What is a market order for Indonesian stocks on Pluang?
A market order for Indonesian stocks on Pluang is an instruction to buy or sell immediately at the best price currently available on the exchange, rather than at a price you set yourself. When you choose Market on the order form, the price field disappears and you enter only the number of lots — Pluang then sends the order to match against the best available bid or ask. Because the execution price is decided by the market and not by you, Pluang shows an estimate on the review screen instead of a firm total, and only shows the real price once the order has matched. A market order uses Fill and Kill timing: whatever can be matched right away is matched, and any portion that cannot be is withdrawn rather than left open.
Market orders for Indonesian stocks are available in the Pluang app and on the web trading platform. The two platforms differ elsewhere: Session validity, GTC and Stop Loss / Take Profit are app-only, and web trading offers Limit orders with good-till-end-of-day validity.
What a market order gives you, and what it costs you:
| You gain | Speed and a very high chance of being filled — you do not sit in a queue waiting for your price |
|---|---|
| You give up | Control over the execution price, and the ability to see a firm total before you confirm |
| You still control | The number of lots, and whether you are buying or selling |
How a market buy actually fills:
- You enter the number of lots and confirm the order.
- Pluang holds an estimated amount from your RDN as pending order balance.
- The order is sent to match at the lowest price sellers are currently asking.
- If that price level does not have enough shares to cover your order, the remainder moves to the next-lowest asking price, and so on.
- Once matched, the order detail drops its "Est" labels and shows the average price you actually paid across all the fills. Any difference between the amount held and the amount actually spent is returned to your wallet.
When a market order will not work:
- Outside IDX trading hours — the exchange must be open for the order to match.
- On a suspended stock.
- When the stock has hit its daily price limit (ARA or ARB) and no further matching can occur at a valid price.
- When Pluang cannot produce an estimate — in that case the confirm button is blocked and an error is shown, rather than sending an order blind.
A market order is placed in lots, like every other Indonesian stock order. One lot is 100 shares, an IDX standard, so the smallest market order you can place is 1 lot. There is no maximum on a market order either — the only ceiling is the buying power available in your RDN. Market orders also work on rights (-R) and warrants (-W), not just ordinary shares.
Related questions:
Q: Do I set a price when placing a market order on Pluang?
No. That is the defining feature of a market order — the price field is removed from the form entirely when you select Market, leaving only the lot field and the buy/sell toggle. The price is determined by whatever the exchange is offering at the moment your order arrives, which is why the review screen can only show an estimate rather than a firm amount.
Q: Is a market order faster than a limit order on Pluang?
In practice, yes. A market order takes the best price currently available instead of waiting for the market to come to your chosen price, so it typically fills within moments of being confirmed. A limit order only fills when someone is willing to trade at your price, which may be minutes, days, or never. Speed of execution is the main reason to choose Market over Limit.
Q: What does "Fill and Kill" mean on a market order?
It means the order is filled with whatever is immediately available and the remainder is cancelled, rather than staying open and waiting. If you place a market buy for 10 lots and only 6 lots can be matched right away, you get those 6 lots and the remaining 4 are withdrawn. Nothing carries over to later in the day or to the next trading day.
Q: Can I use a market order to sell as well as buy on Pluang?
Yes. The buy/sell toggle works exactly the same way for a market order as for a limit order. On a sell, the order matches against the highest price buyers are currently bidding, and the review screen shows an estimate of your proceeds rather than a guaranteed amount — the same estimate-then-actual treatment as on the buy side.