how would you estimate your order in the exchange order book? The order of order events and acks is not deterministic or guaranteed. How could you write an algo to estimate accurately your position in the order queue? Note that when we send an order to exchange, we get acknowledgement back from exchange, followed by market data add order event for our order. At the same time, we will receive order events for other orders. The order of these is not guaranteed. The goal is to estimate our position in the order queue.
You have two ways to estimate your position in an order book: