Limit Order

A limit order is an order to buy or sell at a specific price or better. It is entered with both order size and order price.

 

Market Order

A Market order is an order to buy or sell immediately at the best available price. It is entered with order size only.

The market order will be placed as limit order on the book with 10% price collar. That means the market order (whole or partial) will be executed if the real-time quote is within the 10% deviation from the market price when the order is placed. The unfilled portion of market order will be canceled.