A limit order is an order to buy or sell a security at a specific price or better. The broker will execute the trade only within the price restriction, ensuring that the desired price or a more favorable one is achieved.
The term 'Or Better (OB)' is an indication on an order ticket for a limit order to buy or sell securities that instructs the broker to execute the order at a price better than the specified limit price if a better price is available.
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