Question: What is "Immediate or Cancel" option on MT4/MT5 trading platforms?
“Immediate or Cancel (IOC)” is one of the fill policies which a trader agrees to execute a deal with the volume maximally available in the market within that indicated in the order.
In case the order cannot be filled completely, the available volume of the order will be filled, and the remaining volume will be canceled.
There are 3 types of “Fill Policy” on MetaTrader5, which are “Fill or Kill”, “Immediate or Cancel” and “Return”.
Normally you can see the type of “Fill Policy” for your order by opening the “Order” window on Metatrader5 trading platform, as below.
By selecting from the drop-down menu, you can also choose the type of “Fill Policy” for your order, but often you cannot choose one because of the restriction set by from your Forex broker.
*”Fill Policy” and “Execution models” are two different settings on Metatrader5.
For the list of MT4 and MT5 brokers, please visit the page below.
