An order that must fill completely or not at all, but unlike FOK, it can wait in the book for a complete fill rather than canceling immediately.
⚡ KEY TAKEAWAY: Useful for illiquid options where you don't want a partial fill on a multi-contract order. The tradeoff: you may wait longer or not fill at all.
Why It Matters
AON prevents partial fills that can leave you with an unbalanced or undersized position. Unlike FOK, AON can wait in the book for a complete fill rather than canceling immediately.
How It Works
The order rests in the book but will only execute if the full quantity is available at your price or better. Partial fills are rejected. The order stays active until filled, canceled, or expired.
Example
You want to buy 20 contracts of a SPY put. AON: the order waits until all 20 can fill at $2.50 or better. No risk of getting 5 fills at different times and prices.
Common Mistakes
AON reduces your fill probability because it requires the full size at one price. On liquid names, this is fine. On illiquid options, AON orders may never fill.
An order that must fill completely or not at all, but unlike FOK, it can wait in the book for a complete fill rather than canceling immediately.
Why does All-or-None Order matter for premium sellers?
Useful for illiquid options where you don't want a partial fill on a multi-contract order. The tradeoff: you may wait longer or not fill at all.
How does All-or-None Order work?
The order rests in the book but will only execute if the full quantity is available at your price or better. Partial fills are rejected. The order stays active until filled, canceled, or expired.
What are common mistakes with All-or-None Order?
AON reduces your fill probability because it requires the full size at one price. On liquid names, this is fine. On illiquid options, AON orders may never fill.
