The following This topic describes the order types are supported by CME Globex for futures and options markets .Click the order type in the table for a description and examples of each type.including:
The above order types can be used in conjunction with an Order Type Qualifier.
For message-level details for the following order types, see iLink Order Types.
For a video overview, watch the iLink Order Entry module of CME Globex 101.
<p><a href="https://www.cmegroup.com/education/videos/cme-globex-101.html" target="_blank" rel="nofollow"><img src=http://www.cmegroup.com/globex/images/eid-thumb.png alt="CME Globex 101"></a></p>
Limit orders allow the buyer to define the maximum purchase price for buying an instrument and the seller to define the minimum sale price for selling an instrument.
Any portion of the order that can be matched is immediately executed. Limit orders submitted for buying an instrument are executed at or below the limit price. Limit orders submitted for selling an instrument are executed at or above the limit price. A limit order remains on the book until the order is either executed, cancelled, or expires.
Click the icon below to view a video for Market Order with protection:
<div<p><a stylehref="display: block; position: relative; max-width: 50%;"><div style="padding-top: 56.25%;"><video data-video-id="ref:170523ProtectedRange-MktStopOrders" data-account="49919183001" data-player="46f29b5c-718a-4f1f-aabc-37aadea1426c" data-embed="default" data-application-id class="video-js" controls style="width: 100%; height: 100%; position: absolute; top: 0px; bottom: 0px; right: 0px; left: 0px;"></video> <script src="//players.brightcove.net/49919183001/46f29b5c-718a-4f1f-aabc-37aadea1426c_default/index.min.js"></script></div></div>http://www.cmegroup.com/education/protection-functionality-for-market-and-stop-orders.html" target="_blank" rel="nofollow"><img src=http://www.cmegroup.com/globex/images/eid-thumb.png alt="Protection Functionality for Market and Stop Orders"></a></p>
Stop Order - Futures Only
Stop orders with protection prevent stop orders from being executed at extreme prices. A stop order with protection is activated when the market trades at or through the stop trigger price and can only be executed within the protection range limit. The order enters the order book as a market order with the protection price limit equal to the trigger price plus or minus the pre-defined protection point range. Protection point values usually equal half of the Non-reviewable range. Refer to www.cmegroup.com for a list of the Non-reviewable range per product. For bid orders, protection points are added to the trigger price to calculate the protection price limit. For offer orders, protection points are subtracted from the trigger price.
CME Globex matches the order at all price levels between the trigger price and the protection price limits. If the order is not completely executed, the remaining quantity is then placed in the order book at the protection price limit.
Click the icon below to view a video for Stop Order with protection: