Guided example · Separate hypothetical order examples · no real orders
Price control and execution are different
Compare a filled market order with a separate unfilled limit-order example.
Restart & example assumptions
Authored synthetic observations, shown in sequence. Every comparison uses only the revealed data. This is a worked learning example, not live prices, broker execution or a profitability backtest. Follow the article’s exact definitions; measurements and pattern names alone do not authorize a trade.
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What each order prioritizes
Seeks execution against available opposite-side prices under venue rules. It does not reserve the first quote for the whole quantity.
Sets a worst acceptable price. It can receive a partial fill or no fill, even if a chart appears to touch the level.
One market-order calculation
Three units fill at 100.00, 100.10 and 100.20. Their equal-weight average is 100.10. A planned stop at 99.00 is 1.10 from the average entry—not 1.00 from the initial best ask.
One limit-order non-event
The current ask is 100.20 and your buy limit is 100.00. A lowest eligible ask of 100.10 does not meet that price constraint. Do not record a fill at 100.10 just because it was nearby.
Four questions to put in the plan
- How much execution urgency does the rule actually require?
- What worst price or realistic fill assumption is acceptable?
- What happens to protective orders after a partial fill?
- When does an unfilled order expire, and what happens next?
A stop order adds another trade-off
A stop-market can trigger an exit that fills worse than expected. A stop-limit can restrict price while failing to complete the exit. Check actual trigger and execution rules rather than assuming the line on the chart is the complete order specification.
Order types and handling differ by product and venue. Check the applicable documentation and actual execution reports.