order given to a broker to purchase securities, commodities, etc., with
certain specifications. Among
brokerage houses, there are two ordinary classes of round-lot orders as
to price limits: market orders
and limit or limited orders. Classified
as to time limits, orders are day orders (a market order is always a day
order), week or month orders, and open or GTC (good 'til cancelled) orders.
Special types of orders include stop order, stop and limit order,
discretionary order, immediate or cancel order, and cancel order (straight
cancel order or cancel former order).