What is an IOC (Immediate or Cancel) Order?

Understanding IOC (Immediate or Cancel) Orders

An Immediate or Cancel (IOC) order seeks instant execution for any available quantity at the specified price, cancelling the unfilled remainder. It offers flexibility between full FOK certainty and standard limit orders.

Why Use IOC

IOC orders are ideal when speed matters but you can tolerate partial fills. They help you participate in sudden moves without leaving resting orders exposed to adverse selection.

Execution Tips

Monitor IOC performance closely. If fills are consistently small, reassess order timing, size, or switch to market orders during peak liquidity.

Use Cases

• Enter on a quick pullback to best bid/ask without leaving a resting order exposed.
• Scale out into strength/weakness while minimizing queue time.
• Capture micro‑structure edge in active pairs during the London–New York overlap.

Deep Dive

Most edges come from applying clear rules consistently. Expand your analysis beyond a single signal: add context from higher timeframes, recent volatility, session behavior, and catalysts. Define invalidation so a trade becomes obviously wrong fast, keeping losses small while letting winners compound.

Trader Checklist

• Higher‑timeframe bias aligns with the setup.
• Clear level or zone for entry with confluence.
• Pre‑defined stop beyond structure; 2–3R target.
• Session/liquidity supports follow‑through.
• No imminent high‑impact news unless planned.

Strategy Ideas

• Combine structure with momentum confirmation (break/close/acceptance).
• Use partials: scale out at first target; trail remainder.
• Journal results by session and pair to refine timing.

Risks and Limitations

• Thin liquidity widens spreads and distorts signals.
• False breaks around obvious levels—wait for acceptance.
• Overfitting indicators; keep the process simple and robust.

Example

Map bias on the daily chart, mark a zone, and wait on 1H for a close back above with rising participation. Enter on the retest; stop beyond the invalidation wick; target prior swing with room for extension. Record the outcome and context to iterate.