A market order is a type of order used in trading to buy or sell a security immediately at the current market price. This order guarantees execution but not the exact price, as it depends on market conditions at the time the order is placed. Market orders are commonly used by investors who want to quickly enter or exit a position. When placing a market order, traders typically do not need to specify a price, making it a straightforward option for buying or selling. However, during periods of high volatility, the final execution price may differ from the last quoted price, which is an important consideration for traders.