What is an ‘If Done’ Order’?

When placing a stop or limit order to open a position (as opposed to entering at the current price) it is also possible to enter a ‘contingent order’ against it. Therefore, if your initial order is filled, creating an open position, you have the option of placing, in advance, a stop (and/or limit) against it. Using this function means you do not have to watch and wait for the first order to be filled to cover it with another.