一文了解Contingency Order

A contingency order is a buy or sell order that is executed from a broker's trading platform only when specific, trader-defined conditions have been met. These prerequisite conditions range in scope and depth.

附條件指令指的是僅當交易者規定的特定條件獲得滿足時在經紀人的交易平台得到執行的買盤或賣盤。這些先決條件在範圍和深度方面各不相同。

A simple example of a contingency order is a limit order to buy or sell a security at a specified price or better. A more complex contingency order, known as a conditional order, might specify buying a defensive stock when the S&P 500 Index falls below a certain price.

簡單來說，附條件指令就是按特定價格或更好的價格買賣證券的限價指令。複雜一點，可能會規定在标準普爾500指數低于特定價格時購買防衛型股票。

Conditional orders can involve even more complex criteria. For example, a trader can make the purchase of an option dependent on two or more variables, such as the price of the underlying stock and the price of the option contract itself. The number and complexity of conditions to the order is limited only by the broker's platform and the trader's imagination.

附條件指令可能會涉及更加複雜的名額。比如，交易者可以基于兩個或以上可變因素（如基礎股票價格和期權合約本身的價格）購買期權。指令所附條件的數量和複雜程度僅以經紀人平台和交易者的想象力為限。

In a broad sense, any order that uses a specific condition to trigger its execution could be considered a contingency order. Under that definition, any order other than a market order would be considered a contingency order. However, most brokerage platforms refer to contingency orders as something that has a more complex, or even a conditional, execution.

廣義上講，利用特定條件觸發執行的指令都可以視為附條件指令。根據這個定義可以得出，市價指令以外的任何指令可以被視作附條件指令。但是，大多數經紀業務平台認為，附條件指令指的是執行更加複雜或者附加條件的指令。

Perhaps the simplest form of a contingency order is a limit order. This specifies that an order will only be executed at (or better than) a specified price. For a buy limit order, this will represent a pre-determined minimum price, and for a sell limit order a pre-determined maximum. Actual orders may be filled at a price more favorable than the specified limit, but never worse.

或許，附條件指令最簡單的形式就是限價指令，即按特定價格或更好的價格執行的指令。就買入限價指令而言，指的是預先确定的最低價格；就賣出限價指令而言，指的是預先确定的最高價格。實際指令可能會以比規定的限價更有利的價格執行，但是絕對不會以更差的價格執行。

A stop-loss order can also be viewed as a contingency order, because it does not become a market order until the price of the security being sold reaches a predetermined level. A stop loss is very useful when applied to options trading, as well as establishing exit points in stock positions during a bear market. Other modifications to stop loss orders include the trailing stop.

止損指令也可視為附條件指令，原因在于，當出售的證券價格達到預先确定的水準之時，止損指令即變為市價指令。在期權交易中止損非常實用，以及在空頭市場建立頭寸之前預先設定退出的點位。止損指令的其他變型包括追蹤止損。

An all or none (AON) order is one that executes contingent on getting the full order size executed at once. If a trader wants to buy 10,000 shares of Company XYZ all or none, then they would refuse an execution of anything less than the full 10,000 shares.

全部成交否則全部取消（AON）指令指的是交易指令必須完全成交，否則取消。如果交易者希望購買某公司10,000股股票，限制條件為AON指令，那麼低于10,000股的指令不予執行。

An immediate or cancel (IOC) order is contingent upon being executed immediately. If an order cannot be filled in whole or in part within a very short period of time, the order is canceled. Say a trader wants to buy 10,000 shares of Company XYZ for a limit price of $20 and specified immediate or cancel. If there are only 2,500 shares on offer at $20, other sellers will have to come in. But since it is designated IOC, only the 2,500 shares may end up trading.

立即成交否則取消（IOC）指令指的是交易指令要麼全部成交，要麼部分等量成交，否則即行取消。舉例來說，如果交易者希望購買某公司10,000股股票，限價為20美元，限制條件為IOC指令，但是隻有2,500股按20美元出售，鑒于指定了IOC指令，最終僅有2,500股進行交易。

A fill or kill (FOK) order is one that combines all or none and immediate or cancel. In the example above, the order would only be executed if all 10,000 shares could be filled in a very short period of time.

全部成交否則取消（FOK）指令屬于AON指令和IOC指令的結合，即交易指令要麼全部成交，要麼立即取消。在上述舉例中，若指定的是FOK指令，那麼隻有10,000股全部交易時才能執行指令。

來源：譯問