TradeStation Help
Order Types
In TradeStation, there are four basic order types (Market, Limit, Stop-Market, Stop-Limit) that are used in combination with an order action (Buy, Sell, Sell Short, Buy to Cover, etc.) to make up a specific order description for buying or selling a security or commodity. For stop and limit orders, the price at which you would like that action to take place is also included.
The following table outlines the basic order types:
| Order Type |
Description |
| Market |
A Market order is used to enter or exit a position at whatever the current market price is at the time the order reaches the trading floor. |
| Limit |
A Limit order is used to enter or exit a position only when the market reaches the specified limit price or better (at-or-below for buy orders and at-or-above for sell orders). Limit orders are typically visible to the market until filled. |
| Stop Market |
A Stop Market order is used to enter or exit a position only when the market reaches the specified stop price (at-or-above for buy orders and at-or-below for sell orders). When the stop price is met, a market order is placed. Stop orders are typically not visible to the market until the target price is reached. |
| Stop Limit |
A Stop Limit order is used to enter or exit a position only after both of the following occur: a) the market reaches the specified stop price at which point the limit order is sent to the market, and then, b) the limit order executes at the specified limit price or better. |