Limit On Open (LOO)
An order instruction that participates in the opening auction only if the opening price is within a specified limit; if the opening price is outside that limit, the order is canceled.
Example: Example: A trader places a Limit On Open order with a limit price of 50.00; if the stock opens at 50.00 or better, the order is executed at the opening price. If the opening price is worse than 50.00, the order is canceled.
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