Order Price Choices Explained

For stock, options and short selling orders, the price choices are:

Market price - select market

• A market price order is an order to buy or sell at the best available current price. A market order is typically executed immediately provided there are buyers you can sell to or sellers you can buy from in the market.  
• Please note that if you choose to enter a market-price order outside regular trading hours, the opening price of the stock may not reflect its closing price.

Limit price - enter a price in the Limit Price field

• A limit order sets the maximum price you are willing to pay as a buyer, and the minimum price you are willing to accept as a seller. There is no guarantee of execution when using a limit order. 

Stop Price - applies to Stop Limit and Stop Orders 

Stop limit - Requires a Stop Price (or trigger) and a Limit Price

• For sell orders - a stop price and a lower limit price is set. The Limit Price must be equal to or less than the Stop Price entered.
• For buy orders (stop buy order) - a stop price and an upper limit price is set. The Limit Price must be equal to or greater than the Stop Price entered.

Stop order - Requires only a Stop Price. A Stop order becomes a market order when:

• For sell orders (stop loss order) - the price of the stock declines to or below the stop price. 
• For buy orders (stop buy order), the price of the stock rises to or above the stop price. 

Visit the Investing Academy to learn more about Market vs Limit orders and Stop orders.