title = "Order Types and Execution Methods"

content = """
Order types and execution methods form the foundation of securities trading, determining how, when, and at what price trades will be executed. Understanding these mechanisms is essential for optimizing execution quality and managing trading costs.

**Market Orders** represent the most basic execution instruction, directing brokers to buy or sell securities immediately at the best available price. These orders prioritize speed over price certainty, making them ideal for highly liquid securities where price impact is minimal. However, in fast-moving markets, market orders can result in slippage where the execution price differs significantly from the quoted price at order entry.

**Limit Orders** specify a maximum purchase price or minimum sale price, providing price protection but no execution guarantee. These orders rest in the order book until the specified price is reached or the order expires. Time-in-force conditions determine order lifespan, with options including day orders (expire at market close), good-till-cancelled (GTC), and immediate-or-cancel (IOC) designations.

**Stop Orders** trigger market orders when a specified price level is reached, commonly used for loss mitigation or momentum trading strategies. Stop-loss orders protect profits or limit losses by automatically selling when prices fall below a predetermined level. Stop-limit orders combine stop triggers with limit price constraints to control execution prices.

**Execution Algorithms** have revolutionized institutional trading by breaking large orders into smaller components executed over time. Volume-weighted average price (VWAP) algorithms target execution at the average price weighted by trading volume throughout the day. Time-weighted average price (TWAP) strategies distribute execution evenly across specified time intervals. Implementation shortfall algorithms minimize market impact by dynamically adjusting execution pace based on real-time market conditions.

**Smart Order Routing** automatically directs orders to the optimal trading venue based on factors including liquidity, transaction costs, execution speed, and price improvement opportunities. These systems continuously monitor multiple exchanges and alternative trading systems to achieve best execution outcomes.

**Conditional Orders** include one-cancels-all (OCA) groups where only one order executes and others cancel, and bracket orders combining entry, profit target, and stop-loss levels. These structures provide sophisticated risk management and automated trading capabilities.

**Extended Hours Trading** allows execution outside regular market hours through pre-market and after-hours sessions, though with typically lower liquidity and wider spreads. Understanding these order types enables traders to construct sophisticated execution strategies tailored to specific market conditions and investment objectives.
"""

version = "0.0.1"
