At FYERS, we offer different types of order pricing so you can control how and when your trades are executed. Here’s how Market, Limit, and Trigger orders work — and how they behave based on live bid and ask prices.
Order types explained
1. Market Order
Market orders are executed instantly at the best available price on the exchange. When you place a Market Buy Order, we match it with the current best ask. For a Market Sell Order, we match it with the current best bid.
- Buy Market Order = Executes at best available ask
- Sell Market Order = Executes at best available bid
Example: The stock XYZ-EQ has an LTP of ₹100. The best ask is ₹100.05. If you place a Market Buy Order, we’ll place it at ₹100.05 — the lowest price a seller is willing to accept.
Tip: Market orders prioritize speed over price. Use them when execution is urgent and slippage is acceptable.
2. Limit Order
A Limit Order allows you to specify the maximum price you’re willing to pay (for a Buy) or the minimum price you’re willing to accept (for a Sell). The order is placed in the exchange order book and waits for a matching counter-order.
- Buy Limit ≤ best ask: May execute immediately
- Buy Limit < LTP: Waits for price to drop
- Sell Limit ≥ best bid: May execute immediately
- Sell Limit > LTP: Waits for price to rise
Example: XYZ-EQ is trading at ₹100. You place a Buy Limit Order at ₹98. It will only execute if sellers are available at ₹98 or lower. If you set it at ₹101, it will likely execute instantly at ₹100.05 (best ask).
3. Trigger Order (Stop or Conditional Order)
A Trigger Order stays inactive until a specific price condition is met. Once the trigger price is reached, we send a Limit or Market Order to the exchange on your behalf.
Trigger rules on FYERS:
- Buy Trigger: Trigger Price must be above the LTP
- Sell Trigger: Trigger Price must be below the LTP
- Limit Price (if set) must be on the same side as the trigger to avoid rejection
Example: XYZ-EQ LTP is ₹100. You want to buy only if it breaks ₹105. You set:
• Trigger = ₹105
• Limit = ₹107
When the stock hits ₹105, we place a Limit Buy Order at ₹107. If the price moves quickly, it may or may not get filled at that price.
Warning: Trigger orders follow strict LTP conditions. Buy triggers below LTP or sell triggers above LTP will be rejected.
Smart Orders exception
In Smart GTT and Smart SIP orders, you can set buy triggers below the current LTP. These are designed for long-term or conditional entries and work independently of standard Trigger Order rules.
Comparison Table
| Order Type | Execution | Price Control | When to Use |
|---|
| Market | At best available bid/ask | No | Immediate execution |
| Limit | At or better than set price | Yes | Price-sensitive trades |
| Trigger | Only after trigger is hit | Partial (via limit or market) | Conditional entries or exits |
Last updated: 15 Jun 2025
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