How does Pluang calculate the market order estimate?
Market orders are available in the Pluang app and on the web trading platform, and because their execution price is set by the market rather than by you, the review screen shows an estimate instead of a firm total. For a buy, Pluang calculates that estimate from the stock's ARA price — the highest price it may legally trade at that day — using ARA price × lots × 100, plus fees and taxes. That deliberately produces the maximum the order could possibly cost, which is why a buy estimate reads higher than the live price. For a sell, the review screen likewise shows an estimate of your proceeds rather than a guaranteed amount, and the figure shown there is the one to go by. In both cases the estimate is a boundary, not a forecast — the amount you finally pay or receive is worked out from the prices your order actually matches at.
The buy formula:
| Side | Formula | What the price input is | Effect on the number shown |
|---|---|---|---|
| Buy | ARA price × lots × 100 + fees and taxes | The day's upper price limit | Estimate reads higher than the live price |
The × 100 is the lot size — one Indonesian stock lot is 100 shares, an IDX standard that applies to every order type.
Worked buy example. A stock is trading at Rp62 and its ARA for the day is Rp76. For a 1-lot buy:
- Estimate = Rp76 × 1 × 100 = Rp7,600, plus fees and taxes
- If the order actually matches at Rp62, the real cost is Rp6,200 plus fees
- The difference is returned to your wallet
On the sell side. A market sell also shows an estimate rather than a firm figure, for the same reason: the price is decided by the market at the moment the order matches. What you actually receive is calculated from the prices your order filled at, which may be more or less than the estimate suggested. Read the estimate on the review screen as an indication, and the order detail after matching as the real number.
Where the ARA number comes from. It is set by the Indonesia Stock Exchange, not by Pluang, and varies by the stock's price band. As of the IDX rules effective 8 April 2025:
| Price reference | ARA (upper) | ARB (lower) |
|---|---|---|
| Rp50 – Rp200 | 35% | 15% |
| Rp200 – Rp5,000 | 25% | 15% |
| Above Rp5,000 | 20% | 15% |
Fees are calculated on the real transaction value, not on the estimate. The all-in rate is 0.15% on a buy and 0.25% on a sell, inclusive of taxes and third-party fees — applied to what you actually traded.
Related questions:
Q: Why does Pluang use the daily limit instead of the live price for a buy estimate?
Because a market order accepts any price, Pluang cannot know in advance what it will cost. The day's ARA is the only figure guaranteed to be sufficient, since no trade can execute above it that day. Reserving that amount means an order can never fail simply because too little was held — which matters most on exactly the fast-moving stocks where people reach for a market order.
Q: Do fees and taxes get charged on the estimated amount or the actual amount?
On the actual amount. The estimate includes a fee component so the figure you see is complete, but what you are finally charged is calculated from the real value of the shares you received. If your order fills below the estimate, both the share cost and the fee on it come down proportionally, and the whole difference returns to your wallet.
Q: Does the market order estimate change while I am looking at the review screen?
The estimate is produced when the review screen is generated. Because ARA and ARB are fixed for the whole trading day rather than moving tick by tick, a buy estimate does not fluctuate the way a live price does. If Pluang cannot produce an estimate at all, the confirm button is blocked and an error is shown rather than sending the order without one.
Q: Is there an estimate for a limit order too?
No — a limit order does not need one. Because you set the price yourself, Pluang can calculate the exact total before you confirm: your price × lots × 100, plus or minus fees. Estimates exist only for market orders, precisely because the price is unknown until the order reaches the exchange. You will see an estimate wherever you place a market order, since market orders are available in the app and on web.