S3 6.1

Question 1

What is the expiration on an order if not specified?

Answer 1

DAY order

Question 2

What does OB stand for?

Answer 2

Or Better (fill at LMT OB)

Question 3

What is another term for LMT Orders?

Answer 3

Resting Orders

Question 4

Stop order to BUY…

Answer 4

A stop order to buy becomes a mkt order when the contract sells or is bid at or above the stop price

Question 5

Stop order to SELL…

Answer 5

A stop order to sell becomes a mkt order when the contract sells or is offered at or below the stop price (protective stop or trailing stop)

Question 6

Another name for STOP Orders

Answer 6

Contingency orders

Question 7

Is a Stop Spread position a thing?

Answer 7

NOPE

Question 8

Most important factor to place a STOP order?

Answer 8

Price Volatility

Question 9

MIT

Answer 9

Market If Touched order

Question 10

MIT order to BUY

Answer 10

MIT order to BUY becomes a Mkt order if the contract sells or is offered at or below the order price

Question 11

MIT order to SELL

Answer 11

MIT order to SELL becomes a Mkt order if the contract sells or is bid at or above the order price

Question 12

Which type of order must be fill in its entirety or not all?

Answer 12

FOK (Fill or Kill)

Question 13

What is an IOC?

Answer 13

Immediate or Cancel - Can take partial immediate fill, and cancel balance

Question 14

Does AON need be filled Immediately?

Answer 14

Nope, but must be filled in full at once / same price

Question 15

What’s the equivalent of a MOC in Futures orders?

Answer 15

On the Close / market close - executed during Closing Range

Question 16

Do On the close orders need to get a full fill?

Answer 16

Nope

Question 17

What happens if a Mkt close order only gets a partial fill?

Answer 17

Balance gets cancelled - will not be placed automatically for the next session

Question 18

What if the mkt trades either UP LMT or DOWN LMT?

Answer 18

Mkt will cointinue to trade within day’s limits