Filled orders definition
A filled order, of fill for short, is simply an executed order in the markets. It is an order that has had its parameters filled, whether it was an order to buy or sell an asset, to open or close a position. For example, if you were to create an order to buy a stock at $45, and your order is accepted, it would be said to have been ‘filled’ and $45 would be the ‘fill price’.
A filled order can be referring to a market order, limit order or stop loss order. All it’s really talking about is an automatic execution that occurs at your desired price. A record is often kept of filled orders, and this information is used to inform price and volume data.
The length of time it takes to fill a stock order really depends on the level of liquidity on the market, the time of day you’re trading and what order you’ve entered.
On a normal trading day, if you put in a market order, the execution time can be less than a second. But, if the market is particularly stagnant with low trading volume, it’s likely it could take a while longer to find a counterparty for your trade.
Looking at an example of order types, say limit orders, it really depends on how close price is to the price you have specified on your ticket. If your take profit level is set a long distance away from the current market price, it could take a lot longer to fill the order than if you’d set it at a nearer price. But once price hits your limit, the order will turn into a market order and be filled as quickly as possible.