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LOO order is actually a limit order that uses "at the
open" for the time-in-force.
Stock XYZ shows an asking price
of 24.50. You want to buy 100 shares, but you don’t
want to pay more than 24.25. You decide that the opening price
for this stock has historically proven to be the best price
of the day and think you’ll have a better chance of
filling a limit order if you submit it at the market’s
open. You click the Ask price to create a BUY order, and select
LMT in the Type field to specify a limit order. In the Lmt.
Price field, you enter your limit price of 24.25, and in the
Time in Force field select OPG to have the order submitted
at the next day’s opening price. You submit the order,
which will work at the exchange the next morning at the market’s
opening. If the order does not execute at the limit price
or better, the order is cancelled.
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