1. Market Order
    • 当订单规模很大时,broker可能会将订单拆分成多个规模较小的订单,导致以不同价格成交不同订单
    • bid-ask spreads 较大时风险较大
  2. Limit Order
    • Some brokers may charge different commissions between Market & Limit Orders.
  3. Market On Close(MOC) Order

    A Market-on-Close (MOC) order is a market order that is submitted to execute as close to the closing price as possible.

  4. Limit On Close(LOC) Order

    A Limit-on-close (LOC) order will be submitted at the close and will execute if the closing price is at or better than the submitted limit price.

  5. Market On Open(MOO) Order

    A Market-on-Open (MOO) order combines a market order with the OPG time in force to create an order that is automatically submitted at the market’s open and fills at the market price.

  6. Limit On Open(LOO) Order

    A Limit-on-Open (LOO) order combines a limit order with the OPG time in force to create an order that is submitted at the market’s open, and that will only execute at the specified limit price or better. Orders are filled in accordance with specific exchange rules.

  7. Martet To Limit(MTL) Order

    A Market-to-Limit (MTL) order is submitted as a market order to execute at the current best market price. If the order is only partially filled, the remainder of the order is canceled and re-submitted as a limit order with the limit price equal to the price at which the filled portion of the order executed.

  8. Iceberg/Reserve Orders


    Investors submitting large volume orders for stocks, warrants, futures and options may wish to conceal the full size of their order to avoid anticipatory action from other market participants. The Iceberg/Reserve attribute, applied through the Display Size field, provides a way to submit large volume orders to the market in increments while publicly displaying only a specified portion of the total order size. The Display Size field can be added to a trading page within TWS by configuring the Layout Manager and selecting the appropriate field, which can be user-populated at the time of order input, to display just a fraction of the entire order.



  1. Day Order

    A day order is an order to buy or sell a security that automatically expires if not executed on the day the order was placed. If it is not filled, it is canceled, and it is not filled if the limit or stop order price was not met during the trading session. It is one of several different order duration types that determines how long the order is in the market before it is canceled.

  2. Good Till Cancelled(GTC)

    A good ‘til canceled (GTC) order can be placed by an investor to buy or sell a security at a specified price that remains active until it is either rescinded by the investor or the trade is executed. GTC orders offer an alternative to placing a sequence of day orders, which expire at the end of each trading day. Rather than leave orders open ended, which poses the risk of being forgotten by investors until an eventual execution, GTC orders are commonly set to expire of 30 to 90 days after the trades are entered.

    • GTC Buy Orders
    • GTC Sell Orders
  1. Good Till Date/Time(GTD)

    The GTD (Good-til-Date/Time) time in force lets you select an expiration date and time up until which an order will continue to work. Setting this attribute requires both a time in force selection of GTD, a date entry in the Expiration Date field, and a time entry in the Expiration Time field if that level of detail is required. Note that if you only enter a good-till date, the unfilled order will cancel at the close of the market on the specified day.

  2. Time Of Day Order

    An order to buy or sell an asset that is placed at a specific time period during a trading session. A time-of-day order enters the market at a predetermined minute and remains good until canceled, unless otherwise specified.



  1. Fill Or Kill(FOK): 全额即时订单


    Fill or kill (FOK) is a type of time-in-force designation used in securities trading that instructs a brokerage to execute a transaction immediately and completely or not at all. This type of order is most likely to be used by active traders and is usually for a large quantity of stock. The order must be filled in its entirety or canceled (killed).

  2. Fill And Kill(FAK): 非全额即时订单


  3. Immediate Or Cancel(IOC)

    The Immediate-or Cancel (IOC) time in force applied to an order dictates that any portion of the order that does not fill immediately will be canceled.

  4. All Or None(AON)

    All or none (AON) is an instruction used on a buy or sell order that instructs the broker to fill the order completely or not at all. If there are not enough shares available to fill the order completely, the order is canceled when the market closes. An AON order is considered a duration order because the investor provides instructions to the trader about how the order must be filled, which impacts how long the order remains active.

For Automatic OPENING of a Position

  1. Market If Touched(MIT) Order


    A Market if Touched (MIT) is an order to buy (or sell) an instrument below (or above) the market. Its purpose is to take advantage of sudden or unexpected changes in share or other prices and provides investors with a trigger price to set an order in motion. Investors may be waiting for excessive strength (or weakness) to cease, which might be represented by a specific price point. MIT orders can be used to determine whether or not to enter the market once a specific price level has been achieved. This order is held in the system until the trigger price is touched, and is then submitted as a market order. An MIT order is similar to a stop order, except that an MIT sell order is placed above the current market price, and a stop sell order is placed below.

  2. Limit If Touched(LIT) Order: 触及限价定单


For Automatic CLOSING of a Position

  1. Stop Order: 止损定单


  2. Stop Limit Order: 止损限价单


  3. Trailing Stop Order: 追踪止损定单


  4. Trailing Stop Limit Order: 追踪止损限价定单


More COMPLEX Types of Contingency Orders

  1. Conditional / Contingent Order
  2. Bracketed Order: 括号定单


  3. One Cancels Other(OCO) & One Cancels All(OCA) Orders

    A one-cancels-the-other order (OCO) is a pair of orders stipulating that if one order is executed, then the other order is automatically canceled. A one-cancels-the-other order (OCO) combines a stop order with a limit order on an automated trading platform. When either the stop or limit level is reached and the order executed, the other order will be automatically canceled. Seasoned traders use OCO orders to mitigate risk.
    one-Cancels All (OCA) order type allows an investor to place multiple and possibly unrelated orders assigned to a group. The aim is to complete just one of the orders, which in turn will cause TWS to cancel the remaining orders. The investor may submit several orders aimed at taking advantage of the most desirable price within the group. Completion of one piece of the group order causes cancellation of the remaining group orders while partial completion causes the group to rebalance. An investor might desire to sell 1000 shares of only ONE of three positions held above prevailing market prices. The OCA order group allows the investor to enter prices at specified target levels and if one is completed, the other two will automatically cancel. Alternatively, an investor may wish to take a LONG position in eMini S&P stock index futures in a falling market or else SELL US treasury futures at a more favorable price. Grouping the two orders using an OCA order type offers the investor two chances to enter a similar position, while only running the risk of taking on a single position.

  1. One Triggers Other(OTO) & One Triggers All(OTA) Orders


  1. 价格优先原则


  2. 时间优先原则


  3. 按比例分配原则


  4. 数量优先原则


  5. 客户优先原则