All or None Order (AON)

All or None Order (AON) is a specific type of order used in trading where the investor stipulates that the entire order quantity must be executed in a single transaction. If this condition cannot be met, the order remains unfilled. This prevents partial fills, ensuring that the trader either receives the full amount of the asset at the specified price or none at all. AON is useful in volatile markets or when trading illiquid assets, as it helps maintain control over transaction sizes.