Every order type available on Slay Markets — what each one does and when to use it.
Slay Markets supports eight futures order types: market, limit, stop (stop-market), stop-limit, MIT (market if touched), OCO (one cancels the other), bracket, and trailing stop. Every trade on Slay Markets is placed using one of these orders — an instruction to buy or sell a futures contract at a specified price or market condition — and choosing the right order type determines how and when your trade executes. Orders are placed and managed directly on the Slay Markets trading platform.
Slay Markets order types at a glance
The table below lists every order type available on Slay Markets, what it does, and when to use it. The most common Slay Markets order types are market (executes immediately at the best available price), limit (executes only at your price or better), and stop (triggers a market order when a price is touched). Each order type is described in full in the sections that follow.
Order type | What it does | When to use it |
Market | Executes immediately at the best available price. | You need to enter or exit immediately and accept the current price. |
Limit | Executes only at your specified price or better. | Price precision matters and you can wait for the market to reach your level. |
Stop (stop-market) | Becomes a market order once the stop price is reached. | Breakout entries or a stop-loss to exit if the trade moves against you. |
Stop-limit | Becomes a limit order (not a market order) once the stop price is reached. | A stop-loss with price protection — you will not accept a fill worse than your limit. |
MIT (market if touched) | Becomes a market order when the market touches a target price. | Enter when a price level is reached, without the no-fill restriction of a limit. |
OCO (one cancels the other) | Links two orders; when one fills, the other is canceled. | Set a profit target and a stop-loss at the same time on an open position. |
Bracket | Places an OCO (profit target and stop-loss) automatically when your entry fills. | Define risk/reward at entry without placing separate orders after the fill. |
Trailing stop | A stop that moves with the market in your favor by a fixed amount or ticks. | Lock in profits as a trade moves your way, without a fixed profit target. |
What is a market order on Slay Markets?
A market order on Slay Markets executes immediately at the best available price in the market. It prioritizes speed of execution over price, making it the fastest way to enter or exit a futures position.
Use when: you need to enter or exit a position immediately and the current market price is acceptable.
Risk: in fast-moving markets or low-liquidity conditions, the fill price may differ from the last quoted price. This is called slippage.
Market orders during the open (9:30 AM ET for equity index futures) or around major economic announcements can result in significant slippage. Use limit orders when price precision matters.
What is a limit order on Slay Markets?
A limit order on Slay Markets executes only at your specified price or better. A buy limit order fills at or below your limit price. A sell limit order fills at or above your limit price.
Use when: you want to control your entry or exit price and are willing to wait for the market to reach that level.
Risk: if the market never reaches your limit price, the order will not fill.
Example: the E-mini S&P 500 (ES) is trading at 5,200. You place a buy limit order at 5,195. The order fills only if the ES drops to 5,195 or lower.
What is a stop (stop-market) order on Slay Markets?
A stop order on Slay Markets (also called a stop-market order) becomes a market order once the market reaches your specified stop price. A buy stop is placed above the current price. A sell stop is placed below the current price.
Use when: entering a breakout trade at a price above or below the current market, or placing a stop-loss to exit a position if it moves against you.
Risk: once triggered, it executes as a market order and is subject to slippage.
What is a stop-limit order on Slay Markets?
A stop-limit order on Slay Markets combines a stop trigger and a limit price. When the market reaches the stop price, the order becomes a limit order at your specified limit price rather than a market order.
Use when: you want a stop-loss with price protection — you are not willing to accept a fill worse than your limit price.
Risk: if the market gaps past your limit price, the order may not fill at all, leaving your position open.
What is an MIT (market if touched) order on Slay Markets?
An MIT (market if touched) order on Slay Markets becomes a market order when the market touches a specific price. Unlike a stop, it is typically placed in the direction opposite to the market's current move — used to enter when a price level is reached.
Use when: you want to enter a long position if the market drops to a target level, without the restriction of a limit order.
What is an OCO (one cancels the other) order on Slay Markets?
An OCO (one cancels the other) order on Slay Markets links two orders together. When one order fills or is triggered, the other is automatically canceled. It is commonly used to set a profit target and a stop-loss simultaneously on an open futures position.
Example: you are long the E-mini S&P 500 (ES) at 5,200. You place an OCO with a sell limit at 5,250 (profit target) and a sell stop at 5,170 (stop-loss). If ES hits 5,250, the limit fills and the stop is canceled. If ES drops to 5,170, the stop triggers and the limit is canceled.
What is a bracket order on Slay Markets?
A bracket order on Slay Markets automatically places an OCO (profit target and stop-loss) at the same time as your entry order. It "brackets" your trade with both a take-profit and a stop-loss the moment your entry fills.
Use when: you want to define your risk/reward parameters at entry without manually placing separate orders after the fill.
What is a trailing stop order on Slay Markets?
A trailing stop order on Slay Markets moves with the market in your favor by a fixed dollar amount or number of ticks. If the market reverses by the trailing amount, the stop triggers and closes your position.
Example: you are long the Micro E-mini Nasdaq-100 (MNQ) at 18,000 with a 10-point (40-tick) trailing stop. If MNQ rises to 18,050, your stop moves up to 18,040. If MNQ then drops 10 points to 18,040, the stop triggers and you exit.
Use when: you want to lock in profits as a trade moves in your favor, without setting a fixed profit target.
Time-in-force settings on Slay Markets (Day, GTC, IOC, FOK)
Every order on Slay Markets has a time-in-force setting that controls how long the order stays active before it is canceled. A Day order is automatically canceled at the end of the current trading session if it has not filled. The Day, GTC, IOC, and FOK time-in-force settings are described below.
Day — the order is automatically canceled at the end of the current trading session if it has not filled.
GTC (Good Till Canceled) — GTC orders are supported and remain active until they fill or you manually cancel them.
IOC (Immediate or Cancel) — IOC orders are available on NinjaTrader Desktop and NinjaTrader Web. Any portion that cannot fill immediately is canceled.
FOK (Fill or Kill) — FOK orders are available on NinjaTrader Desktop and NinjaTrader Web. The order must fill in full immediately or it is canceled entirely.
How to place an order on Slay Markets
Orders on Slay Markets are placed and managed directly on the Slay Markets trading platform, where you select the order type, set your price and quantity, and submit the order. If you need help placing, modifying, or canceling an order, contact support at support@slaymarkets.com.
Slay Markets order types: frequently asked questions
Q: What order types does Slay Markets support?
A: Slay Markets supports eight futures order types: market, limit, stop (stop-market), stop-limit, MIT (market if touched), OCO (one cancels the other), bracket, and trailing stop.
Q: What is the difference between a market order and a limit order on Slay Markets?
A: A Slay Markets market order executes immediately at the best available price (use it when speed of execution matters), while a limit order executes only at your specified price or better (use it when price precision matters). A market order always fills but the price can vary; a limit order controls the price but may never fill if the market does not reach your level.
Q: Can I modify an order after I place it on Slay Markets?
A: Yes. Working orders (orders that have not yet filled) can be modified or canceled directly on the Slay Markets trading platform.
Q: What happens to my open orders at the end of the trading session on Slay Markets?
A: Day orders on Slay Markets are automatically canceled at the end of the session, while GTC orders remain active until filled or canceled. Confirm the time-in-force setting before placing any order you intend to carry across sessions.
Q: Can I place orders on Slay Markets when the market is closed?
A: Most CME futures trade Sunday 6:00 PM to Friday 5:00 PM ET with a daily 5:00-6:00 PM ET maintenance break, so you can place orders during any trading session. See Trading Hours by Product for full session times by product.
Related articles