What Order Types Can I Use for Options on Pluang?

Pluang offers a market order plus three Advanced Order types — Limit Order, Stop Order, and Stop-Limit Order — for buying and selling Call and Put contracts. The distinction that matters most in practice is availability: a market order can only be used while the exchange is open, because it executes against the price trading at that moment, whereas the Advanced Order types can be placed and left waiting for the condition you set. A limit order lets you name the price you are willing to buy or sell at, and waits until the market reaches it. The Stop and Stop-Limit types work from a trigger price you nominate, activating only once the market touches that level. Separately from the order type, you can attach either a Take Profit or a Stop Loss to your order — one or the other, never both at once.

The order types available for Options:

• Market order: executes at the market price at that moment. Only usable while the exchange is open, since there is no live price to execute against when it is closed.
• Advanced Order — Limit Order: you set the price you want to buy or sell at, and the order waits until the market price reaches it.
• Advanced Order — Stop Order: works from a trigger price you nominate; the order activates once the market touches that level.
• Advanced Order — Stop-Limit Order: also works from a trigger price, and pairs it with a limit price so you keep control over the price you accept once it activates.
• Take Profit / Stop Loss: attachments to an order rather than order types. You can use one or the other, never both at the same time, with the trigger set as a price or a percentage.
• Orders cannot be modified after placing. To change a limit price or the number of contracts, cancel the order and place a new one — an unexecuted order can be cancelled at any time.
• Fees do not vary by order type: the 0.3% transaction fee (minimum $3.00) applies the same way, and only once an order actually executes.

Related questions:

Q: Why can't I place a market order when the exchange is closed?
A market order executes at whatever price is trading at that moment, so it needs a live market to execute against — with the exchange closed there is no such price. That is why Pluang restricts market orders to exchange hours. If you want to set something up outside those hours, use one of the Advanced Order types instead: a limit, stop, or stop-limit order can be placed and will wait for the condition you specified.

Q: What does Pluang mean by an Advanced Order?
It is Pluang's grouping for the three conditional order types: Limit Order, Stop Order, and Stop-Limit Order. What they share is that they do not execute immediately — each waits for a condition you set, whether that is a limit price you are willing to trade at or a trigger price the market has to touch first. A market order sits outside this group because it executes straight away at the current price.

Q: Can I change the trigger or limit price after placing an Advanced Order?
No. An order cannot be modified or edited once placed. If you want a different limit price or a different number of contracts, cancel the existing order and place a new one with the details you want. Cancelling is available for as long as the order has not executed, so an unfilled order is never stuck — it just has to be replaced rather than amended.

Q: Can I use Take Profit and Stop Loss on the same order?
No — Pluang allows one or the other, not both at the same time. They are attachments to an order rather than order types in their own right, so you first choose your order type and then decide whether to add one of the two. You can set the trigger either as a specific price or as a percentage, whichever is easier to reason about for the position you are opening.