What is an IOC (Immediate or Cancel) Order?
Quick Answer: An Immediate or Cancel order executes whatever quantity is available at the desired price instantly and cancels the remainder, balancing speed with flexibility for partial fills.
Understanding IOC (Immediate or Cancel) Orders
An Immediate or Cancel (IOC) order seeks instant execution for any available quantity at the specified price, cancelling the unfilled remainder. It offers flexibility between full FOK certainty and standard limit orders.
Why Use IOC
IOC orders are ideal when speed matters but you can tolerate partial fills. They help you participate in sudden moves without leaving resting orders exposed to adverse selection.
Hybrid Approach
Combine IOC with depth analysis to gauge expected fill size, then manage any remainder manually or via secondary orders.
Execution Tips
Monitor IOC performance closely. If fills are consistently small, reassess order timing, size, or switch to market orders during peak liquidity.
Over-Reliance
Spamming IOC orders in thin markets can flag your activity to liquidity providers, potentially widening spreads. Use them deliberately.
Related Terms
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