Advanced Order Types

Multi-Contingent Orders

A multi-contingent order triggers an equity or option order based on a combination of two trigger values for any stock or up to 40 selected indices. The criteria can be linked by "And at the same time", "Or", "Then".

• Trigger values include Last Trade, Bid, Ask, Volume, Change % Up, Change % Down, 52 Week High, 52 Week Low
• "And at the same time" is chosen if both criteria must be met at the same time
• "Or" is chosen if either one of the two criteria must be met
• "Then" is chosen if the criteria must be met in sequential order
• Triggered order can be for stock or single-leg options

One-Triggers-the-Other (OTO)

A one-triggers-the-other order actually creates both a primary and a secondary order. If the primary order executes, the secondary order automatically triggers.

A One Triggers the Other order can help you save time: place a buy order as your primary order and a corresponding sell limit, sell stop or sell trailing stop at the same time. Or, if you trade options regularly, use a One Triggers the Other order to leg into a buy-write or covered call position.

• An OTO can be created for any combination of stock and/or single-leg options.
• Time in force must be the same for both orders.
• Trailing Stop orders are available for either or both legs of the OTO.
• For OTO orders that are good 'til canceled (GTC), the whole order is good for 120 days (e.g., if the primary order executes on day 15, the secondary order is live for 105 days).
• If the primary order is canceled, the secondary order is also canceled.
• If the secondary order is canceled, the primary order remains open as a separate order.

One-Cancels-the-Other (OCO)

With a One Cancels the Other order (OCO), two orders are live so that if either executes, the other is automatically triggered to cancel.

• Orders can be for any combination of stocks or single-leg options.
• When orders are placed for retirement accounts, a price reasonability-check helps prevent both OCO orders from executing in a fast market. This feature does not exist in non-retirement accounts.
• Orders can be for the same shares of the same stock or option contracts, but on opposite sides of the market (sell limit and sell stop).

Trailing Stops

A trailing stop order is either a stop loss or stop limit order in which the price of the stop adjusts automatically when market conditions move in your favor.

A trailing stop helps protect profits while providing downside protection.

With a trailing stop order you do not have to manage your open stop orders by constantly adjusting for price changes.

• Trailing stop loss orders trigger a market order.
• Trailing stop limit orders trigger a limit order.
• Trailing Stop can be either Day orders or Good 'Til Canceled (GTC) orders.
• GTC orders are good for 120 days.
• Trailing Stop orders are available on equities and single-leg options.
• Equity Trailing Stop orders can be set with a percentage (%) or dollar ($) trail value. Option Trailing Stop orders can only be set with a ($) trail value.
• Trailing Stop triggers can be Based On security's Last Trade, Bid or Ask.

Multileg Options

View and trade multileg option pairings at National Best Bid or Offer (NBBO) or better.

• Choose your strategy: Buy Writes, Spreads (Vertical, Calendar, Diagonal, and Ratio), Straddles, Strangles, Collars, Combinations, Condors, or Butterfly Spreads.
• Navigate through multileg strategies for every month and strike price for an underlying stock or index.
• View streaming theoretical price combinations of pairs or individual leg prices.
• View the Option Pairing Tool and Strategy Evaluator.

Directed Trading or Intelligent Order Routing

Pick your market, exchange or ECN:

• Utilizes NASDAQ TotalView^® which displays the full order book depth for Nasdaq, NYSE, Amex and regional-listed securities on NASDAQ
• Integrates streaming time and sales with consolidated quotes from multiple market centers.
• Customizable trading ticket speeds order entry to the market center of your choice.
• Directed Trading has an additional charge of $.005 per share for trades over 1,000 shares.

Let Fidelity's intelligent order routing technology RapidRouter^® do it for you:

• Scans market in real-time.
• Dual algorithms act on visible liquidity RapidRouter^® QWIK and hidden liquidity RapidRouter^® Probe.

Available route destinations:

• ARCA – NYSE Archipelago
• NSDQ – NASDAQ
• NYHY – NYSE Hybrid
• SDOT – NYSE SuperDot
• FDLM – Fidelity Dynamic Liquidity Management ^SM
• QWIK – RapidRouter QWIK^®
• PRBE – RapidRouter PRBE^®
• AUTO – Fidelity's proprietary order routing system

Basket Trading

• Monitor, trade and manage a minimum of 2 to 50 stocks as a single entity — using cash or margin — any time during standard market sessions.
• Automatically allocate your investment across multiple securities with an equal dollar amount or number of shares.
• Assign specific share tax lots after your order has been entered.
• Group your investments by stock characteristic, market sector, investment goal, or any other classification.
• Create up to 20 watch baskets, track their performance, and buy them at a later date at the market price. Change the selection or number of stocks anytime.

More about Basket Trading Disclosures and risks

Frequently asked questions about Basket Trading

Extended-Hours Trading

• Trade at your convenience: Place trades online before and after standard daytime market hours.
• Check the price before you order: Free real-time and depth of book quotes are available during the extended-hours trading sessions.
• Automatically get the best prices: Electronic Communications Network (ECN) systems electronically match buyers and sellers, ranked first by price, next by time or order places.
• Enjoy low commissions: After-hours trades follow your regular commission schedule¹.

Trading Hours: Pre-market trades can be placed and are eligible for execution between 7:00 a.m. ET and 9:15 a.m. ET. After-hours trades may be placed and eligible for execution between 4 p.m. and 8 p.m. ET, Monday to Friday. There is no trading on market holidays².

Eligible Securities: All NASDAQ (National Market and Small Cap) and Listed securities.

Frequently asked questions about Extended-Hours Trading

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Options trading entails significant risk and is not appropriate for all investors. Certain complex options strategies carry additional risk. Prior to trading options, you must receive from Fidelity Investments a copy of Characteristics and Risks of Standardized Options (PDF) by clicking on the hyperlink text, and call 1-800 FIDELITY to be approved for options trading.