What order types are available for equity trading?

Market Order
A market order is eligible for execution at the best available market price.
Valid During: Regular market hours
Accepted Time in Force (TIF): DAY

Limit Order

A limit order is eligible for execution at the specified limit price or better. Execution is not guaranteed.

Valid During: All trading sessions

Accepted TIF(s): DAY, DAY+, GTC, GTC+

Stop Market Order

A stop market order would be eligible for execution at the best available market price once the specified stop price has been reached or surpassed on the trading tape.

Valid During: Regular market hours

Accepted TIF(s): DAY, GTC

Stop Limit Order

A stop limit order would be eligible for execution at the specified limit price or better once the specified stop price has been reached or surpassed on the trading tape.

Valid During: Regular market hours

Accepted TIF(s): DAY, GTC

Market on Close Order

A market on close order is eligible for execution at the regular market hours closing price. Any balance not executed as part of the closing trade is canceled.

Valid During: Regular market hours

Accepted TIF(s): DAY

Limit on Close Order

A limit on close order is eligible for execution at the regular market hours closing price if it is at the specified limit price or better. Any balance not executed as part of the closing trade is canceled.

Valid During: Regular market hours

Accepted TIF(s): DAY

Range Order

A range order is a bracket order, one cancels the other upon execution. Typically send as a limit order to take profit and a stop market order to stop loss.

The low price is a limit price for buy side orders and a stop price for sell side orders.

The high price is a stop price for buy side orders and a limit price for sell side orders.

Accepted TIF: DAY, GTC

Trailing Stop Order

A trailing stop order’s stop price is not a specific price. It is either a defined percentage or dollar amount, above or below the current market price of the security (“trailing stop price”). As the price of the security moves in a favorable direction the trailing stop price adjusts or “trails” the market price of the security by the specified amount. However, if the security’s price moves in an unfavorable direction the trailing stop price remains fixed, and the order will be triggered if the security’s price reaches the trailing stop price.

Valid During: Regular market hours

Accepted TIF(s): DAY, GTC

Q: What Time in Forces (TIF) are available for equity trading?

Time in Force (TIF)

DAY – Orders are eligible for execution from 4AM to 4PM ET.

DAY+ – Orders are eligible for execution from 4AM to 8PM ET.

GTC – Orders are eligible for execution from 9:30AM to 4PM ET. Automatically replaced daily until canceled or filled. Note: LR shorts are not eligible.

GTC+ – Orders are eligible for execution from 4AM to 8PM ET. Automatically replaced daily until canceled or filled. Note: LR shorts are not eligible.