Market on Open (MOO) Order Definition
A Market on Open Order is relatively self-explanatory. It’s an order that will be triggered as soon as the market opens. While that may be a simple concept, knowing what it can be used for can be helpful. An MOO Order can usually be placed when the market it is closed. MOO Orders will be sent to the market as soon as it opens.
A good use case for this order type is to exit a position or sell an asset as soon as the market opens. Usually, if there has been some bad (or good) news published outside of the trading session and likely affects the asset, a Market on Open Order is the best way to get out or get in on the action.
While this is not a common order type used by Forex traders, investors trading on stock CFDs could take advantage of MOO Orders. However, cTrader currently doesn’t support MOO Orders but it looks like we can expect them soon.