be filled at that time, the order is cancelled. Market orders are
generally executed immediately, making FOK unnecessary.
- CXL - This is an order to cancel a previous order. Obviously a
previous order can only be cancelled if it has not been filled by
the time the CXL order arrives, otherwise the CXL order is
- CFO - A Cancel Former Order (CFO) is used to cancel a
previous order and replace it with another order in one shot.
However, if the previous order has already been filled, this order
will be ignored.
- MOC - A Market On Close (MOC) order instructs the broker
to attempt to fill the order just prior the closing bell, generally
about one minute before the market closes.
- OCO - This stands for One Cancels the Other or Order
Cancels Order. You would submit two orders to your broker
with the OCO specification and whichever order is filled first,
the other is cancelled.
- MIT - A Market If Touched order is basically a stop order and
turns into a market order if a contract price reaches (touches)
your specified price. This type of order usually allows the trader
to make the trade at or very near a specified price.
- DRT - This type of order known as DisRegard Tape, not-held,
or take-your-time, is a market order but the trader is requesting
the broker to use best judgment to execute the order at best
Keep in mind that some futures brokers may not honor all of these
specifications or they may allow other similar specifications to be used
by their clients. Most brokers (especially the online ones) allow you to
review your order before the order is official. Be sure to closely check
the order for any errors before giving final approval. You may not get a …