Open Order

An Open Order refers to an order that has been placed but has not yet been executed or filled.

This order is typically valid until certain conditions are met, such as reaching the specified price level or being manually canceled by the trader.

There are several types of open orders, depending on the conditions set by the trader:

1. Market order: an order to buy or sell at the current market price. It remains an open order until the trade is executed;
2. Limit order: an order to buy or sell at a specific price or better. For example, traders might place a limit order to buy an asset at $100, and if the price reaches $100, the order will be filled. It remains open until the order is executed at the specified price or canceled;
3. Stop order (Stop-Loss): an order placed to buy or sell once the price reaches a certain trigger point (particular price). Once triggered, it becomes a market order and is executed at the next available price. A stop order can remain open until the market reaches the set stop level.

Open orders give traders the flexibility to enter or exit markets at specific levels, even when they are not actively watching the market.