A discretionary order is an order condition that gives a broker some latitude for its execution in terms of timing, price, and so on. A discretionary order may also be called a not-held order.

Discretion most commonly accompanies conditional orders such as setting the limit price in response to changing market conditions.

Discretionary orders are also a key component of discretionary investment management, whereby a broker or advisor trades on behalf of a client without getting their input on every action.