IB: outside RTS vs. pre-open?

Z

zoned_post_meridiem

This is going to sound like a newbie question, but I very rarely trade outside regular hours, and got caught short 100 shares of MSFT where the close didn't execute. Now I'm holding the short position overnight. I hate holding short positions overnight (even small ones), so I want to get rid of it as soon as possible. In IB's global config presets, I see two options for my close order:

- Allow order to be executed [...] outside RTH
- Allow order to be routed and executed during pre-open session

But I can't select both of them. Does that mean the first option (outside RTH) covers the second one as well, and allows an order to be executed at 4 am? Or am I better off picking the second?
 
Choose outside RTH and put in a limit buy. Don't use market orders outside RTH on stocks as you will most likely get poor fills.

zoned_post_meridiem said:
This is going to sound like a newbie question, but I very rarely trade outside regular hours, and got caught short 100 shares of MSFT where the close didn't execute. Now I'm holding the short position overnight. I hate holding short positions overnight (even small ones), so I want to get rid of it as soon as possible. In IB's global config presets, I see two options for my close order:

- Allow order to be executed [...] outside RTH
- Allow order to be routed and executed during pre-open session

But I can't select both of them. Does that mean the first option (outside RTH) covers the second one as well, and allows an order to be executed at 4 am? Or am I better off picking the second?
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Thanks all. That's exactly what I've done -- put an outside RTH buy limit about 50c above the current price. And just in case my limit doesn't get filled, I put some way-out MNQ hedge out there, because that's how much I hate holding short overnight :)
 
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