LIMIT, MP-MKT and MP-MTL differ in how they set a price and handle any quantity that does not execute. This article summarizes the referenced video and separates its explanation from the TFEX materials linked below. Order names and availability can depend on the contract and broker platform, so check the current contract terms and order ticket before trading.
Price conditions and order duration are separate settings
The speaker distinguishes between order types based on price conditions—such as LIMIT, ATO, MP-MKT and MP-MTL—and order duration, such as Day, Fill and Kill, or Fill or Kill. Choosing a price condition alone does not determine how long an order remains active.
The referenced video is the first part of a series and focuses on price conditions; order duration is introduced as a later topic. The screen examples and order names reflect the system shown when the video was recorded. They do not establish that every broker or contract currently offers the same choices.
LIMIT: Set the price you are willing to accept
A Limit Order specifies the buy or sell price. It may remain unfilled if there is no opposite-side order at a price that meets the limit. A limit can control the price submitted, but it does not guarantee execution or a complete fill.
The speaker demonstrates selecting Long or Short, choosing a contract and quantity, entering a price, and reviewing the confirmation screen. The displayed numbers are examples from the demonstration, not recommended trading levels.
MP or MP-MKT: Match against available orders
A Market Order uses the best available price on the opposite side when the order is submitted and may execute across several price levels. Under TFEX conditions, any unfilled quantity may be cancelled. It does not mean that the entire order will execute at the latest displayed price; the execution price can differ when the order book is thin or prices move quickly.
The speaker calls the order MP-MKT and illustrates it matching across multiple levels. The abbreviation shown in a broker interface may vary; the linked TFEX materials describe the main type as a Market Order.
MP-MTL: Match first, then place the remainder as a limit
A Market-to-Limit (MP-MTL) order first matches at the best available opposite-side price. If the full quantity does not execute, the remaining quantity becomes a Limit Order at the price of the first execution and enters the order book. The order can therefore be partially filled; there is no guarantee that the rest will execute later.
The speaker says MP-MTL may be “safer” than a Market Order in some situations. That is the speaker’s opinion, not a guarantee. MP-MTL can still leave an order partly unfilled, prices can change, and the remaining quantity may need further attention.
ATO: The example shown in the video
The speaker expands ATO as “At the Open,” demonstrates submitting an order during Pre-Open, and mentions an “In Media or Cancel” condition. This description reflects the transcript and screen shown in the video. The linked TFEX materials on opening-price calculation and order types do not confirm that every broker currently offers ATO in its order ticket. Check your broker’s current guide and the contract rules before relying on the example.
Market Order and MP-MTL: a simple example
Suppose the sell side has one contract at the best price and another at the next price level. A two-contract Market Order could match at both levels. An MP-MTL order would first match at the best price and place any remaining quantity in the queue as a Limit Order at the price of that first execution. This illustrates the general mechanism; it is not a live order-book example for a particular contract.
Before submitting an order
- Confirm that the order type is available for the contract, trading session and broker platform.
- Review the quantity available at each bid and ask level; a Market Order may execute at several prices.
- Understand whether unfilled quantity is cancelled or queued, and how long the order remains active.
- Review the confirmation screen, including Long or Short, contract quantity, price and duration.
Order types change how orders are submitted and matched. They do not remove risks from price movements, liquidity or futures trading. This article is for education and does not recommend opening a position or choosing a particular order type.
Sources and scope
- TFEX: Understanding Condition Orders explains Limit, MP and MP-MTL orders and discusses liquidity.
- TFEX: Types and Conditions of Trading Orders and Calculation of the Opening Price is an announcement effective 8 May 2023. The English PDF says it is a reference translation; the Thai original is legally authoritative.
- TFEX: Order Types Specification lists order types and durations. Check the latest announcements and system requirements before use.
The order-type explanation above is based on a transcript, which may be incomplete or inaccurate. The ATO example is not confirmation of current TFEX or broker requirements; check the latest rules and your broker’s order guide.