Market Order Types
Gtrade's Level 2 supports the following order types:
Market Order – Orders executed from 9:30am to 4:00pm EST. Market orders are executed at the current market price. The price is not guaranteed but execution is within normal market hours.
Limit Order – These orders can be placed and executed from 8am to 8pm EST. Limit orders are filled at the limit price or better.
Stop Market Order – This is used to trigger an order once the symbol trades at a the specified stop price. Once the symbol trades at that price, a market order is triggered. With stop market orders, execution is guaranteed, but the price is not.
Stop Limit Order – Two prices are specified with this order type. The Stop price, which is the trigger, and then the limit price, which is the price that the order is placed, once the order has been triggered. Stop Limit orders guarantee the execution price, but execution itself is not guaranteed.
MOC – Market on Close Orders are used to execute as close to the closing price as possible. All MOC orders must be received by the NYSE and AMEX by 3:45pm EST. MOC orders that are accepted cannot be canceled after 3:45pm EST.
LOC – Limit on Close Orders will execute at the closing price is at or better than the submitted limit price. All LOC orders must be received by the NYSE and AMEX by 3:45pm EST and orders cannot be canceled after 3:45pm EST.
Range – This order type is used to put a bracket into place. This type will require a high price and a low price specified by the user. If one side executes, the other will cancel. For example: A trader is in a long position with 100 shares of AAPL at $535.00. A range order can be used to place a stop below (low price) and limit above (high price), if one side executes, the other cancels.
There are a few types of order expirations supported by the Gtrade Level 2. These are:
Day – These orders are live and accepted from 9:30am to 4pm EST
GTC – Good till Canceled – These orders can be placed onto the platform 24/7. They will be sent out for execution at the start of the next trading day at 9:30am EST. GTC Orders will remain active until they are either canceled or executed.
GTX – This order type will keep an order live until the end of the session which is at 8pm EST.
IOC – Immediate or Cancel orders are orders that If they are not immediately partially or wholly executed, they are canceled.