Order Types
- Market
- An order to be executed immediately at the current market price.
- Limit
- An order that can be executed only at a specified price or better.
- Day
- An order that automatically expires if it is not executed on the day it is entered.
- Open
- An order that remains in force until canceled or until the contract expires. This also is called a “good-‘till-canceled” order.
- Spread
- An order to simultaneously buy one contract and sell a different contract at a quoted differential, sometimes three or more “legs” are involved.
- Stop
- An order that becomes a market order only when the market trades at a specified price; also called a “stop-loss” order.