Basics

All-or-None (AON)

By Ryan Silk & Lawrence Polatchek · Reviewed April 2026 · Options Trading Glossary

Full quantity must fill or nothing

What is All-or-None (AON)?

All-or-None (AON) An order condition requiring the entire quantity to be filled or none at all, but unlike fill-or-kill, it does not have to be immediate. Prevents partial fills that could leave you with an incomplete spread position.

Complete Definition

An order condition requiring the entire quantity to be filled or none at all, but unlike fill-or-kill, it does not have to be immediate. Prevents partial fills that could leave you with an incomplete spread position.

Related Terms

Fill Or Kill Good Til Canceled Limit Order

Written by

ApexVol Research Team

Quantitative options research

All calculations use live ORATS institutional data — the same source used by professional volatility desks.

Technical reviewer

Ryan Silk, ApexVol Founder

Reviewed for technical accuracy

10+ years trading options. Built ApexVol's pricing engine, Greeks model, and IV-rank methodology.

This guide is updated as market conditions and ORATS data change. Last revised 2026-05-12. How we research →

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