All Or None - AON

AAA

DEFINITION of 'All Or None - AON'

A condition used on a buy or sell order to instruct the broker to fill the order completely or not at all. If there is insufficient supply to meet the quantity requested by the order then it is canceled at the close of the market.

INVESTOPEDIA EXPLAINS 'All Or None - AON'

For example, if you send an AON order to your broker requesting 200 shares at $15, the broker will not fill the order unless he or she can obtain the 200 shares at $15. This prevents investors from having orders half filled before they expire. This is contrary to a common limit order, which is commonly partially filled. For example, if 150 shares trade at $15 and then rise to $17, the 150 shares will be purchased by the investor with the limit order and the remainder will be bought when the shares fall back to $15. If the trader had an AON order then he or she will not receive any shares and will have to resubmit the order the next day to buy the 200 shares at $15.

RELATED TERMS
  1. Limit Order

    An order placed with a brokerage to buy or sell a set number ...
  2. Time In Force

    A special instruction used when placing a trade to indicate how ...
  3. Order

    An investor's instructions to a broker or brokerage firm to purchase ...
  4. Split Block Pricing

    The act of dividing a large order of financial securities into ...
  5. Market Order

    An order that an investor makes through a broker or brokerage ...
  6. Market If Touched - MIT

    A conditional order that becomes a market order when a security ...
RELATED FAQS
  1. What are some ways to reduce downside risk when holding a long position?

    A trader seeking to minimize his downside risk in an existing long position can do a number of things to protect a portion ... Read Full Answer >>
  2. How do I determine where to set my stop loss?

    Determining stop-loss order placement is all about targeting an allowable risk threshold. This price should be strategically ... Read Full Answer >>
  3. What types of investors are best-suited for stop loss orders?

    From conservative investors to highly speculative day traders, no one likes to see a loss in a portfolio. There are several ... Read Full Answer >>
  4. What are the advantages of a limit order over a market order?

    The primary advantage of a limit order over a market order is that the limit order guarantees market entry at the trader's ... Read Full Answer >>
  5. Why is the execution of a limit order not guaranteed?

    A limit order is a great way to purchase a stock at a predetermined price point without needing to watch the price all the ... Read Full Answer >>
  6. Why do limit orders cost more than market orders?

    Two common ways to trade stock are market orders and limit orders. A market order is the simplest type of stock trade; it ... Read Full Answer >>
Related Articles
  1. Investing Basics

    Stock Basics Tutorial

    If you're new to the stock market and want the basics, this is the tutorial for you!
  2. Trading Strategies

    Making The Trade: Understand Order Types

    Buying and selling stock can be a lot like buying or selling a car. Traders should use and understand tools such as market orders, limit orders, day orders, and good-'til-canceled orders to ensure ...
  3. Trading Strategies

    Patience Is A Trader's Virtue

    Waiting may be the biggest key to reeling in that trophy investment.
  4. Investing Basics

    Narrow Your Range With Stop-Limit Orders

    With stop-limit orders, buyers protect themselves from prices too high for their tastes.
  5. Trading Strategies

    How to Use Trailing Stops

    A trailing stop is an order to buy or sell a security if it moves in an unfavorable direction.
  6. Active Trading

    Pinpoint Winning Trade Entries With Filters And Triggers

    These tools will help you enter at high-probability points and ensure you trade within your set strategy.
  7. Active Trading Fundamentals

    Trailing-Stop Techniques

    The important decision to exit a position must be based on more than emotion if you want to be a disciplined trader.
  8. Investing

    Stop Limit Orders

    A stop limit is an order to sell or buy a stock once it reaches a certain level, but only if the shareholder can obtain a specified price.
  9. Investing Basics

    Understanding The Basics of A Stop-Limit Order

    There are many techniques used by investors and traders to restrict losses or lock in gains. The stop-limit order is one such technique.
  10. Investing Basics

    Stop Loss Order Strategy

    A stop loss order is an order placed with a broker to sell a stock immediately if it drops to a certain price. It's a common way for investors to protect themselves from the possibility of a ...

You May Also Like

Hot Definitions
  1. Fixed-Income Arbitrage

    An investment strategy that attempts to profit from arbitrage opportunities in interest rate securities. When using a fixed-income ...
  2. Venture-Capital-Backed IPO

    The selling to the public of shares in a company that has previously been funded primarily by private investors. The alternative ...
  3. Merger Arbitrage

    A hedge fund strategy in which the stocks of two merging companies are simultaneously bought and sold to create a riskless ...
  4. Market Failure

    An economic term that encompasses a situation where, in any given market, the quantity of a product demanded by consumers ...
  5. Unsystematic Risk

    Company or industry specific risk that is inherent in each investment. The amount of unsystematic risk can be reduced through ...
  6. Security Market Line - SML

    A line that graphs the systematic, or market, risk versus return of the whole market at a certain time and shows all risky ...
Trading Center