Advanced Order Types

Market Order

An order that buys or sells at the current market price and executes immediately. 

Limit Order

An order to buy or sell at a specified price or better. The order will remain resting on the order book until cancelled (note orders are Good Till Cancelled rather than GTD due to the 24-hour nature of the exchange).

Stop Market Order

An order to buy or sell that becomes activated when price surpasses a particular point (stop price), ensuring a greater probability of achieving a predetermined entry or exit price, limiting loss or locking in a profit. Once the price surpasses the predefined entry or exit point, the stop market order becomes a market order.

Stop Limit Order

An order to buy or sell that becomes activated when its price surpasses a particular point (the stop price), ensuring a greater probability of achieving a predetermined entry or exit price, limiting the loss or locking in the profit. Once the price surpasses the predefined entry or exit point, the stop limit order becomes a limit order at the limit price specified.

Trailing Stop Market Order

A stop market order that can be set at a defined amount away from the current market price. A trailing stop for a long position would be set below the current market price.  For a short position, it would be set above the current price. A trailing stop is designed to protect gains by enabling a trade to remain open and continue to profit as long as the price is moving in the right direction, but closing the trade if the price changes direction by a specified amount.

Trailing Stop Limit Order

A stop limit order that can be set at a defined amount away from the current market price. The limit price can also be set at a defined amount away from the stop price. A trailing stop for a long position would be set below the current market price; fora short position, it would be set above the current price. A trailing stop is designed to protect gains by enabling a trade to remain open and continue to profit as long as the price is moving in the right direction, but closing the trade if the price changes direction by a specified amount.

Fill or Kill Order

Defines the lifetime of the order such that the submitted quantity will either execute in fill immediately, or the entire order will be cancelled.  Also known as “All or None” (AON).

Immediate or Cancel (“IOC”)

Order–Order is executed in whole or in part as soon as the order is received. Any residual balance is cancelled.

Reserve Order (“Hidden” and “Iceberg”)

An order where the size is not displayed. Orders with no displayed liquidity are referred to as "Hidden Orders."  Orders wherein displayed liquidity is greater than zero, but less than that of the full order size, are referred to as "Iceberg Orders.”