TYPES OF MARKET ORDERS
Keep in mind that different exchanges take different types of orders and that orders placed for pit traded markets might accept orders that fully electronic systems don't. If you have questions, please contact your broker who will explain the differences.
A "Market Order" does not take price into consideration. It is simply an order to immediately fill at the prevailing price.
MARKET ON OPEN ONLY (MOO)
An "Open Only" order can be filled only at the price which is within the official opening range of prices as determined by the exchange. This order should be placed at least 15-minutes before the market opening.
MARKET ON CLOSE ONLY (MOC)
A "Close Only" order can be filled only at a price which is within the official closing range of prices as determined by the exchange. This order should be placed at least 15 minutes before the market close.
DISREGARD TAPE ORDERS (DRT)
This type of order can only be placed orally by you. It cannot be electronically placed. This order gives the floor broker the power to use his discretion in filling the order when he thinks he can get a better price.
Previous page: Trade Talk
Next page: Price Orders