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Stock Order Types

2013-11-14  LM0318
Stock Order Types by Broker
Looking for a comprehensive breakdown of the stock order types available for each online broker? Or maybe you just want to know what the different order types do.  Here is your complete guide

Order types are shown below broken down by broker. Click on the table for a larger view:

stock order types available at etrade eoption fidelity firstrade interactive brokers just2trade merrill edge optionshouse optionsxpress schwab schwab streetsmart edge scottrade sharebuilder sogotrade td ameritrade tradeking vanguard wells fargo advisors zecco

Explanation of Order Types

Market The most basic order type. This order is used for guaranteed execution, but price is unknown. The risk of market orders is that you have no control over execution price. OBR suggests that you avoid using market orders entirely.
Limit Limit orders are filled at the limit price or better, but are not guaranteed to fill. OBR suggests using limit orders with generous prices in lieu of market orders.
Stop Loss This order is used to open or close a position by buying if the market rises or selling if the market falls. The stop price for buy orders is placed above the current market price. The stop price for sell orders is placed below the current market price. A stop loss order turns into a market order when the stop is triggered, so the final execution price or time of a stop order is not guaranteed. The same risks of market orders apply to stop orders.
Stop Limit A stop limit order functions like a stop loss order, except the stop limit order turns into a limit order instead of a market order.
Trailing Stop Loss $ This order continually adjusts the stop loss price based on changes in the market price, specified as a per share dollar amount. A trailing stop loss to sell raises the stop price as the market price increases, but does not lower the stop price when the market price decreases. A trailing stop loss to buy lowers the stop price as the market price decreases, but does not increase the stop price as the market price increases. In both cases, the stop "trails" the market price. When the stop price is reached, the order becomes a market order.
Trailing Stop Loss % This order functions the same as a trailing stop loss $ order, except that the adjustment in the stop loss price is controlled by a percentage instead of a dollar amount.
Trailing Stop Limit $ This order functions the same as a trailing stop loss $ order except that the affected order is a stop loss limit instead of a regular stop loss.
Trailing Stop Limit % This order functions the same as a trailing stop loss % order except that the affected order is a stop loss limit instead of a regular stop loss.
Market On Open This order sends a market order at the open of the trading day.
Market On Close This order sends a market order at the close of the trading day.
Limit On Open This order sends a limit order at the open of the trading day.
Limit On Close This order sends a limit order at the close of the trading day.
Contingent/Conditional An order is automatically placed when a specified condition, such as the price of the stock, is met.
Mutli-Contingent An order is automatically placed when several specified conditions are met.
One Cancels All (OCA) An order group made up of two or three individual orders. When any one of the orders in the group meets a trigger condition, it will be sent and the other order(s) will be automatically canceled.
One Cancels Other (OCO) An order group made up of two individual orders. When one of the orders meets a trigger condition, it will be sent and the other order will be automatically canceled.
One Triggers All (OTA) An order group made up of two or three individual orders. When any one of the orders in the group meets a trigger condition, all orders will be sent.
One Triggers Other (OTO) An order group made up of two individual orders. When either one of the orders in the group meets a trigger condition, both orders will be sent.
One Triggers Two (OTT) An order group made of of a primary order and two secondary orders.  When the primary order triggers then both secondary orders will be sent.
OTOCA An order group made up of a primary order and a secondary One-Cancels-All (OCA) order group. When the primary order is fully executed, the OCA order group will be automatically activated.
OTOTO An order group made up of a primary order and a secondary One-Triggers-Other (OTO) order group. When the primary order is fully executed, the OTO order group will be automatically activated.
OTOCO An order group made up of a primary order and a secondary One-Cancels-Other (OCO) order group. When the primary order is fully executed, the OCO order group will be automatically activated.
OT2OCO An order group made up of a primary order and two secondary One-Cancels-Other (OCO) order groups. When the primary order is fully executed, the OCO order groups will be automatically activated.
OT3OCO An order group made up of a primary order and three secondary One-Cancels-Other (OCO) order groups. When the primary order is fully executed, the OCO order groups will be automatically activated.
Market If Touched This order sends a market order when a security reaches a specified price.
Limit If Touched This order sends a limit order when a security reaches a specified price.
Trailing Market If Touched This order functions like a trailing stop loss $ order but is triggered if a specified security price is reached.
Trailing Limit If Touched This order functions like a trailing market if touched order except that it generates a limit order instead of a market order.
Relative/Pegged This order provides a means to seek a more aggressive price than the National Best Bid and Offer (NBBO). By acting as liquidity providers, and placing more aggressive bids and offers than the current best bids and offers, traders increase their odds of filling their order. Quotes are automatically adjusted as the markets move, to remain aggressive. For a buy order, your bid is pegged to the NBB by a more aggressive offset, and if the NBB moves up, your bid will also move up. If the NBB moves down, there will be no adjustment because your bid will become even more aggressive and execute. For sales, your offer is pegged to the NBO by a more aggressive offset, and if the NBO moves down, your offer will also move down. If the NBO moves up, there will be no adjustment because your offer will become more aggressive and execute. In addition to the offset, you can define an absolute cap, which works like a limit price, and will prevent your order from being executed above or below a specified level.
Bracketed A bracketed order is essentially two orders in one: An upper or lower market order trigger and either a trailing stop or fixed hidden stop, depending on your preference. The trigger and stop serve as brackets around the stock's current price, such that you can automatically enter or exit your position if the price reaches your trigger or stop price.
Market to Limit A market order that, if only partially filled, is canceled for the remaining quantity and re-submitted as a limit order for the remaining quantity
Hidden / Hidden Stop A fixed (stop) order that is sent only upon being triggered, at which time it becomes a market order and is executed at the prevailing market price.


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