Option
XYZ is currently trading at a bid price of $3.25. You want
to buy 500 shares of XYZ at the current best market price.
You click the Ask price to create a BUY order, and select
BOX TOP in the Type field. The word MARKET
appears in the Lmt Price field to illustrate that you are
willing to buy at the current market price. You submit the
order. Immediately 250 shares are filled at $3.30, which is
the best market price. The remainder of your order (250 shares)
is cancelled and immediately re-submitted as a limit order
with the value in the Lmt Price field automatically set to
$3.30. If nobody is willing to sell for that price, the remainder
of your order will not execute. |
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