Home > About Trading > Order Types
Scottrade offers eight different order types & three different additional features:
Basic order types
Advanced order types
Additional features
A market order is an order to buy or sell a stock immediately at the best available current price; no price can be specified in this order. This order guarantees execution, but does not guarantee execution price.
This is an order to buy or sell a set number of shares at a specified price or better. A limit order guarantees price, but not an execution.

Buy limit orders will execute only if the market reaches the specified price or lower. Sell limit orders will execute only if the market reaches the specified price or higher.
A stop-on-quote order is an order to buy or sell a security when the NBBO (National Best Bid-Offer) reaches or surpasses a specified level, or trigger, called a stop-on-quote price, attempting to limit your loss or locking in your profit. Whenever the bid price (sell orders) or ask price (buy orders) reaches or surpasses the stop-on-quote price, the stop-on-quote order becomes a market order and is then handled as defined under the definition or a market order. Depending on market conditions, once the order is triggered, there is no guarantee of the execution price and the price received may be several points away from the stop-on-quote price.
This is a type of order that combines the features of stop-on-quote order with those of a limit order. The primary purpose of a stop limit-on-quote order is to give the trader more control over where the order should be filled. The downside, as with all limit orders, is that the trade will not be executed if the stock does not reach the limit price.

A stop limit-on-quote order will be executed at a specified price (or better) after a given stop price has been reached. Once the stop price is reached by the market, the stop limit –on-quote order becomes a limit order to buy (or sell) at the limit price or better. This order is then handled as defined by a limit order.
A trailing stop-on-quote order is a stop-on-quote order that is set at a fixed percentage or dollar amount below (for a long position) and above (for a short position) the market price. The amount is automatically adjusted as the price of the security fluctuates.

The trailing stop-on-quote order is designed to let the price of a stock go up indefinitely (in the case of a long position) and close the position when the price falls a set amount, potentially protecting the client from losing profits. Trailing stop-on-quote order can be entered as a sell to protect the downside of a long position, or as a buy to protect a short position.
Conditional orders allow you to place an order that will only enter the market if your specified condition is met, such as a stock reaching its 52-week high or low, trading at a certain volume level or price, or increasing/decreasing by a specific % or $ change.

Condition X: Trigger when ABC goes up 30% from the currect price
Order Y: To buy 1 share of XYZ at the Market
Commonly called a bracket order, a one-cancels-other (OCO) order allows for two orders to be placed simultaneously. If one order executes, the other order is automatically cancelled.
A One Cancels All (OCA) order group is a combination of orders that work together. You enter at least two orders as part of an OCA order group. If one order executes, then the remaining orders will be automatically cancelled.
A qualifier used to signify that no partial transaction is to be executed. The order will not be filled unless the full numbers of shares are available to be bought or sold at your requested price at the same time.
Good 'til Canceled (GTC) order allows you to specify the time duration of certain trades. It is referred to as Time in Force designation for trades and can be applied to any buy or sell order that is entered with a limit, stop, stop limit, and any advanced order type.

A Good 'til Canceled (GTC) order will remain in effect until the order is executed, until you cancel the order, or until the last business day of the month following the month in which the order was entered, whichever occurs first.
Good 'til Date (GTD) order allows you to specify the time duration of certain trades. It is referred to as Time in Force designation for trades and can be applied to any buy or sell order that is entered with a limit, stop, stop limit, and any advanced order type.

A Good 'til Date (GTD) order allows you to enter a specific date and time of day when you would like for your order to expire. GTD trades have a maximum duration of 90 calendar days. The expiration date entered must be a market day and cannot be a holiday or weekend. The time of day entered must be between the hours of 10 a.m. and 4 p.m. ET in half-hour increments only.
Remarks: All examples are for illustration only.
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