A Limit on Close or LOC orders are a type of limit order that aims to execute a trade at the close if the market price is at or better than the limit price. If the market price is worse than the limit price, then the order is not executed.<\/p>\n\n\n\n
The order panel in IBKR Desktop can be populated by either clicking on a symbol in the Portfolio or Watchlist screens or typing in a symbol in the search bar. Once the symbol is selected the investor can click \u201cBuy\u201d or \u201cSell\u201d to create an order window. In this example the investor chooses to create a \u201cBuy\u201d order and can select the quantity in shares. Note that Limit on Close orders do not support fractional shares. The investor chooses 100 shares. Directly below are three order types; Limit, Market, and Stop. The investor clicks on \u201cStop\u201d and scrolls to \u201cLimit on Close\u201d, next they input the limit price for the order in the line below. They can select Day or Good \u2018Till Cancelled, known as GTC. For more information on these terms please see the IBKR Traders\u2019 Glossary.<\/p>\n\n\n\n
When the investor is satisfied with the order inputs they can either click on \u201cPreview\u201d to see a breakdown of the order as well as its effect on margin, \u201cSave\u201d to save the order to be transmitted later, or \u201cTransmit\u201d to send the order. The investor chooses \u201cPreview\u201d, and the Order Preview window appears. Once satisfied they click \u201cTransmit\u201d to send the order.<\/p>\n\n\n\n
Please note that the Nasdaq stops accepting LOC orders at 3:58 pm ET but cannot be cancelled or modified after 3:55 pm ET and NYSE stops accepting LOC orders at 3:50 pm ET. Please see each exchanges website for more details.<\/p>\n\n\n\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
In this lesson, we\u2019ll define the objective of the Limit on Close order type and show the investor how to create a Limit on Close order in IBKR Desktop.<\/p>\n","protected":false},"author":1134,"featured_media":223950,"parent":0,"comment_status":"open","ping_status":"closed","template":"","meta":{"_acf_changed":true,"footnotes":""},"contributors-categories":[13576],"traders-academy":[13125,13128,13132],"class_list":{"0":"post-223792","1":"trading-lessons","2":"type-trading-lessons","3":"status-publish","4":"has-post-thumbnail","6":"contributors-categories-interactive-brokers","7":"traders-academy-beginner-trading","8":"traders-academy-level","9":"traders-academy-trading-lesson"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"\n