Definition
A market order is oriented toward available opposite-side execution rather than preserving a particular price. Investor.gov separately warns that the last traded price will not necessarily match a future execution price.[4](#source-cm-orders) A large size can reach several price levels, while the trading regime, asset availability and system restrictions have independent significance.
Why the last price is not a guarantee
It is therefore not correct to estimate a guaranteed value by simply multiplying the last quotation by the full quantity. Nor should unconditional immediate execution be promised when trading is halted or the relevant market is unavailable.
What to check
This definition does not select an order type or recommend buying or selling urgently. Check the initial quantity, actual executions, remainder and costs. The [order comparison](/guides/market-limit-orders/) contains a conditional example in which price and quantity are considered separately.