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What trading order types are available in WebBroker?
There are many trading order types available. See below for the types and descriptions:
Market – This selects the best available price at the time your order is placed. Often Market orders are filled immediately.
Limit – This allows you to enter the maximum price you are willing to pay on a buy order or the minimum price you are willing to accept on a sell order.
Stop Market –This turns your trade into a Market Order once it is triggered by the Trigger price you have selected (the order will be executed at the best market value possible.
- For Buy orders the trigger must be above the current asking price.
- For Sell orders the trigger must be below the current bid price. Stop orders cannot be placed for an odd lot (odd number of shares).
Stop Limit – This turns your trade into a Limit Order once it is triggered by the Trigger price you have selected (the order will be executed at the specified Limit price or better).
- For Buy Orders your Limit price is the highest price you are willing to pay once your order is triggered.
- For Sell orders the Limit price is the lowest price you are willing to accept once your order is triggered.
Short Sell Stop/Stop Limit – This is to short a stock below the current market price. When the stock reaches the specified trigger (price), it becomes a market or limit order based on whether a stop or stop limit was entered respectively. (Please see Stop Market and Stop Limit order for order entry specifics. Only 'Day' orders will be accepted for this order type.)
Trailing Stop – This is a stop order that automatically adjusts the stop price based new highs or lows achieved by the security price. (Please note that the indicated Estimated Trigger Price is updated once an hour starting from 10:30AM ET to 4:30PM ETEST).
Please note that the answers to the questions are for information purposes only for the products discussed. Individual circumstances may vary. In case of discrepancy, the documentation prevails.