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Execution & tools

Limit order

By Jarosław Wasiński • Published: • Updated:
An instruction to buy at no more than a specified price or sell at no less than a specified price. It sets a price boundary, not a promise that the requested quantity will trade. Fees can still affect the final cost.
Example. A buy limit at 1.1000 may execute at 1.1000 or lower. If the bid reaches 1.1000 but the ask remains 1.1002, that bid-only chart touch does not establish that the buy could fill at the limit.

Execution is conditional

Available volume, queue position where applicable, order validity and account rules affect execution. A limit may receive a partial fill or none. Some platforms require pending buy limits below the current ask; other venues allow marketable limits.

Common mistake

“At the limit or better” does not mean “exactly at the limit.” Nor does a visible candle touch prove a missed execution without checking the relevant quote side, timestamps and trading conditions.

Apply it

Choose an expiry and decide how to handle partial fills. Distinguish this from a stop-limit, which must first meet a separate activation condition. See MetaTrader 5 pending-order rules for one platform implementation.

FAQ

Does touching a limit on my chart guarantee a fill?

No. The relevant quote side, available quantity, queue, timing and order conditions matter.

Can a limit execute at a better price?

Yes under an at-limit-or-better rule. The limit is a boundary, not a demand for exactly that price.

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Jarosław Wasiński

Editor-in-chief, ForexMechanics.com • Macro & FX analyst

Independent analyst and practitioner with over 20 years of experience in financial markets. Actively involved in Forex since 2007, with a focus on fundamental analysis, OTC market structure, and disciplined capital risk management.

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