Interactive Brokers

Limit Orders

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A Limit order is an order to buy or sell at a specified price or better. The Limit order ensures that if the order fills, it will not fill at a price less favorable than your limit price, but it does not guarantee a fill.


Products Availability Routing TWS
Bonds US Products Smart Attribute
CFDs Non-US Products Directed Order Type
EFPs         Time in Force
Forex            
Futures            
FOPs            
Options            
Stocks            
Warrants            
Note that direct-routed, non-marketable limit orders may be rejected if the specified destination does not support them.
View Supported Exchanges  Open Users' Guide

Note:

  • Nasdaq RTH LMT orders entered prior to the open cannot be modified between 09:28 and the open.
  • The Reference Table above provides a general summary of the order type characteristics. The checked features are applicable in some combination, but do not necessarily work in conjunction with all other checked features. For example, if Options and Stocks, US and Non-US, and Smart and Directed are all checked, it does not follow that all US and Non-US Smart and direct-routed stocks support the order type. It may be the case that only Smart-routed US Stocks, direct-routed Non-US stocks and Smart-routed US Options are supported.

Example


  • Limit Buy Order

    Order Type In Depth - Limit Buy Order

    Step 1 – Enter a Limit Buy Order

    XYZ stock has a current Ask price of 34.00 and you want to use a Limit order to buy 100 shares when the market price falls to 33.50.

    You create the Limit order as shown above.

    Assumptions
    Action BUY
    Qty 100
    Market Price 34.00
    Order Type LMT
    Limit Price 33.50
     
  • Limit Buy Order

    Order Type In Depth - Limit Buy Order

    Step 2 – Order Transmitted, Market Price Begins to Fall

    As soon as you transmit your Limit order, the market price of XYZ stock begins to fall.

    Assumptions
    Market Price 34.00 and falling
    Order Type LMT
    Limit Price 33.50
     
  • Limit Buy Order

    Order Type In Depth - Limit Buy Order

    Step 3 – Market Price Falls to Limit Price, Order Filled

    The market price of XYZ continues to fall until it touches your Limit Price of 33.50. Your order for 100 shares is filled.

    Assumptions
    Market Price 33.50
    Order Type LMT
    Stop Price 33.50
     


  • Limit Sell Order

    Order Type In Depth - Limit Sell Order

    Step 1 – Enter a Limit Sell Order

    You're long 200 shares of XYZ stock at an Average Price of 14.95 (your entry price). You want to make a profit of at least 50.00, so you use a Limit order to sell 200 shares when the market price rises to 15.20.

    You create the Limit order as shown above.

    Assumptions
    Average Price 14.95
    Action SELL
    Qty 200
    Market Price 15.16
    Order Type LMT
    Limit Price 15.20
     
  • Limit Sell Order

    Order Type In Depth - Limit Sell Order

    Step 2 – Market Price Begins to Rise

    As soon as your transmit your Limit order, the market price of XYZ stock begins to rise.

    Assumptions
    Average Price 14.95
    Action SELL
    Qty 200
    Market Price 15.16 and rising
    Order Type LMT
    Limit Price 15.20
     
  • Limit Sell Order

    Order Type In Depth - Limit Sell Order

    Step 3 – Market Price Rises to Limit Price, Order Filled

    The market price of XYZ continues to rise until it touches your Limit Price of 15.20. Your order for 200 shares is filled and you've earned a profit of 50.00.

    Assumptions
    Average Price 14.95
    Action SELL
    Qty 200
    Market Price 15.20
    Order Type LMT
    Limit Price 15.20
     

Note: Any stock or option symbols displayed are for illustrative purposes only and are not intended to portray a recommendation.