Any modification that a trader makes to a already/ previously placed order that does not impact its type (buy or sell). For example, if a trader alters the price or volume of a previously submitted order, then this alteration is a revision. Alternation of an order type (from a buy order to a sell order or vice versa) means the order has to be cancelled (order cancellation) and a new order needs to be placed.

Order revision is usually subject to a set of conditions, including exchange permission, time interval during which an order remains active before a fill, etc.