Market On Close and Market On Open Orders

Market On Close (MOC) or At-The-Close orders are market orders to buy or sell financial instruments which are executed at the last minutes of the trading day by the brokers. MOC orders are executed at market closing price (which may differ with exchanges) or very close to that price.

Market on close orders are useful when traders identify a pattern in market where the closing price is usually the highest of the trading day (ideal for sell MOC orders) or the lowest of the day (ideal for buy MOC orders).Remember many markets necessitates to enter the order well before closing of the trading day; like before 15:40 EST for NYSE and 15:50 EST for Nasdaq. Traders also cannot cancel the orders they entered after this time.

Market On Open (MOO) orders are market orders to buy or sell instruments which are filled at or near official market opening price. MOO orders are executed as soon as possible after the opening of a trading day. Like MOC orders, Market On Open orders are useful when traders identify a pattern in market where opening price is highest (for sell MOO orders) or lowest (for buy orders).

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