Limit orders

A limit order is a type of order that will only execute at a specific price or better. They can be used when buying into a new position, or selling out of an existing one. For limit buy orders, the order will only execute at the price specified or lower. For limit sell orders, the order will only execute at the price specified or higher. Using limit orders can help you control the prices at which you trade, and help you reduce risk in fast-moving markets.

When a limit order is used, the price of the order is guaranteed, but the filling of the order is not. If market action doesn't move the price of the outcome to the target price or better within the time in force of the order, the order will not fill and will expire.

In some cases, a limit order may only fill partially due to volatility in market-action. In cases where a partial fill occurs, the remainder of the order remains active on the order book until it either fills at the target price, or expires at the extent of the order's time in force.

Time in Force

Time in force is a parameter used when placing a trade that defines how long the order will remain active on the order book so that it may be executed by meeting the specified price target of a limit order. If the specified price target is not met by the end of the time in force setting, the order will expire and be removed from the order book.

Sporttrade utilizes the following time-in-force settings:

• Immediate or cancel; the target price or better must be met immediately or the order will be removed from the order book
• Good till event starts; the target price or better can be met at any point between order placement and up until the event begins
• Good till event concludes; the target price or better can be met at any point between order placement and up until the event concludes

How to place a limit order

You can place a limit order when buying into a new position, or selling out of an existing one.

To place a limit order:

1. On the Order Window screen, select Limit Buy or Limit Sell depending on the type of trade
2. Use the Limit Price draggable slider to select the target price you wish to buy or sell at
3. Type in the number of shares you wish to trade
4. Select a Time in Force parameter
5. Place the order

*Exchange wagering is not yet available in Iowa and Virginia.