All-or-None Order
An order that must execute in full or not at all, prohibiting partial fills.
How it is identified
Test: the order executes only if the entire quantity can be matched; otherwise nothing is executed
Unit
qualitative
In depth
All-or-none removes the nuisance of a position accumulating in fragments, each with its own charges and its own cost basis, which matters when brokerage is charged per execution. The cost is a lower probability of execution, especially in stocks where the book rarely holds the full quantity at one price. It is not the same as an IOC, which accepts a partial fill and cancels the rest; all-or-none refuses the partial fill entirely. In thin securities the practical result is often no execution at all, so the instruction suits liquid names.
Worked example
An all-or-none buy for 10,000 shares finds only 6,000 available at the limit. Nothing executes. An ordinary limit order would have taken the 6,000 and left 4,000 resting; an IOC would have taken 6,000 and cancelled the rest.
Illustrative figures, chosen so the arithmetic is easy to follow. Not a live price and not a valuation of any company.
Educational reference only
This entry explains what “All-or-None Order” means. It is not investment advice and not a recommendation to buy or sell any security. Any numbers above are illustrative, not live prices, and nothing here predicts price direction or rates a stock. Consider your own circumstances and consult a SEBI-registered investment adviser before acting.