Working order has a particular significance in relation to IG's platform. Here, we define working order in general investing and explain what it means to you when trading with IG.
A working order is a general term for either a stop or limit order to open. It is used to advise your broker to execute a trade when an asset reaches a specific price.
Working orders are one of several varieties of orders, including market orders that will execute at the best available price that day, or good-‘til-cancelled orders that remain open indefinitely.
Unlike most types of order, though, working orders are not differentiated by their expiry date. Instead, working orders can have any length of expiry attached to them, from the same day to good-‘til-cancelled.
There are two varieties of working order:
To complete a working order on our platform, click the ‘order to open’ tab on the deal ticket.
From there, you can select whether your order is a buy or sell, choose the level at which you’d like to trade (our system will deduce whether it is a stop or a limit from this), set an expiry and size, add any closing stops or limits, and submit the trade.