What is an Immediate Or Cancel (IOC) order?

An Immediate Or Cancel (IOC) order is an order time condition that allows you to buy/sell a security as soon as the order is sent to the market. As the name suggests, any part of the order that is not executed (full or partial) is immediately cancelled by the exchange. 

IOC orders are generally used when placing orders of very large quantities, and the client wants to avoid having their order executed at multiple prices.

For example:
HDFC currently has a bid for 500 shares at Rs. 2,000 and an offer for 1,000 shares at Rs. 2,005. 
You place a limit buy order for 5,000 shares at Rs. 2,010 with the IOC time condition.
This order will be sent to the exchange, and shares available at or below your specified limit price are immediately purchased. The unfulfilled portion of your order is then cancelled.

This way, you're essentially telling your broker, "I want to buy up to 5,000 shares of HDFC immediately, at any price up to Rs. 2,010. Buy shares that are available immediately at this price, and then cancel any remaining part of the order."

If the current market price has gone above your limit price of Rs. 2,010 when you place the order (i.e., the best offer price is Rs. 2,015), the order will be cancelled immediately as there are no offers at your specified price.

To place an IOC order on SELFIE / FLIP/ TraderX:

Select the Time Cond as IOC in the order placement window

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