Market Order: A market order is an order that is to be executed at the best possible price when the order reaches the ring.
Limit Order: A limit order is an order to buy at the limit price or lower or to sell at the limit price or higher.
Sell Stop Order: A stop order to sell becomes a market order if the contract trades at or below, or is offered at or below the stop price.
Buy Stop Order: A stop order to buy becomes a market order if the contract trades at or above, or is bid above at or above, the stop price.
Stop Limit Order: A stop limit order incorporates the provisions of a stop order and a limit order. In the case of a sell stop limit, the order becomes a limit order (not a market order) once the contract trades at or below, or is offered at or below, the stop price
Basis Order: An order to buy or sell if something occurs in another commodity or in another delivery month.
Market If Touched (MIT): A market if touched order (also called a board order) to buy becomes a market order when the contract trades or is offered at or below the limit price. An MIT order to sell becomes a market order when the contract trades or is bid at or above the limit price.
Opening Order: A range order to be done within the opening range but not necessarily at the opening price. It is executed during specified period of time designated by the exchange at the start of trading. If the order cannot be done within the opening range, it will be cancelled.
Closing Order: An order to buy or sell at a price that is within the closing range. It is executed by the exchange at the end of the trading session. It need not be at the exact closing price, but must be within the range.
Limit or Market on Close Order: This type of order is an order to buy or sell during the trading session at a limit price.
Not Held Order: A discretionary order that gives the floor broker discretion as to the handling of the order. However, the floor broker is given full discretion as to whether to take a position or not. the broker is not responsible for any action he takes or fails to make.
Fill or Kill Order: An order that is to be executed as soon as the order is represented in the crowd and if it cannot be executed at the limit, it is to be cancelled.
OCO Order (One cancels the other): This is a combination of two orders written on one order ticket. This instructs the floor broker that once one side of the order is filled, the remaining side of the order should be canceled. By placing both instructions on one order, rather than two separate tickets, the customer eliminates the possibility of a double fill.
Discretionary Order: An order to buy or sell at a limit price, but the broker is given a certain amount of discretion, as stated in the order, to buy at a higher price or sell at a lower price.