ApexVol Terminal
Options analytics, live.
Chains, IV rank, expected move and dealer positioning for 5,500+ US stocks and ETFs.
Free on AAPL, no account. Trial: no charge if you cancel before it ends.
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Order Types
specify how and when you want your trade executed. Market orders execute immediately at current prices. Limit orders only execute at your specified price or better.
Using the wrong order type can cost you money. Always use limit orders for options—market orders can result in terrible fills.
Quick answer
Market order = execute NOW at any price (avoid for options!). Limit order = execute at MY price or better (always use). Stop order = trigger when price hits level. ALWAYS use limit orders for options. Never use market orders.
Limit orders are essential in options: market orders can fill far from the mid on wide spreads, so most traders price between the bid and ask.
Market Orders
Execute immediately at the best available price.
Pros: Guaranteed execution
Cons: No price control. Can get terrible fills, especially on illiquid options.
WARNING: Avoid market orders for options! Wide spreads mean you could pay far more than expected.
ApexVol Terminal
Options analytics, live.
Chains, IV rank, expected move and dealer positioning for 5,500+ US stocks and ETFs.
- Live chains and Greeks
- IV rank and percentile
- Expected move and GEX
- Screener and strategy P&L
Free on AAPL, no account. Trial: no charge if you cancel before it ends.
Try this with real market data. 5,500+ stocks, live options chains, IV analytics and P&L. 7-day free trial.
Limit Orders
Only execute at your specified price or better.
Buy limit: Execute at limit price or lower
Sell limit: Execute at limit price or higher
Pros: Price control, can often get filled between bid/ask
Cons: May not get filled if price never reaches your limit
ALWAYS use limit orders for options!
Stop Orders
Trigger when price hits a specified level, then execute as market order.
Stop-loss: Sell when price drops to limit losses
Stop-limit: Trigger at stop price, then use limit order
Note: Stop orders on options can be problematic due to wide spreads. Many brokers don't support them.
Best Practices
- Always use limit orders
- Start with mid-price (between bid/ask)
- Adjust if not filled within reasonable time
- Be patient—don't chase fills
Key Takeaways
- ALWAYS use limit orders for options
- Market orders = bad fills
- Start at mid-price
- Be patient for good execution
Taught in Volcademy
A free course in order, with questions you answer on the live market. See every module
Run the numbers before you trade. P&L chart, breakeven & Greeks for any options trade. Free, no signup. Or model any multi-leg trade in the options profit calculator.
Options Profit Calculator- Written by
- ApexVol Research Team
Quantitative options research. All calculations use live institutional-grade data — the same source professional volatility desks use. - Reviewed by
- Ryan Silk, ApexVol Founder
Reviewed for technical accuracy. 10+ years trading options; built ApexVol's pricing engine, Greeks model and IV-rank methodology.
Revised as market conditions and institutional data change. Last revised 2025-01-21. How we research →
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