• Skip to primary navigation
  • Skip to content
  • Skip to primary sidebar
  • Skip to footer
StoneX®

Trade Futures, Spreads and Options with Confidence.

Top Navigation

  • Open a Futures Account
  • Sign Up
  • Log in
  • 1.800.800.3840

Primary Navigation Menu

  • About
    • Who We Are
    • Services
    • Risk Disclosure
    • COVID-19
  • Trade
    • Broker-Assisted
    • Self-Directed / Online
    • Request Pricing
  • Hedge
    • Ag Marketing Plan
    • WASDE Analysis
    • Grain Resources
    • Livestock / Dairy Resources
    • Request Pricing
  • Invest
    • Automated Strategies
    • Managed Futures
    • Request Pricing
  • Advisories
    • GENERAL / FUNDAMENTAL
      • DT Newsletter
      • Insider Market Advisory
      • Turner’s Take Newsletter & Podcast
    • TECHNICAL ANALYSIS
      • The Cullen Outlook
      • Data Feed Trade
      • Jarboe Trading Journal
      • Trade Spotlight
    • AG MARKETING
      • Cattleman’s Advisory
      • Technical Ag Knowledge
      • Turner’s Take Ag Marketing
    • THIRD-PARTY RESOURCES
      • CFRN
      • Moore Research Center, Inc. (MRCI)
      • OptionWorks®
      • TASMarketProfile.com
  • Education
    • CME Group Resource Center
    • CME Group Offers
    • Small Exchange Resources
    • Guides
    • Frequently Asked Questions
    • Order Entry Handbook
  • Blog
    • Futures 101
    • Ag Marketing
    • Tips & Strategies
    • Trading Advisories
  • Resources
    • Trading Software
    • Quotes and Charts
    • Futures Calendars
    • Contract Specifications
    • Margin Requirements
    • Futures Calculator
  • Accounts
    • Apply
    • Access My Account
    • Funding
  • Contact
Home / Trading Resources / Order Entry Handbook

Order Entry Handbook

Our Futures Order Entry Handbook provides a complete description of all types of futures orders, how they are executed and which are accepted by our member exchanges.

MARKET ORDER

The most common type of order is the Market Order. If you enter a Market Order, you state the number of contracts you want to buy or sell in a given contract month. You do not specify a price, since your objective is to have the order executed as soon as possible at the best possible price. Once a Market Order is placed it is filled and cannot be canceled.


LIMIT ORDER

A Limit Order specifies a price limit at which the order must be executed. In other words, it must be filled at that price or better. The advantage is that you know the worst price you will get if the order is executed. The disadvantage is that you cannot be certain that the order will be filled.

When buying, if the order price is lower than (below) the current market price, it is a Buy Limit.

As an example, with the market trading at 7800,
Buy 1 Dec DJIA 7700 on a Limit (or better…fill at 7700 or lower).
Order can only be filled at the stated price (7700) or lower (better).

When selling, if the order price is higher than (above) the current market price, it is a Sell Limit.

As an example, with the market trading at 7800,
Sell 1 Dec DJIA 7900 on a Limit (or better…fill at 7900 or higher).
Can only be filled at the stated price (7900) or higher (better).


STOP ORDER

Stop Orders are not executed until the market reaches a given price, at which time they become Market Orders.

When buying, if the order price is higher than (above) the current market price, it is a Buy Stop.

As an example, with the market trading at 7800,
Buy 1 Dec DJIA 7900 Stop.
Can only be filled at the Market, after the Market trades (or is “offered”) at 7900 or higher.

When selling, if the order price is lower than (below) the current market price, it is a Sell Stop

As an example, with the market trading at 7800,
Sell 1 Dec DJIA 7700 Stop.
Can only be filled at the Market, after the Market trades (or is “bid”) at 7700 or lower.


M.I.T. ORDER

Market If Touched. If the market trades at the trade price, the order will be filled at the next best price. Can only be used on Limit orders (not Stops).


