A Conditional Order is an invaluable trader tool that allows you to set conditions that must be satisfied before a buy or sell order is activated for execution.
A Conditional Order requires three important inputs:
- Trigger Price is the price that must be reached by the stock before the order is submitted to the Exchange for execution.
- Limit Price is the price at which you want to fill your order, or better.
- Expiry is the length of time you are willing to wait for the stock to hit your trigger price. The expiry may be DAY, GTW or GTM.
Basically, your order is held in the system of FirstMetroSec until the price of the stock reaches the Trigger Price you set. Once triggered, your order will be sent to the Exchange for execution at your specified Limit Price or better.