LMT stands for limit. A limit order is an order to buy or sell a contract ONLY at the specified price or better.
MKT stands for market. 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.
STP stands for stop. 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.
STP LMT stands for stop limit. 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.
A limit if touched order is designed to buy (or sell) a contract below (or above) the market, at the limit price or better. The Aux. Price value is the trigger to submit the limit order at the specified limit price.
A market if touched order is designed to buy (or sell) a contract when the market goes below (or above) the current price. The Aux. Price value is the trigger to submit the market order.
A LOC order will fill at the closing price if that price is at or better than the submitted limit price. Otherwise, the order will be canceled..
A MOC order will execute as a market order as close to the closing price as possible.
A LOO (limit-on-open) order is a limit order executed at the market’s open if the opening price is equal to or better than the limit price.
MOO (market-on-open) is a market order executed at the market’s open at the market price.
A market-to-limit order is sent in as a market order to execute at the current best price. If the entire order does not immediately execute at the market price, the remainder of the order is re-submitted as a limit order with the limit price set to the price at which the market order portion of the order executed.
Mark an order as “all or none” to specify that the order not execute unless the entire order quantity is available and it can be filled in its entirety. This attribute can be applied to all order types.
Bracket orders are designed to limit your loss and lock in a profit by “bracketing” an order with two opposite-side orders. A BUY order is bracketed by a high-side sell limit order and a low-side sell stop (or stop-limit) order. A SELL order is bracketed by a high-side buy stop (or stop-limit) order and a low side buy limit order. Visit our How-To page for instructions.
A Hidden order (generally a large volume order) shows no evidence of its existence in either the market data or the deep book.
An Iceberg/Reserve order allows you to submit an order (generally a large volume order) while publicly disclosing only a portion of the submitted order at a time.
A One-Cancels-Other (OCO) order is a combination of separate orders that are worked in conjunction with one another in the marketplace. A customer enters orders as part of an OCO group, and when an order is executed, the remaining orders in the group are canceled. If an order is partially executed, the remaining orders in the group are reduced proportionately to the amount that was executed. If an order is canceled before execution, the remaining orders in the group are canceled. Visit our How-To page for instructions.
Submit an aggressive order that is pegged to buy on the best offer and sell on the best bid.
A trailing stop sell order sets the initial stop price at a fixed amount below the market price as defined by the Trailing Amount. As the market price rises, the sell stop price rises one-to-one with the market but always at the interval set initially by the trailing amount. If the stock price falls, the stop price remains the same. When the stop price is hit, a market order is submitted. Reverse this for a buy trailing stop order. This strategy may allow an investor to limit the maximum possible loss without limiting possible gain.
A trailing stop limit order lets you create a trailing stop order that works in conjunction with a dynamically-updating limit order. When the stop order triggers, a limit order is submitted at the last calculated price (instead of a market order which would be submitted with a regular trailing stop order).
A trailing market if touched is similar to a trailing stop order, except that the sell order sets the initial stop price at a fixed amount above the market price instead of below. As the market price falls, the stop trigger price falls by the user-defined trailing amount, but if the price rises, the stop price remains the same. When the stop trigger is touched, a market order is submitted. Reverse this for a buy trailing market if touched order.
A trailing limit if touched is similar to a trailing stop limit order, except that the sell order sets the initial stop price at a fixed amount above the market price instead of below. As the market price falls, the stop trigger price falls by the user-defined trailing amount, but if the price rises, the stop price remains the same. When the stop trigger is touched, a limit order is submitted. Reverse this for a buy trailing limit if touched order.
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-Til-Canceled order will continue to work within the system and in the marketplace until it executes or is canceled. GTC orders will be automatically 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 IB account for 90 days. At the end of the calendar quarter following the current quarter. Orders that are modified will be assigned a new “Auto Expire” date consistent with the end of the calendar quarter following the current quarter.
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.
A time in force for options orders, specifying that the order must execute immediately and in its entirety, or be canceled.
A “good after time” order is held in the system and sent to the exchange on the date and time you enter.