Book or cancel
Book or cancel adds an order to the book only if it would not trade immediately. Otherwise it is cancelled.
Explanation
MetaTrader 5 says this policy is for passive trading. The order must be priced worse than the current market, so it cannot execute as it is placed, and it does not take the liquidity that is already shown. It is supported only for limit and stop-limit orders, and only in exchange execution. If the order could fill at once, it is cancelled rather than executed. It is not a retail-forex default. The help table leaves it unavailable for instant, request and market execution.
This page explains published terms for education and reference. It is not financial, investment, tax, or trading advice, and it does not recommend a firm, product, or strategy.
Related terms
Sources and last check
Last checked . Rules, prices, and product names change. Read the source.