Fidelity Security Order Types

ORDER TYPE CONDITION 1 ACTION: BUY

CONDITION 2

TRANSACTION PRICE

Market Order

none

none

Buy at Best price

Example

Asking Price = $100/share

N/A

Best price around asking price ($100)

Limit

Maximum price willing to buy

Limit price below asking price

When asking price equals Limit Price, then buy only at or below limit price

Example

Limit Price = $ 90/share

Limit Price ($90) < asking price ($100)

Best price only if <= Stop Limit Price ($90)

Stop Loss

Minimum price willing to buy

Stop Loss price above asking price

When asking price equals Stop Loss Price, then buy becomes Market Order

Example

Stop Loss Price = $ 110/share

Stop Loss Price ($110) > asking price ($100)

Best price around Stop Loss price ($110)

Stop Limit

Minimum price willing to buy

Stop Limit price above asking price

When asking price equals Stop Limit Price, then buy becomes Limit Order

Example

Stop Limit Price = $ 110/share

Stop Limit price ($110) > asking price ($100)

Best price only if >= Stop Limit Price ($110)

Trailing Stop Loss

Minimum price willing to buy

Trailing Stop Loss price above asking price

When asking price equals Trailing Stop Loss Price, then buy becomes Market Order

Example

Trailing Stop Loss Price Delta = $ +10/share

Trailing Stop Loss Price Delta Price ($100+10)=$110 > Initial Asking Price ($100) As Asking price decreases ($90), initial trailing stop Loss price changes to revised trailing stop Loss ($90+$10=$100) As Asking price increases, trailing stop Loss price is fixed at either initial ($110) or revised ($100) trailing stop Loss price

For Initial Trailing Stop Loss Price ($110) Best price around Stop Loss price ($110) For revised Trailing Stop Loss Price ($100) Best price around Stop Loss price ($100)

Trailing Stop Limit

Minimum price willing to buy

Trailing Stop Limit price above asking price

When asking price equals current Trailing Stop Limit Price, then buy becomes Limit Order

Example

Trailing Stop Limit Price Delta = $ +10/share

Trailing Stop Limit Price Delta Price ($100+10)=$110 > Initial Asking Price ($100) As Asking price decreases ($90), initial trailing stop Limit price changes to revised trailing stop Limit ($90+$10=$100) As Asking price increases, trailing stop Limit price is fixed at either initial ($110) or revised ($100) trailing stop Limit price

For initial Trailing Stop Limit Price ($110) Best price only if >= Trailing Stop Limit Price ($110) For revised Trailing Stop Limit Price ($100) Best price only if >= Trailing Stop Limit Price ($100)

ACTION:

SELL

Market Order

none

none

Sell at Best price

Example

Asking Price = $100/share

N/A

Best price around asking price ($100)

Limit

Minimum price willing to sell

Limit price above asking price

When asking price equals Limit Price, then sell only at or above limit price

Example

Limit Price = $ 110/share

Limit Price ($110) > asking price ($100)

Best price only if >= Stop Limit Price ($110)

Stop Loss

Maximum price willing to sell

Stop Loss price below asking price

When asking price equals Stop Loss Price, then becomes Market Order

Example

Stop Loss Price = $ 90/share

Stop Loss Price ($90) < asking price ($100)

Best price around Stop Loss price ($90)

Stop Limit

Maximum price willing to sell

Stop Limit price below asking price

When asking price equals Stop Limit Price, then becomes Limit Order

Example

Stop Limit Price = $ 90/share

Stop Limit price ($90) < asking price ($100)

Best price only if <= Stop Limit Price ($90)

Trailing Stop Loss

Maximum price willing to sell

Trailing Stop Loss price below asking price

When asking price equals Trailing Stop Limit Price, then buy becomes Market Order

Example

Trailing Stop Loss Price Delta = $ -10/share

Trailing Stop Loss Price Delta Price ($100-10)=$90 < Initial Asking Price ($100) As Asking price increases ($110), initial trailing stop Loss price changes to revised trailing stop Loss ($110-$10=$100) As Asking price decreases, trailing stop Loss price is fixed at either initial ($90) or revised ($100) trailing stop Loss price

For Initial Trailing Stop Loss Price ($90) Best price around Stop Loss price ($90) For revised Trailing Stop Price ($100) Best price around Stop Loss price ($100)

Trailing Stop Limit

Maximum price willing to sell

Trailing Stop Limit price below asking price

When asking price equals current Trailing Stop Limit Price, then buy becomes Limit Order

Example

Trailing Stop Limit Price Delta = $ -10/share

Trailing Stop Limit Price Delta Price ($100-10)=$90 < Initial Asking Price ($100) As Asking price increases ($110), initial trailing stop Limit price changes to revised trailing stop Limit ($110-$10=$100) As Asking price decreases, trailing stop Limit price is fixed at either initial ($90) or revised ($100) trailing stop Limit price

For Initial Trailing Stop Limit Price ($90) Best price only if <= Trailing Stop Limit Price ($90) For revised Trailing Stop Price ($100) Best price only if <= Trailing Stop Limit Price ($100)