G.T.C. ORDER

Good Till Canceled (or Open Order). Used in conjunction with a Limit or Stop order.Order will remain valid and worked until client cancels order, or it is filled, or the contract expires.

A GTC Order Does Not Cancel Automatically!

As an example, you are long 1 Dec DJIA and have a GTC order to sell 1 Dec DJIA @ 7700 Stop. You decide to sell your 1 long Dec DJIA on a Market order. Your GTC order must be canceled…or you will sell (short) 1 Dec DJIA if the market trades (or is “bid”) at 7700 or lower.

If an order is not designated Good Till Canceled, it is a Day Order and will expire at the end of the current trading session unless filled or canceled prior to the close.


O.C.O. ORDER

One (order) Cancels (the) Other.

As an example, with the market trading at 7800 you want to buy at 7600 Limit (lower), or on an upside breakout at 7900 Stop (higher),
Buy 1 Dec DJIA 7600 on a Limit, OCO
Buy 1 Dec DJIA 7900 Stop.

Whichever order is executed first causes the other to be automatically canceled.


O.S.O. ORDER

One (order) Sends (the) Other.

As an example, with the market trading at 7800, you want to buy at 7600 Limit (lower). Once filled, you want to send a Sell Stop Order through at 7500. The initial Buy order is considered the “main” order, with the Sell Stop being considered a &ldquoLeg.” O.S.O. orders can combine up to two &ldquoLegs”, including an O.C.O.
Buy 1 Dec DJIA 7600 on a Limit, OSO
Sell 1 Dec DJIA 7500 Stop


M.O.C. ORDER

Market On Close. Order will be filled at Market within the closing price range.

ENTER and CANCEL ORDER

All orders, Except Market Orders, can be canceled and replaced with a different order unless filled prior to cancellation.

As an example, you are long 1 Dec DJIA and have a GTC order to sell 1 Dec DJIA @ 7700 Stop. With the market trading at 7800, you decide to sell your 1 long Dec DJIA on a Market order,
Sell 1 Dec DJIA @ Market, Cancel selling 1 Dec DJIA 7700 Stop on GTC order No. 12345.

If you are not sure how to enter an order, Ask Your Broker! Not all exchanges accept all types of orders (see section Exchange Orders).


Exchange Orders

EXCHANGE LIMIT MARKET STOP
MARKET ORDER ORDER MOC FOC STOP LIMIT SWL SCO SCLO MIT OCO
CME
Markets Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes
CBOT
Markets Yes Yes Yes Yes Yes No No No No No No
Markets Yes Yes Yes Yes Yes Yes Yes Yes No No MOC
NYMEX
Markets Yes Yes Yes Yes Yes Yes Yes Yes No Yes Yes
NYMEX
Cotton Yes Yes Yes Yes Yes Yes* Yes Yes No Yes Yes
O.J. Yes Yes Yes Yes Yes Yes Yes Yes No Yes* Yes*
USD Index Yes Yes Yes Yes Yes Yes Yes Yes* No Yes Yes*
CSCE
Coffee Yes Yes Yes Yes Yes Yes Yes Yes No Yes Yes*
Sugar Yes Yes Yes Yes Yes Yes Yes Yes No Yes Yes
Cocoa Yes Yes Yes Yes Yes Yes Yes Yes No Yes Yes
NYFE
Markets Yes Yes Yes Yes Yes Yes Yes Yes No Yes MOC
KCBT
Value Line Yes Yes Yes Yes Yes Yes Yes* Yes Yes Yes Yes
Wheat Yes Yes Yes Yes Yes Yes Yes* Yes Yes Yes Yes
MID-AM
Markets Yes Yes Yes Yes Yes No No Yes No No Yes**

Legend: SWL=Stop With Limit / SLCO=Stop Limit Close Only *=Not Held / SCO=Stop Close Only

FOC=Fill Or Kill / MIT=Market If Touched **No Meats / MOC=Market On Close / OCO=Order Cancels Order

Information Obtained From Sources Believed To Be Reliable But Provided Without Warranty

Basic Training for Futures Traders

Primary Sidebar

Tips & Strategies

How Does Inflation Affect Markets?

