Market Order

A market order requests prompt execution at the best prices then available, without setting a maximum purchase price or minimum sale price.

The order prioritizes execution likelihood over price control and can fill across several levels when displayed quantity is insufficient. The last trade or current quote is only a reference, so volatility, gaps, latency, and order size can produce a materially different average fill. A market order may still be rejected or partially filled when the market is unavailable or account controls fail.

A market order provides no price ceiling for a purchase and no price floor for a sale.