What is a Market Order for US Stocks on Pluang?
A Market Order executes immediately at the best available price. The execution price is not guaranteed — it depends on market conditions at the moment the order is filled. Orders placed outside regular trading hours become "Pending Market Orders" and execute when the market opens.
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How a Market Order Works
A Market Order is the simplest order type: you instruct the system to buy or sell a stock immediately at whatever the current best market price is. Speed is prioritised over price certainty.
Key characteristics:
- Executes as quickly as possible
- Execution price is NOT guaranteed — the filled price may be higher or lower than what you saw when you placed the order
- Available during regular US trading hours (21:30–04:00 WIB standard; 20:30–03:00 WIB during DST)
Placing Outside Trading Hours
If you place a Market Order outside regular trading hours, it becomes a "Pending Market Order" and is queued until the market opens. Important:
- When the market opens, the order executes at the prevailing price — which may have moved significantly
- The number of units you receive will adjust to reflect the execution price
- Transaction fees charged may also change based on the final execution price and units received
Buying by Dollars or Units
With a Market Order you can purchase:
- By dollars (nominal) — available at any time
- By shares/units — only available during regular trading hours
Example
You want to buy a stock immediately. The market price when you tap "Buy" is $145.00, but because this is a Market Order, the number of units you receive will adjust based on the actual execution price, which may be slightly above or below $145.00.
Tip: If you need to ensure your order executes at a specific price or better, use a Limit Order instead.
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Related questions:
Q: Why might my Market Order fill at a different price than I expected?
Market Orders execute at the best available price at the time of execution, not at the price displayed when you placed the order. Price can change between the moment you tap "Buy" and when the exchange fills your order — a phenomenon known as slippage. In fast-moving markets, slippage can be more pronounced.
Q: What happens to a Market Order placed during the weekend?
Market Orders placed on weekends or during non-trading hours are held as Pending Market Orders and execute when the market next opens. The execution price will reflect opening conditions, which may differ significantly from the price at the time you placed the order.
Q: Can I use a Market Order in the 24-Hour Market?
No. The 24-Hour Market (outside regular hours) only supports Limit Orders. Market Orders are only available during regular US trading hours.
Q: Can I cancel a Market Order?
Market Orders execute almost instantly during trading hours, so cancellation is generally not possible. If you placed a Pending Market Order (outside trading hours), check your transaction history — cancellation may be possible before the market opens. ---