Conditional Order (CO)
A conditional order is a type of advanced order that is submitted based on criteria you define when entering the order, such as volume, percent change, intraday change, or whether the bid or ask hits a certain limit.
For example, you can set up an order that would buy 100 shares of XYZ if it hits its 52-week high. Conditional orders are available for stocks, ETFs and options; however, the conditions available for options orders will be limited to bid and ask.
Orders can only be placed in the regular market session and are only good for the regular market session. Orders cannot be placed or executed in the extended hours session. For more information, click Disclosure Statement.
See the table below for conditional order fields and descriptions:
To place a conditional order:
- On the Main Menu, point to Account, and then click Place Order.
The Order Entry window displays with the Stock / ETF tab selected as the default.
- Click the Other / Advanced tab.
The Advanced Orders window appears.
- From the Advanced Order Type list, select Conditional.
- From the Place This Order area, under If the following event occurs, click Add Another Condition and complete the second condition for the order.
The condition area expands to show the second condition area.
- Click Place Order to place the advanced order.
Investors should consider the investment objectives, charges, expense, and unique risk profile of an Exchange Traded Fund (ETF) carefully before investing. Leveraged and Inverse ETFs may not be suitable for all investors and may increase exposure to volatility through the use of leverage, short sales of securities, derivatives and other complex investment strategies. These funds' performance will likely be significantly different than their benchmark over periods of more than one day, and their performance over time may in fact trend opposite of their benchmark. Investors should monitor these holdings, consistent with their strategies, as frequently as daily. A prospectus contains this and other information about the ETF and should be obtained from the issuer. The prospectus should be read carefully before investing.
Options involve risk and are not suitable for all investors. Detailed information on our policies and the risks associated with options can be found in Scottrade's Options Application and Agreement, Brokerage Account Agreement, and by downloading the Characteristics and Risks of Standardized Options booklet. You can also order a copy of the booklet by phone at 1-888-OPTIONS or obtain a copy at a Scottrade branch office.
Market volatility, volume, and system availability may impact account access and trade execution.