Order and Trading Rules
Trading Hours
US
| Pre-market (Mon-Fri) | Market Hours (Mon-Fri) | After-market (Mon-Fri) | Overnight Trading (Sun-Fri) |
|---|---|---|---|
| 04:00 – 09:30 ET | 09:30 – 16:00 ET | 16:00 – 20:00 ET | 20:00 – 04:00 ET |
Trading Order Types
| Order Type | Description |
|---|---|
| Market Order | A market order guarantees a fill or execution, but unlike a limit order, a market order provides no price protection. The price at which you actually execute (or fill) the trade can deviate from the last traded price, ending up with a price higher or lower than the market value you have previously seen due to the high volatility of the market or low trading volume of certain securities. |
| Limit Order | A limit order allows investors to buy and sell securities at a specific limit price or better. Investors often use limit orders to have more control over execution prices. With a limit order, the range of price is specified by the investor, but the order may not be executed at exactly the price specified. It can be executed at a more favorable price than the specified one. |
| Stop Order | A stop order is an order to buy or sell a stock once the price of the stock reaches a specific price, known as the stop price. When the stock hits your stop price, the stop order becomes a market order. The market order is executed at the best price currently available. |
| Stop Limit Order | A stop limit order has both features of a stop order and a limit order. When the stock hits a stop price that you set, it triggers a limit order. Then, the limit order is executed at your limit price or better. |
Order Types Supported by Each Market
United States
Stocks, ETFs
| Order Type | Time-in-Force | Market Hours | Extended Hours | Overnight Hours |
|---|---|---|---|---|
| Market Order | DAY | ✓ | × | × |
| Limit Order | DAY/GTC | ✓ | ✓ | ✓ |
| Stop Order | DAY/GTC | ✓ | × | × |
| Stop Limit Order | DAY/GTC | ✓ | ✓ | × |
Options
| Order Type | Time-in-Force | Market Hours |
|---|---|---|
| Market Order | DAY | ✓ |
| Limit Order | DAY | ✓ |
| Stop Limit Order | DAY | ✓ |
Updated 7 days ago