The term sell plus order refers to broker instructions to sell a stock at a price that is above the current market. Sell plus orders are placed by traders hoping to take advantage of a short-term advance in a stock's market price.
A trader will issue a sell plus order to their broker when they would like to sell a stock under very specific circumstances. Generally, there are two market conditions that can result in the execution of a sell plus order:
The selling price for the stock must be higher than the last sale's price, if that sale was a zero plus tick or a plus tick.
The selling price for the stock cannot be lower than the last price plus a specified change in the stock's price, if the last sale was a zero minus or minus tick.
A trader would like to sell shares of Company XYZ, but she would like to take advantage of a near term increase in the price of the company's stock. The trader places a buy plus order for 1,000 shares of stock at a price of $22.00; however, the current market price is $20.50.
This trade will execute if the price of Company XYZ's stock ticks up to $22.00 or moves past $22.00.
scale orders, round lot orders, Order Protection Rule, odd lot orders, buy minus orders
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