Marketable Limit Order
A limit order priced at or through the current best opposite quote — it acts like a market order but protects against extreme fills.
A marketable limit order is a limit order whose limit price is at or better than the current best ask (for buys) or best bid (for sells). Because it crosses the existing spread, it executes immediately like a market order.
The limit price acts as a safety cap: if price moves sharply between order entry and execution, the order will not fill at a catastrophically bad level. This makes it a preferred alternative to a pure market order for active traders who want speed with a floor on execution quality.
Related Terms
Bid-Ask Spread
The gap between the highest price a buyer will pay (bid) and the lowest price a seller will accept (ask). Crossing it is the minimum cost of an immediate trade.
BeginnerBuy Limit
A limit order to buy at or below a specified price — placed below the current market to enter on a pullback.
BeginnerBuy Stop
A stop order placed above the current price that triggers a market buy when price rises to the stop level — used to enter breakouts.
BeginnerLimit Order
An order to buy or sell only at a specified price or better. Guarantees price but not execution.
BeginnerMarket Order
An order to buy or sell immediately at the best available price. Guarantees execution but not the fill price.
BeginnerSlippage
The difference between the expected fill price and the actual fill price. Positive slippage benefits you; negative slippage costs you.
BeginnerTaker
A trader whose order immediately executes against a resting limit, removing liquidity from the book and typically paying a fee.
Intermediate