An order that specifies the exact price. If it is a purchase order, it is the price that the buyer is willing to pay for a stock, which will typically be the lowest available in the market. If it is a sell order, it is the price that the seller wants to receive for the stock, which will be the highest possible. This order is only executed when the specified price is available; if it is not, it will not be executed, and what remains will be available for sale at the price that was previously obtained.
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