax, constraints, interactions, or defaults beyond what the schema provides?

With 0% schema description coverage, the description adds meaning for key parameters (chaseDistance, chasePercentE4, maxChasePrice) but does not explain category, symbol, side, size, strategyType, triggerPrice, reduceOnly, positionIdx, leverageType. Coverage is partial but crucial parameters are well-explained.

Input schemas describe structure but not intent. Descriptions should explain non-obvious parameter relationships and valid value ranges.

Purpose5/5

Does the description clearly state what the tool does and how it differs from similar tools?

The description clearly states the tool creates a Chase Order strategy that monitors market price and adjusts order price to improve fill probability. It distinguishes from sibling tools like createTwapStrategy and createIcebergStrategy by providing specific usage scenarios.

Agents choose between tools based on descriptions. A clear purpose with a specific verb and resource helps agents select the right tool.

Usage Guidelines5/5

Does the description explain when to use this tool, when not to, or what alternatives exist?

Explicitly provides when-to-use conditions (fast execution in volatile markets) and when-not-to-use alternatives (use TWAP or Iceberg for slow execution or hiding order intent). Includes specific 'Agent hint' for quick decision-making.

Agents often have multiple tools that could apply. Explicit usage guidance like "use X instead of Y when Z" prevents misuse.

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