A trading strategy that is used to maximize trading benefits by excluding partial order fills.
All or none order (otherwise known as an AON) refers to a common financial principle where a trader deliberately sets the number of orders to be filled per transaction. In the case of AON, the trader sets the highest possible order volume (all) and the lowest possible (none), effectively instructing the trading algorithm to only buy or sell stocks when the entire order can be filled.
If, for example, a trader implements an AON order for 50 units of a token X selling at $10 per unit, the trading algorithm will buy only 50 units of X only when the price reaches $10. As a result, the trader is able to guard against price fluctuations and partial fills, thus boosting trading confidence and maximizing profits per trade.