The highest inflation measure in more than 40 years has left many markets in utter disarray: Nasdaq is at its lowest since 2020, interest rates are their highest since 2007, and the US dollar is the strongest it’s been since the early aughts

The End of an Era for the Euro

If you started trading in the last two decades, you’ve only known a world in which the euro is worth more than the US dollar. You’d have to go all the way back to 2002 to find data points representing the EUR/USD conversion rate that start with a zero to the left of the decimal point.

Charts

Probabilities are Accurate Until They Aren’t

What do all the probabilities in your life have in common? They’re all dynamic – constantly changing. At the conclusion of the event a binary 0% or 100% is realized, but the journey to that ending can witness wild swings in either direction….

More Tips & Strategies

  • How the Fed Affects Interest Rates
  • Neutral Trading Strategies for an Inactive Market
  • Technical Analysis 101: What Is the Parabolic SAR?
  • OHLC Charts vs. Candlestick Charts: Which Is Better?
  • How to Harness the Power of Moving Average Crossovers
  • Technical Analysis of Stocks: Understand the Pros and Cons
Trustpilot

Footer

Site Navigation

  • Frequently Asked Questions
  • About Us
  • Customer Reviews
  • Contact Us
  • Futures Blog
  • Open a Futures Trading Account
  • Media Resources
  • Fund Your Account
  • Legal Notices

Contact Us

StoneX Financial Inc.
Daniels Trading Division
230 South LaSalle Suite 10-500
Chicago, IL 60604
+1.312.706.7600 Local / Int'l
+1.800.800.3840 Toll-Free
+1.312.706.7605 Fax

Connect with Us

Trustpilot
Risk Disclosure

The StoneX Group Inc. group of companies provides financial services worldwide through its subsidiaries, including physical commodities, securities, exchange-traded and over-the-counter derivatives, risk management, global payments and foreign exchange products in accordance with applicable law in the jurisdictions where services are provided. References to over-the-counter (“OTC”) products or swaps are made on behalf of StoneX Markets LLC (“SXM”), a member of the National Futures Association (“NFA”) and provisionally registered with the U.S. Commodity Futures Trading Commission (“CFTC”) as a swap dealer. SXM’s products are designed only for individuals or firms who qualify under CFTC rules as an ‘Eligible Contract Participant’ (“ECP”) and who have been accepted as customers of SXM. StoneX Financial Inc. (“SFI”) is a member of FINRA/NFA/SIPC and registered with the MSRB. SFI does business as Daniels Trading/Top Third/Futures Online. SFI is registered with the U.S. Securities and Exchange Commission (“SEC”) as a Broker-Dealer and with the CFTC as a Futures Commission Merchant and Commodity Trading Adviser. References to securities trading are made on behalf of the BD Division of SFI and are intended only for an audience of institutional clients as defined by FINRA Rule 4512(c). References to exchange-traded futures and options are made on behalf of the FCM Division of SFI.

Trading swaps and over-the-counter derivatives, exchange-traded derivatives and options and securities involves substantial risk and is not suitable for all investors. The information herein is not a recommendation to trade nor investment research or an offer to buy or sell any derivative or security. It does not take into account your particular investment objectives, financial situation or needs and does not create a binding obligation on any of the StoneX group of companies to enter into any transaction with you. You are advised to perform an independent investigation of any transaction to determine whether any transaction is suitable for you. No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior written consent of StoneX Group Inc.

© 2023 StoneX Group Inc. All Rights Reserved

  • Risk Disclosure
  • Privacy Policy
  • California Residents Privacy Notice
  • Terms of Use
  • Back to top