An order placed with a broker-dealer to buy or sell a set number of shares of a security at a specified price or better. A "buy" limit order is an order to buy a security at a maximum price or less. A "sell" limit order is an order to sell a security at a minimum price or more.

A marketable limit order is a limit order to buy with a price at or above the lowest offer in the market, or a sell order with a price at or below the highest bid in the market.

A limit order is not guaranteed to be executed and may be subject to a time limit.