A limit order is an order type that executes only at a specific price or better. Limit orders can be used when buying into a new position or selling out of an existing one and are designed to give you greater control over the execution price.
Limit buy orders execute only at the specified price or lower
Limit sell orders execute only at the specified price or higher
Limit orders are commonly used to manage risk in fast-moving or lower-liquidity markets.
Price, Execution, and Partial Fills
When using a limit order, the price is guaranteed, but the execution is not.
If market activity does not move the outcome price to your specified price (or better) within the selected time in force, the order will not fill and will expire.
In some cases, a limit order may fill partially due to market volatility or available liquidity. When this happens:
The filled portion executes at your specified price
The remaining portion stays active on the order book
The order remains open until it either fully fills or expires based on its time in force
If a limit order expires or is canceled before fully filling, any unfilled portion is removed from the order book, and any held funds are returned to your available balance.
Time in Force
Time in force determines how long a limit order remains active on the order book.
When placing a limit order, you may choose one of the following options:
Immediate or Cancel (IOC)
The order must execute immediately at the specified price or better. Any portion that does not execute right away will be canceled.
Until Event Starts
The order remains active from the time it is placed until the event begins.
If the specified price (or better) is not reached before the event starts, the order will expire automatically.
Until Event Ends
The order remains active from the time it is placed until the event concludes.
If the specified price (or better) is not reached before the event ends, the order will expire automatically.
Placing a Limit Order
You can place a limit order when buying or selling shares.
To place a limit order:
Open the order window for the outcome you want to trade
Select Set a Price
Choose your target price
Enter the number of shares or dollar amount
Select a time-in-force option
Review and submit the order
Once submitted, your order will remain active until it fills or expires.
State Availability Note
Exchange wagering is currently unavailable in Iowa.
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