What is price-time priority?Price-Time Priority
The matching rule: better-priced orders fill first, and orders at the same price queue in the order they arrived.
Learn “price-time priority” in an animated lesson
- Stock Trading: Next StepsCall Auctions and the Opening Price
Before the open, the exchange collects orders without filling them, then at the bell finds the price that matches the most volume and fills everything at once. See how the opening price is "calculated".
- Stock Trading: Next StepsLimit Orders
Fill only at my price or better. A limit order joins the order book queue and waits for someone to trade with.
- Stock Trading: Next StepsReading the Order Book
Everyone's buy and sell orders sit in a single table. Follow the guided tour and read it line by line.
Related terms
See how “price-time priority” works for yourself with an animation you can drag and play.
Go to “Call Auctions and the Opening Price”