Order Types

• Market: An order to buy or sell a given contract as soon as possible at the next available price.
• Limit: An order that puts a limit on the price at which a trader will buy or sell. A buy limit order is placed below the current price; a sell limit order is placed above the current price.
• Stop: An order to buy or sell a given contract when a designated price is reached. A buy stop order becomes a market order if the market trades at or above the stop price. A sell stop order becomes a market order if the market trades at or below the stop price.
• Stop Limit: An order that becomes a limit order when the stop price is hit.
• Market-If-Touched: An order that becomes a market order when a specified price is reached and is executed at the first available price at the time the specified price is reached.

CQG Smart Order Types

• DOM-Triggered Stop: The order is triggered when the bid/ask order size in the exchange’s order book falls below the QTS order's trigger level.
• DOM-Triggered Stop Limit: The limit order is triggered when the bid/ask order size in the exchange’s order book falls below the QTS order's trigger level.
• Iceberg: The order displays a predetermined portion of the entire order in the order book.
• Trailing Limit: The order tracks the market and automatically adjusts its price level position in the exchange's order book. For a buy order, as the best bid/offer/trade (depending on your settings) moves up, your order moves up with it based on the trailing offset. When the best bid/trade/offer trade moves down, your order holds. When the best bid/offer/trade matches your order price, the order executes.
• Trailing Stop: The system will automatically move the stop order in the direction of your position.
• Trailing Stop Limit: The system will automatically move the stop limit order in the direction of your position.
• OCO: order-cancels-order - A multi-part order where all other parts are cancelled if one part of the order is executed.
• Bracket: The profit target order and stop loss order OCO are triggered when an order is filled.
• Study Following Order: An order that follows a corresponding study value when placed on the DOM. A Study Following Order is a day limit, stop, stop limit, DOM-triggered stop, DOM-triggered stop limit, iceberg, OCO, or bracket order. Customers can place an order at the value or as an offset, and the system automatically modifies the order price based on that study, even when partially filled.
• Funari: An unfilled order quantity is executed as a market order at either the morning close or afternoon close.
• Algorithmic: Including iceberg and offset stop limit - An order you can create using the Algorithmic Order Builder. Based on specific trading strategies, CQG allows you to create the order types using the CQG API and then place orders using these types in CQG Integrated Client.

Order Durations

• Day: An order that can only be executed during the current session. At the close of the session, the order is cancelled.
• FAK: fill and kill - An order where the order is executed up to the quantity of contracts available at the order limit price and any amount unfilled is cancelled.
• FOK: fill or kill - An order where all of the entire quantity has to be filled or the order is cancelled.