All or None (AON)
Order TypesAn order that must be filled entirely or not at all, but unlike fill-or-kill, it does not require immediate execution. The order can wait for full liquidity.
What Is an All or None Order?
An All or None (AON) order requires that the entire order quantity be filled, but it does not mandate immediate execution. The order can sit in the market and wait until enough liquidity is available to fill the full amount. No partial fills are accepted.
AON vs. FOK and IOC
AON differs from Fill or Kill (FOK) (FOK) in one important way: time. FOK requires the complete fill to happen immediately or the order dies. AON allows the order to remain active and wait. AON also differs from Immediate or Cancel (IOC) (IOC), which accepts partial fills. AON is the most patient of the three: it insists on a complete fill but is willing to wait for it.
AON in Forex Trading
AON orders are extremely rare in retail forex trading. The forex market is so liquid for standard Currency Pairs that filling even large orders completely is not usually a concern. AON orders are more common in equity markets where stock liquidity can be thin. Most retail forex platforms do not offer AON as an order type.
Related Terms
Fill or Kill (FOK)
An order that must be filled immediately and in its entirety, or it is cancelled completely. There is no partial fill.
Immediate or Cancel (IOC)
An order that must be filled immediately. Any portion not filled instantly is cancelled. Unlike fill-or-kill, partial fills are accepted.
Good Till Cancelled (GTC)
A pending order that remains active until it is either filled or manually cancelled by the trader. There is no expiration date.