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List of Order Types
A Limit Order is an order to buy or sell a contract with a restriction on the maximum price to be paid or the minimum price to be received. The price set in a limit order is called “limit price”. If the order is filled, it will only be at the specified limit price or better. A limit order may be appropriate when you think you can buy at a price lower than—or sell at a price higher than—the current quote.
A Stop Order is an order to buy or sell an asset at the market price once the stock has traded at or through a specified target price (the “stop price”). If the stock reaches the stop price, the order becomes a market order and is filled at the next available market price. If the stock does not reach the stop price, the order is not executed.
A Trailing Stop order is an order which has a Stop (order trigger) that trails the market price by a set distance (Trailing Distance) when the price moves in the desired direction, but remains in place when the price moves in the opposite way.
Time-in-force is a special instruction used when placing a trade to indicate how long an order will remain active before it is executed or expires. These options are especially important for active traders and allow them to be more specific about the time parameters.
A stipulation placed on an order to a broker to execute a trade at a specific price that expires at the end of the trading day if it is not completed.
A type of order that a trader may place to buy or sell a security that remains active until either the order is filled or the trader cancels it.
A conditional type of time-in-force order used in securities trading that instructs a brokerage to execute a transaction immediately and completely or not at all. Traders use FOK to execute large buy orders as a single block purchase.
An order to buy or sell an asset that attempts to execute all or part immediately and then cancels any unfilled portion of the order. Traders typically use IOC in volatile markets.