An order type is the instruction you hand the broker. It answers two questions: when should this order execute, and at what price.
Two basics cover most of the surface. Market orders go now, at whatever price the broker can give. Pending orders wait. Inside pending, two flavors do different jobs. Limit orders wait at a price equal to or better than what you asked for: buy limits sit below current price, sell limits sit above, both saying "only if I get my price." Stop orders do the opposite: buy stop sits above, sell stop sits below, both saying "go the moment the market crosses through this level."
Most brokers also accept a stop lossStop LossAn exit order that closes a losing position the moment a chosen price level is hit.Click the word to learn more and a take profitTake ProfitAn exit order that closes a winning position the moment a chosen price level is reached.Click the word to learn more attached to the order. Those are not entries. They are exits, defined ahead of time, that the broker triggers automatically when price reaches them.
Algorithmic strategies pick the order type that fits the moment. Market when timing wins. Limit when patience wins. Stop when you want to join the move only after it commits. Javlot forwards what the algorithm chose, exactly as it chose it. No translation layer, no nudging the order type behind the scenes.