A market order that is canceled and changed to a limit order if the market price for the security changes suddenly. For example, one may issue a market-with-protection order to buy a stock for $10 per share. If the price of that stock jumps to $18 per share before the order is entirely filled, the order is canceled and a limit order of a lesser amount (say, $12) is made. If the stock falls back to $12, the remainder of the order is filled. A market-with-protection order exists to protect investors from paying more than they wanted (or receiving less than they wished) for securities.
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