Market on Close Orders
Market on close orders will fill your trade as close to the end of the trading day as possible at the market price. We do not prefer any type of market orders because we are completely subject to whatever the next price is (higher or lower than may be quoted at the time). There are instances where you may want to use market on close orders if you absolutely want to exit a trade before expiration or some other event the next day. These are also useful if you cannot watch the market towards the end of the day.