Which of the following is an OTI order type?

• A. Accept or IOC order
• B. Iceberg order
• C. Normal order
• D. Normal volatile order

Answer: (D)

OTI orders describe how an order is treated in volatile market conditions. The normal volatile order fits this pattern because it represents a standard order that remains active to participate in a fast-moving market, allowing execution as prices move and without demanding an immediate fill at any particular price. It is designed for periods of heightened volatility where prices can swing quickly, so the order can be executed when a match occurs within the market’s volatility.

In contrast, an accept-or-IOC order must be filled immediately or canceled, which isn’t about handling volatility over time; an iceberg order hides part of the quantity to reduce market impact; and a plain normal order is just a basic order without the volatility-oriented behavior that characterizes OTI orders. So the normal volatile order is the one that aligns with the OTI order type.