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Overview

Order types determine how an order is executed in the market. Different order types provide different trade-offs between execution certainty and price control. Before submitting an intent, verify that the target broker supports the requested order type. Requests using unsupported combinations of order type, destination, or time-in-force will be rejected.

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Broker Support

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Order Type Definitions

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Examples

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Market Order

Buy 100 shares of AAPL.
  • Current market price is approximately $200.
  • The order executes immediately at the best available price.
  • Final execution price may differ slightly from the displayed quote.

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Limit Order

Buy 100 shares of AAPL with a limit price of $195.
  • AAPL is currently trading at $200.
  • The order will not execute above $195.
  • The order remains active until filled, canceled, or expired.

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Stop Market Order

Sell 100 shares of AAPL with a stop price of $190.
  • AAPL is currently trading at $200.
  • If the market falls to $190, the order becomes a market order.
  • Execution is likely but the final price may be above or below $190.

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Stop Limit Order

Sell 100 shares of AAPL with:
  • Stop price: $190
  • Limit price: $189
When AAPL trades at $190:
  • The order becomes a limit order.
  • The order can only execute at $189 or better.
  • If the market falls rapidly below $189, the order may never execute.

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Trailing Stop Order

Sell 100 shares of AAPL with a trailing amount of $5.
  • AAPL rises from 200to200 to 210.
  • The stop price automatically adjusts from 195to195 to 205.
  • If AAPL falls to $205, the order is triggered.

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Market On Open (MOO)

Buy 100 shares of AAPL with MOO.
  • The order participates in the opening auction.
  • Execution occurs near the official opening price.
  • The exact execution price is not known in advance.

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Limit On Open (LOO)

Buy 100 shares of AAPL with:
  • Order Type: LOO
  • Limit Price: $198
  • The order participates in the opening auction.
  • The order executes only if shares are available at $198 or better.
  • Otherwise, the order is canceled or handled according to broker rules.

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Market On Close (MOC)

Sell 100 shares of AAPL with MOC.
  • The order participates in the closing auction.
  • Execution occurs near the official closing price.
  • Commonly used by funds and benchmark-driven strategies.

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Limit On Close (LOC)

Sell 100 shares of AAPL with:
  • Order Type: LOC
  • Limit Price: $205
  • The order participates in the closing auction.
  • The order executes only if $205 or better is available.
  • Otherwise, the order is not executed.

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Notes

  • Broker capabilities may change without notice.
  • Anthid validates broker compatibility before order submission.
  • Additional exchange, routing, and account restrictions may apply.
  • Some order types may only be available on live accounts.
  • Opening and closing auction order types are subject to exchange-specific submission deadlines.