Market-On-Open (MOO) Order

Market-On-Open (MOO) is an order that is automatically submitted as a Market Order (i.e. to buy/sell at the market price) at the opening of the market, and to be executed as soon as possible after the market opening at a price within the opening range of prices.

Hence, MOO order can only be executed during the exchange-specified opening period at a price within the opening range of prices; otherwise the order will be cancelled.
However, the execution price does not necessarily need to be the opening price (the first price traded), or to be guaranteed as the best price in that range.

As with market order, while Market-On-Open (MOO) order guarantees an execution, it cannot guarantee the price at which your order will be filled.

MOO order is useful when traders find that the opening price of a certain security has historically proven to be the best price of the day (i.e. opening price is the highest for sell order, or lowest for buy order) and then decided to buy/sell at any price available during this opening period.

For the list of other types of order, go to: Types of Orders in Trading.

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