MarketCopy Anchor Link

FIX OrdType <40>=1

A Market order instructs the venue to trade a quantity immediately at the best available price. It can also carry time in force and reduce-only instructions.

Use casesCopy Anchor Link

Use a Market order when prompt execution matters more than the exact price. Examples include urgent risk reduction or entry into a liquid, fast-moving market.

A Market order has no price protection. It can incur spread costs and slippage. The venue can still reject it or leave it unfilled when no market is available.

ExampleCopy Anchor Link

Example: create a Market order on the Interactive Brokers IdealPro Forex ECN to BUY 100,000 AUD using USD.

use nautilus_model::{
    enums::{OrderSide, TimeInForce},
    identifiers::InstrumentId,
    types::Quantity,
};
use ustr::Ustr;

let order = self.order().market(
    InstrumentId::from("AUD/USD.IDEALPRO"),
    OrderSide::Buy,
    Quantity::from(100_000),
    Some(TimeInForce::Ioc),          // optional (default GTC)
    Some(false),                     // reduce_only (default false)
    None,                            // quote_quantity (default false)
    None,                            // exec_algorithm_id
    None,                            // exec_algorithm_params
    Some(vec![Ustr::from("ENTRY")]), // tags
    None,                            // client_order_id (auto-generated if None)
);

See the MarketOrder API reference for further details.

Related guidesCopy Anchor Link

• Orders - Order concepts, execution instructions, and the order factory.
• Execution - How orders reach the venue and fills are handled.