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Futures Order Types: Market, Limit and Stop Orders

Separate the trigger, price boundary and fill when checking a futures order.

By helloweekends Editors · CME documentation checked October 23, 2026

Futures order types control the price conditions, trigger and lifetime of an instruction. A limit sets a price boundary; a stop adds a trigger. Neither an accepted order nor a triggered stop proves that your whole position has closed. Check the execution report and remaining quantity.

Read the order ticket in three parts

Start with the instruction's purpose: buy or sell, which contract month, and how many contracts. Then separate the order type from its time in force. CME's education guide distinguishes day orders, which end with the trading session if unfilled, from good-till-cancelled orders. The latter remain active until filled or cancelled under the applicable rules. See what counts as a trading day for session boundaries.

Use the broker's definition of its ticket labels. This guide describes CME Globex mechanics; it does not establish which order types a particular prop platform offers or where that platform holds a stop.

Limit orders set a price boundary

CME defines a buy limit as the highest purchase price and a sell limit as the lowest sale price. Execution can improve on that price. Any immediately matchable quantity can fill; the rest may remain working. A limit therefore controls acceptable prices without promising a complete execution.

For an order check, write down both the original quantity and the filled quantity. If those differ, investigate the remainder before submitting another instruction. A second order can accidentally duplicate exposure if the first still works.

Market orders have specific Globex behavior

CME documents both market-limit orders and market orders with protection. A market-limit order uses the best available price, with an unfilled remainder resting as a limit. A market order with protection can trade through several price levels within a defined range; its unfilled remainder rests at the protection boundary.

That distinction matters when a platform simply shows “Market.” Ask which exchange instruction it sends and how it reports a partial fill. The exchange's protection range is not the same as your intended loss budget or a prop firm's daily loss limit.

A stop trigger and a completed exit are different events

On CME Globex, a stop-limit activates when its trigger price trades. It then becomes a limit order. The iLink documentation explicitly illustrates a triggered stop-limit that does not fill. A stop with protection instead activates a market instruction constrained by its protection range. Confirm the actual supported instruction rather than assuming every “stop” label has identical behavior.

Illustrative example, not market data: suppose a long position has a sell stop-limit with a trigger of 100 and a limit of 99. If the trigger trades, but the available bids move below 99 before this order executes, the sell limit cannot fill below 99. The original long position can remain open. These invented values explain the mechanism; they are not a recommendation for a contract or stop distance.

Check the position after the instruction

Keep a small record for each order you need to investigate:

  • account and exact contract month;
  • buy or sell, original quantity and filled quantity;
  • order type, trigger if any, and limit if any;
  • time in force and submission time;
  • accepted, rejected, working, partially filled, filled or cancelled status;
  • remaining open position and other working orders.

Read those fields together. “Accepted” answers whether the instruction entered the system. A fill answers what traded. The position answers what exposure remains. If the platform shows a mismatch, use its documented support process and preserve the order IDs; repeatedly clicking the same button can make the record harder to interpret.

When changing the contract month, check both the position and its working instructions. Our futures contract expiration guide explains offsetting, rolling and settlement. An order's day/GTC setting does not extend the life of an expiring contract.

Futures are leveraged. Order types do not guarantee a maximum loss. Prop evaluations can involve simulated trading and fees. This is general information, not investment advice or a claim of hands-on platform testing.

Questions

Does a limit order guarantee a fill?

No. It sets the worst acceptable execution price. Some or all of the quantity can remain unfilled.

Does triggering a stop-limit close my position?

No. Triggering activates a limit instruction. Check fills and the remaining position.

Is a Globex market order unlimited?

CME documents market orders with protection and market-limit orders. Verify which type the broker sends.

Does this establish a prop firm's order rules?

No. Read the current platform and account documentation for available types and restrictions.

Sources