John is a portfolio manager at an investment firm and is analyzing the best order types to use for executing trades in the equity market. He notes that different order types can significantly affect the execution price and time. In his recent review, he encountered three different order types he’s considering for his large buy order of a specific stock. Each of the orders has its own implications for execution.
He is especially interested in how specific orders can interact with the market and ensure his order is filled at or around the desired price without excessively impacting the market due to the size of his order. Which of the following order types would best ensure that John can buy the stock at a specified price while minimizing the risk of his order being filled at a much higher price?