> For the complete documentation index, see [llms.txt](https://manic.gitbook.io/manic.trade-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://manic.gitbook.io/manic.trade-docs/trading/order-types.md).

# Order Types

## Instant Orders

Instant orders are the simplest way to trade on Manic. When opening an instant order, users only choose:

* The direction: HIGHER or LOWER
* The stake amount
* The expiry time

No price boundary is required. The payout is calculated automatically based on the `digitalPrice` implied by market volatility and the selected timeframe.

## Orders with Multipliers

Orders with multipliers increase potential payout by adding a price boundary condition on top of the basic HIGHER / LOWER direction. To win, the underlying asset must not only move in the predicted direction — it must also reach beyond a specific price threshold from the entry price $$P\_0$$.

### How Multipliers Work

The multiplier is determined by the digital option pricing model:

$$
\text{Multiplier} = \frac{1}{\text{digitalPrice}}
$$

Where `digitalPrice` is the fair probability that the price will cross the target boundary, calculated from:

* The distance between $$P\_0$$ and the boundary (the further the boundary, the lower the probability, the higher the multiplier)
* Market volatility $$\sigma$$ at the time of entry (higher volatility → higher `digitalPrice` for the same boundary → lower multiplier)
* Time to expiry (longer duration → more time for price to move → higher probability → lower multiplier)

This means **multipliers are dynamic** — the same boundary will yield a different multiplier depending on current market conditions. Users may notice the multiplier for a given price move changing from one trade to the next; this reflects real-time volatility.

### Multiplier Modes

Manic offers three multiplier modes to match different risk appetites:

**Classic Mode**

* Multiplier range: 1.0x only (equivalent to an instant order with no additional boundary)
* Designed for users who want a straightforward HIGHER / LOWER trade without boundary conditions

**Pro Mode**

* Multiplier range: 1.0x – 20.0x via a slider
* Users select their target multiplier; the system calculates the corresponding price boundary automatically
* As multiplier increases, the required price boundary moves further from $$P\_0$$, making the trade harder to win but with greater payout

**Manic Mode**

* Multiplier range: 1.0x – 100.0x
* For users who want to trade on high-conviction, large price moves
* The required boundary for 100x implies a very significant move within the chosen timeframe; probability of winning is low but payout is proportionally larger

### Multiplier and Volatility

Because multipliers are priced from real-time `digitalPrice`:

* During **high-volatility periods**, the same boundary is easier to reach — `digitalPrice` is higher, so the multiplier for that boundary is lower
* During **low-volatility periods**, the same boundary is harder to reach — `digitalPrice` is lower, so the multiplier for that boundary is higher

Users who want a specific multiplier value should set the slider to their target; the system will adjust the boundary accordingly, not the other way around.

### Summary

| Mode    | Multiplier Range | How to Set           |
| ------- | ---------------- | -------------------- |
| Classic | 1.0x             | Fixed, no boundary   |
| Pro     | 1.0x – 20.0x     | Slider (target mult) |
| Manic   | 1.0x – 100.0x    | Slider (target mult) |