Order Types

In this section, you will find articles and videos that go over the various order types that can be found within the thinkorswim platform. Click the links above for articles or the playlist below for videos.

 

 Order Types What They Mean
Market

Seeks execution at the next available price.

Limit

Seeks execution at the price you specify or better.

Stop

Indicates you want your stop order to become a market order once a specific activation price has been reached. There is no guarantee that the execution price will be equal to or near the activation price.

Stop Limit

Seeks execution at a specific limit price or better once the activation price is reached. With a stop limit order, you risk missing the market altogether. In a fast-moving market, it might be impossible to execute an order at the stop-limit price or better, so you might not have the protection you sought.

Trailing/Trailing Stop Limit

An order that is entered with a stop parameter that moves in lockstep (“trails”)—either by a dollar amount or percentage—with the price of the instrument. Once the stop (activation) price is reached, the trailing order becomes a market order, or the trailing stop limit order becomes a limit order. Both are accepted only for stocks that trade on NASDAQ, NYSE, and AMEX.

Market on Close

Indicates you want your order to execute as close as possible to the market closing price.

Limit on Close

Submits a limit order to buy or sell at a specific price or better at the close of trading that day.

EXTO

The EXTO session is valid for all sessions for one trading day from 8 p.m. ET until 8 p.m. ET, Sunday through Friday.

GTC+EXTO

GTC + EXTO orders are valid for all sessions Sunday through Friday until filled or canceled.

Blast All

Submits up to eight orders simultaneously, each independent of the others.

1st Triggers Sequence

The first order entered in the Order Entry screen triggers a series of up to seven more orders that are not filled until the next order in the queue is filled.

1st Triggers All

The first order in the Order Entry screen triggers up to seven more orders to be submitted simultaneously, each independent of the others.

1st Triggers OCO

The first order in the Order Entry screen triggers an OCO order (“one cancels other”—see below). For example, first buy 100 shares of stock. When the order is filled, it triggers an OCO for your profit stop and stop-loss.

1st Triggers 2 OCO

The first order in the Order Entry screen triggers two OCO orders. For example, first buy 200 shares of stock. Then trigger a “bracket” order to sell your shares in two 100-share OCO orders.

1st Triggers 3 OCO

The first order in the Order Entry screen triggers three OCO orders. For example, first buy 300 shares of stock. Then trigger a “bracket” order to sell your shares in three 100-share OCO orders.

OCO (one cancels other)

Two orders are placed simultaneously; if one order is executed, the other is canceled.

 

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