> For the complete documentation index, see [llms.txt](https://docs.tread.fi/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.tread.fi/creating-and-submitting-orders/strategies/ioc.md).

# IOC

<figure><img src="/files/LjcnQdQza8kn9hdeQhGw" alt=""><figcaption><p>Execution with IOC</p></figcaption></figure>

The **Immediate-Or-Cancel (IOC)** strategy is designed for traders who need **fast execution with minimal market exposure**. The engine attempts to fill **all or part of an order immediately**, and any **unfilled portion is automatically canceled**. This strategy helps traders **capture available liquidity** without leaving orders open in the market.

**How It Works**

* The engine submits the order for **immediate execution**.
* Any **unfilled portion is instantly canceled**.
* Orders can be placed as **market or limit orders**.
* If multiple accounts are selected, the **Smart Order Router (SOR)** directs the order to the venue offering the **best price and liquidity**.

**When to Use This Strategy**

* **Urgent Execution** – Best for trades that need to be **filled quickly**.
* **Managing Large Orders** – Helps capture liquidity **without affecting market prices**.
* **Volatile Markets** – Reduces exposure to **fast-moving market conditions**.

**Potential Drawbacks**

* **Partial Fills** – Only part of the order may execute, leaving the rest unfilled.
* **Missed Opportunities** – Since unfilled portions are **canceled immediately**, traders might miss **favorable price movements**.

This strategy is ideal for traders who prioritize **speed and liquidity capture** while minimizing exposure to **open order risks**.