> For the complete documentation index, see [llms.txt](https://docs.strixlab.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.strixlab.io/trading/order-types.md).

# Order Types

Strix Lab supports two families of orders. The choice comes down to what you value more: **speed** (market orders) or **price control** (limit orders).

{% hint style="info" %}
Your first trades will probably be market orders — instant and simple. Limit orders are how you graduate to setting your own prices. Both are explained below, and the [worked example in The Order Book](https://docs.strixlab.io/trading/order-book#reading-the-book-an-example) shows each one in action.
{% endhint %}

### Market orders

A market order fills **immediately** at the best available price(s) in the book. Use it when you want certainty of execution *right now* and are comfortable taking the current price.

* Always executes as a **taker**, so a taker [fee](https://docs.strixlab.io/trading/fees) applies.
* May **"walk the book"** — if you order more shares than are available at the best price, the remainder fills at the next level, then the next, at progressively worse prices. (See the [Order Book example](https://docs.strixlab.io/trading/order-book#reading-the-book-an-example) for exactly how this looks.)

### Limit orders

A limit order sets the **exact price** you're willing to trade at. It fills only at your price or better; any unfilled portion rests in the book until it's matched or you cancel it.

* If your order rests and later fills because another trader comes to your price, you're the **maker** — you pay **no fee**.
* If your order crosses the spread and fills immediately, that portion executes as a **taker** fill, with the taker fee.
* Limit orders give you price control — and by resting in the book, they add to the market's [liquidity](https://docs.strixlab.io/trading/order-book#the-four-terms-you-need).

### Time-in-force

Limit orders carry a **time-in-force** setting that controls how long they stay active:

<table><thead><tr><th width="151.42578125">Type</th><th>Behavior</th></tr></thead><tbody><tr><td><strong>GTC</strong></td><td><em>Good-'til-cancelled.</em> Rests in the book until it fills or you cancel it. This is the default.</td></tr><tr><td><strong>GTD</strong></td><td><em>Good-'til-date.</em> Rests until a chosen expiry time, then cancels automatically. Useful when your view has a deadline — e.g. an order you only want open until the match starts.</td></tr></tbody></table>

{% hint style="info" %}
All open orders are automatically cancelled when a market settles.
{% endhint %}

### Cancelling orders

You can cancel any resting order at any time — from the trade panel, your Portfolio, or [directly on the price ladder](https://docs.strixlab.io/trading/price-ladder#your-orders-and-cancelling) by clicking its badge.

{% hint style="danger" %}
An order that is *currently filling* — a trade against it is mid-execution — can't be cancelled during that moment. On the ladder this shows as a small blue dot instead of a badge. It usually lasts only a moment: the order either completes (fully or partially) or, if partially filled, the remaining portion returns to a normal resting order that you can cancel as usual.
{% endhint %}

### Which should I use?

<table><thead><tr><th width="477.0703125">Situation</th><th>Use</th></tr></thead><tbody><tr><td>You want in or out <strong>right now</strong> and accept the current price</td><td><strong>Market order</strong></td></tr><tr><td>You have a <strong>target price</strong> and can wait for it</td><td><strong>Limit order</strong></td></tr><tr><td>You're trading a <strong>larger amount</strong> and don't want to walk the book</td><td><strong>Limit order</strong></td></tr><tr><td>You want to trade <strong>fee-free</strong></td><td><strong>Limit order</strong> that rests (maker)</td></tr></tbody></table>

{% hint style="info" %}
The one-line rule from [The Order Book](https://docs.strixlab.io/trading/order-book#how-a-trade-matches): **market orders buy certainty; limit orders buy price.**
{% endhint %}


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