Market-on-Close (MOC) Orders

A Market-on-Close (MOC) order is a market order that is submitted to execute as close to the closing price as possible.

Summary of NYSE markets (NYSE, NYSE MKT, NYSE Arca) rules for entering/canceling/modifying market-on-close (MOC)

  • All MOC orders must be received at NYSE markets by 15:50 ET, unless entered to offset a published imbalance.
  • NYSE markets' rules also prohibit the cancellation or reduction in size of any market-on-close (MOC) order after 15:45 ET.

Summary of Nasdaq rules for entering/canceling/modifying market-on-close (MOC)

  • All MOC orders must be received at Island by 15:55:00 EST, but may not be canceled or modified after 15:50 EST.


The Reference Table to the upper right provides a general summary of the order type characteristics. The checked features are applicable in some combination, but do not necessarily work in conjunction with all other checked features. For example, if Options and Stocks, US and Non-US, and Smart and Directed are all checked, it does not follow that all US and Non-US Smart and direct-routed stocks support the order type. It may be the case that only Smart-routed US Stocks, direct-routed Non-US stocks and Smart-routed US Options are supported.

Products Availability Routing TWS
CFDs US Products Smart Attribute
Futures Non-US Products Directed Order Type
Stocks Time in Force
View Supported Exchanges|Open Users' Guide

Mosaic Example

Having entered the desired ticker symbol, select BUY or SELL for your market-on-close order. In this case we wish to add to an existing position of 7,250 shares and PURCHASE a further 1,000 shares at the closing market price. MOC orders must be submitted at least 15 minutes prior to the close. From the Order Type dropdown menu, select MOC and you are ready to submit your order, which will attempt to fill at the closing market price.

Action BUY
Qty 1,000
Order Type MOC
Market Price 15.90
Mosaic-Good-Til-Canceled Order

Classic TWS Example

Market-on-Close Buy Order

Order Type In Depth - Market-on-Close Buy Order

Step 1 – Enter a Market-on-Close Buy Order

You want to buy 100 shares of XYZ at the best market price, and decide that the closing price for this stock has historically proven to be the best price of the day. Create a BUY order, then select MOC in the Type field to specify a market-on-close order. The word MARKET appears in the Lmt Price field to show that you are willing to buy at the closing market price. You must submit the MOC order at least 15 minutes prior to the close. The order will be submitted at the close as a market order.

Step 2 – Order Transmitted

You've transmitted your market-on-close order. The order will be held in the system and submitted at the close.

Action BUY
Qty 100
Order Type MOC
Market Price 45.29

Step 3 – At the Close of Market

At the close of market, the price of XYZ falls to 45.00. Your order for 100 shares is filled at that closing price.

Action BUY
Qty 100
Order Type MOC
Market Price at the Close 45.00

IB may simulate market orders on exchanges. For details on market order handling using simulated orders, click here.

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