A market order that must be promptly executed so that the request is immediately filled. In most cases, the trader will be required to hit the bid for purchase orders or, in case of a sell, to take the offer.




Taobiz explains Held Order
When filling a held order, traders have very little discretion when finding a price because time is scarce. Typically, they will be forced to match the highest bid or offer the lowest selling price to facilitate a quick transaction. Held orders are used by investors who want to quickly change their exposure to a certain stock.