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Order Types Explained

Four pending order types, two above the price and two below, and almost every new trader has placed the wrong one at least once. This paper puts all four on a single real chart, explains which plan each belongs to, and gives you the one question that picks the right order every time.

Difficulty
Beginner
Reading time
6 min
Pages
8

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The skill

A pending order is an instruction left with the broker to trade at a price the market has not reached yet, and there are exactly four. They exist so a plan made on Sunday can be executed on Wednesday without you watching.

The rule that gets it right every time

Through means a stop order — buy stop above, sell stop below. Refused means a limit order — sell limit above, buy limit below. That is the entire distinction.

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