At-Or-Better

At-Or-Better is a type of limit order usually revolving around a volatile stock.

A buyer on a Friday afternoon, after the company has announced strange earnings, might put in an order to purchase 1,000 shares on Monday at-or-better $1.20 a share. The stock closed on Friday at $21.20, down that day from $25.50 a share. If more bad news comes out over the weekend, then it is likely that stock would trade meaningfully below $20 a share on Monday. The buyer then wants to capture the incremental discount below $20 a share when they're buying it at, say, $19.28, which is 72 cents better than the picture of Andrew Jackson.