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Market-on-Open Orders (MOO)

Moneyzine Editor
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Moneyzine Editor
1 mins
January 24th, 2024
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Market-on-Open Orders (MOO)

Definition

The term Market-on-Open refers to broker instructions to buy or sell securities at their market price and at the beginning of the trading day. Unless trading is halted on a security, a Market-on-Open order will be executed once trading starts for the day.

Explanation

While an At-the-Opening instruction can be combined with a limit order, a Market-on-Open (MOO) instructs the broker to purchase shares at the prevailing market price once trading on an exchange begins. This type of order cannot be executed at any other time during the day.

A MOO on the NASDAQ can be placed, amended, or canceled anytime from 7:00 a.m. Eastern Standard Time (EST) until two minutes before the opening bell (9:28 a.m. EST). MOO activity typically increases during the earnings season, when companies are reporting their quarterly results. Many companies make earnings announcements following the market's close. If the company's earnings exceed the market's expectations, the price per share of the company's stock may increase the following trading day.

As is the case with all market orders, execution is guaranteed; however, the price paid for the security is not guaranteed.

Related Terms

  • All-or-None Orders (AON)
    The term All-or-None order refers to broker instructions to buy or sell a quantity of securities in their entirety, or none at all. If an All-or-None order cannot be executed immediately, it remains open until it is executed or is closed at the end of the trading day.
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  • Fill-or-Kill Orders (FOK)
    The term Fill-or-Kill refers to broker instructions to buy or sell a security immediately, and in its entirety, or cancel the order. From a practical standpoint, a Fill-or-Kill order specifies the instruction will remain active for several seconds before being filled or canceled.
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  • Good-Til-Canceled Orders (GTC)
    The term Good-Til-Canceled refers to broker instructions to buy or sell a security at a fixed price, and the order will remain active until the investor cancels it or it is filled. From a practical standpoint, a Good-Til-Canceled order specifies the instruction will remain active even if it is not filled on the same trading day.
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  • Immediate-or-Cancel Orders (Accept Order)
    The term Immediate-or-Cancel refers to broker instructions to buy or sell a security instantly, or cancel the order. From a practical standpoint, an Immediate-or-Cancel order specifies the instruction will remain active for several seconds before being filled or canceled.
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  • The term National Best Offer refers to the lowest available ask price, which is a consolidated value from all of the national stock exchanges. The National Best Offer is the lowest price sellers are willing to accept for a security such as a stock.
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  • The term National Best Bid refers to the highest available bid price, which is a consolidated value from all of the national stock exchanges. The National Best Bid is the maximum price buyers are willing to pay for a security such as a stock.
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  • Market Order (Unrestricted Order)
    The term market order refers to instructions sent to a broker to buy or sell a security immediately at the best available price. Since there are no restrictions on the selling or purchase price of the security, a market order is oftentimes immediately executed.
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  • Limit Order
    The term limit order refers to instructions sent to a broker to buy or sell securities at a specific price or better. Since a limit order is not a market order, there is no guarantee the transaction will occur.
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  • Day Order
    The term day order refers to broker instructions to buy or sell a security that automatically expires at the end of the trading day if not executed. Unless specified by the investor, the default orders to buy and sell stocks at most brokerage houses are day orders.
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  • The term One-Triggers-the-Other refers to instructions sent to a broker that consist of a primary order and a secondary order, which becomes active only if the primary order is executed. One-Triggers-the-Other orders can save a trader time, since they can pair together an order to purchase stock at a certain price and sell it at another.
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  • The term One-Cancels-All refers to instructions sent to a broker that consist of several active limit orders; in the event one is filled, the remaining orders are automatically inactivated. One-Cancels-All provides traders with the ability to select from one of several stocks at their desired strike price.
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  • Good-Til-Date Orders (GTD)
    The term Good-Til-Date refers to instructions sent to a broker that specify how long an order will remain active if it is not fully executed or filled. Good-Til-Date orders are one of several types of Time-in-Force orders, which provide traders with additional flexibility beyond day orders.
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  • At-the-Opening Orders
    The term At-the-Opening refers to instructions sent to a broker to buy or sell securities at the beginning of the trading day. If an At-the-Opening order cannot me executed as soon as the market opens, then it will be canceled.
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  • Market-on-Close Orders (MOC)
    The term Market-on-Close refers to broker instructions to buy or sell securities at their market price and at the end of the trading day. Unless trading is halted on a security, a Market-on-Close order will be executed at the very end of the trading day.
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  • At-the-Close Orders
    The term At-the-Close refers to broker instructions to buy or sell securities at the very end of the trading day. If an At-the-Close order cannot be executed in the final minutes of trading, then it will be canceled.
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  • Market-if-Touched Orders (MIT)
    The term Market-if-Touched refers to broker instructions to buy or sell securities when they reach a price specified by the investor. Market-if-Touched is a conditional order that can be used to both buy and sell securities.
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  • The term Trailing If-Touched refers to instructions sent to a broker to buy or sell securities when the market moves in an unfavorable direction and reaches the limit price. Trailing If-Touched orders are conditional orders, which can be used to both buy and sell securities.
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