A market order is an instruction to purchase a certain quantity of a security regardless of the price at which it is available. Market orders are restricted for deep in-the-money (ITM) options because they are typically illiquid contracts.

Due to a lack of liquidity, the bid and ask spread in the scrip is quite wide, which can have an immediate negative impact on your P&L. The bid/ask price may differ significantly from the contract's last traded or theoretical price. In this post, you'll learn how to use a limit order like a market order.