<p>An <strong>Immediate Or Cancel Order (IOC)</strong> is a type of order in trading that combines the urgency of a market order with the precision of a limit order. It instructs the broker to execute the trade immediately at the best available price, but if the entire order cannot be filled, the unfilled portion is canceled.</p>

<h2>How It Works</h2>
<p>IOC orders work in two stages:</p>
<ol>
  <li><strong>Immediate Execution:</strong> The order is placed with the intention of being filled immediately at the best available price.</li>
  <li><strong>Cancel Unfilled Portion:</strong> If the entire order cannot be filled, the unfilled portion is canceled. This ensures that the trader does not risk having a partial order hanging in the market.</li>
</ol>
<p>IOC orders are useful when a trader wants to ensure that their order is filled immediately, but also wants to avoid the risk of slippage that can occur with market orders. They are often used in fast-moving markets where prices can change rapidly.</p>

<h2>Why It Matters for Traders</h2>
<p>IOC orders matter for traders for several reasons:</p>
<ul>
  <li><strong>Guaranteed Immediate Execution:</strong> IOC orders ensure that the trade is executed immediately, which can be crucial in fast-moving markets.</li>
  <li><strong>No Risk of Slippage:</strong> Unlike market orders, IOC orders do not risk slippage, which can occur when a market order is filled at a less favorable price due to market conditions.</li>
  <li><strong>No Partial Fills:</strong> IOC orders ensure that the entire order is filled or none of it is. This can be important for traders who need to fill a specific quantity to execute their trading strategy.</li>
</ul>

<h2>Example</h2>
<p>Let's say a trader wants to buy 1000 shares of a stock that is currently trading at $100 per share. The trader places an IOC order to buy 1000 shares at the best available price. If the stock is trading actively and the order can be filled immediately, the trader will buy 1000 shares at the best available price. However, if only 500 shares can be filled immediately, the remaining 500 shares will be canceled, ensuring that the trader does not end up with a partial order.</p>

<h2>Key Takeaways</h2>
<ul>
  <li>IOC orders ensure immediate execution at the best available price.</li>
  <li>Any unfilled portion of an IOC order is canceled.</li>
  <li>IOC orders are useful in fast-moving markets where prices can change rapidly.</li>
  <li>Traders can place IOC orders on platforms like <strong>MetaTrader 5</strong> offered by brokers like STB Provider.</li>
</ul>