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Market Order:

A market order is an order that is to be executed at the best possible price when the order reaches the pit. Use this type of order when you want to Buy or Sell immediately, regardless of price.

Limit Order:

A limit order is an order to buy at the limit price or lower or to sell at the limit price or higher. Use this type of order when you want to Buy or Sell at a specific price or better. Buy Limit orders are placed below the current market price, Sell Limit orders are placed above the current market price. Note: Limit orders may not be filled if the market trades at the exact specified Limit price. A trade beyond or better than the specified Limit price will be filled.

Or Better:

The pit broker is required to get the best possible price for the customer. Adding “OB” on an order ticket does not cause the pit broker to work harder. If the price is NOT OB, the broker is frustrated because he is giving special attention to a ticket that does not merit it. Think of OB as MARKET with a LIMIT. If the price does not have an OB next to it, and the market is considerably better, the pit broker may question the runner to see if the order should have been a stop order. They will return the order for clarification which could delay the order from being filled, which could possibly change the price of the fill. ONLY USE THE DESIGNATION "OR BETTER" IF THE MARKET IS "OR BETTER."

Spread:

The customer wishes to take a long position and a short position simultaneously in an attempt to profit via the price differential or "spread" between two prices. A spread can be established between different contract months of the same commodity, which is a horizontal or time spread, also known a calendar spread. The spread can be on the same commodity at different prices, known as a vertical or price spread. The spread can be between related commodities or between the same or related commodities traded on two different exchanges. A spread order can be entered at the market or at a limit.