Orders & execution
What is an On-Open Order (MOO/LOO) and how do I target the opening cross liquidity?
By Easy Money Scanner · Educational reference · Not investment advice
The short answer
Market-on-Open (MOO) and Limit-on-Open (LOO) orders target execution during the exchange's opening auction, letting traders participate in the price discovery process that sets the day's first trade.
How it works
Like closing auctions, opening auctions aggregate pre-market interest into a single opening price; MOO guarantees execution at that price while LOO adds a price constraint.
An example
A trader submits a LOO order to buy at $30 or better, participating in the opening cross without risking an unfavorable fill above their target.
Risk & limitations
Opening auction prices can be volatile after overnight news, so an MOO order carries execution-price risk similar to a standard market order.
Examples are hypothetical, not trade recommendations. US contract and regulatory references do not automatically apply in Canada. Rules, margin requirements and broker policies can change; confirm them with the relevant authority and your broker.