if done order

Definition

Two-step order handled by an exchange or brokerage. The first order is usually a limit, and is activated once the desired price is reached. The second order is dormant, and only activated once the first order has been executed. This second order can be a stop, a limit or an OCO (Once Cancels the Other). Such orders are left in anticipation of price fluctuations, but without having to monitor the market 24-hours a day to get the desired price.
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IEP IFC