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A limit order is an order to buy or sell a contract only at the specified price or better.
A market order is an order to buy or sell an asset at the bid or offer price currently available in the marketplace. When you submit a market order, you have no guarantee that the order will execute at any specific price.
A Stop order becomes a market order to buy or sell securities or commodities once the specified stop price is attained or penetrated. A Stop order is not guaranteed a specific execution price.
A Stop Limit order is similar to a stop order in that a stop price will activate the order. However, unlike the stop order, which is submitted as a market order when elected, the stop limit order is submitted as a limit order. Use the Lmt Price and Aux. Price fields on the trading screen to enter orders requiring multiple prices or values.
LOC (limit on close)
A Limit-on-close (LOC) order will be submitted at the close and will execute if the closing price is at or better than the submitted limit price.
- All LOC orders must be received at NYSE markets by 15:45 ET. (03:45 SGT)
MOC (market on close)
A Market-on-Close (MOC) order is a market order that is submitted to execute as close to the closing price as possible.
- All MOC orders must be received at NYSE markets by 15:45 ET, unless entered to offset a published imbalance.
- All MOC orders must be received at Nasdaq by 15:50:00 EST and cannot be cancelled after 15:50 EST.
A sell trailing stop order sets the stop price at a fixed amount below the market price with an attached “trailing” amount. As the market price rises, the stop price rises by the trail amount, but if the stock price falls, the stop loss price doesn’t change, and a market order is submitted when the stop price is hit. This technique is designed to allow an investor to specify a limit on the maximum possible loss, without setting a limit on the maximum possible gain
A trailing stop limit order is designed to allow an investor to specify a limit on the maximum possible loss, without setting a limit on the maximum possible gain.
RTH (Regular Trading Hours)
TIF (time in force)
A Day order is canceled if it does not execute by the close of the trading day. Unless otherwise specified, every order is a Day order.
A Good-Till-Canceled order will continue to work within the system and in the marketplace until it executes or is canceled.
GTC order will auto be cancelled under the following conditions:
- If a corporate action on a security results in a stock split (forward or reverse), exchange for shares, or distribution of shares.
- If you do not log into your Interactive Broker account for 90 days.
- At the end of the calendar quarter following the current quarter. For example, an order placed during the third quarter of 2011 will be canceled at the end of the first quarter of 2012. If the last day is a non-trading day, the cancellation will occur at the close of the final trading day of that quarter. For example, if the last day of the quarter is Sunday, the orders will be cancelled on the preceding Friday.
- Orders that are modified will be assigned a new “Auto Expire” date consistent with the end of the calendar quarter following the current quarter.
- Orders submitted to Interactive Broker that remain in force for more than one day will not be reduced for dividends. To allow adjustment to your order price on ex-dividend date, consider using a Good-Til-Date/Time (GTD) or Good-after-Time/Date (GAT) order type, or a combination of the two.
Use OPG to send a market-on-open (MOO) or limit-on-open (LOO) order.
Any portion of an Immediate-or-Cancel order that is not filled as soon as it becomes available in the market is canceled.