Quote from erlewine:
With regard to preopen trading in the ES or any GLOBEX contract, I have a few major gripes with IB:
1) IB restricts you from entering orders until approximately 5 minutes before the actual open, while GLOBEX takes orders 10 minutes before (and 30 minutes before on Sundays).
2) In the last 30 seconds before the open, if you enter an order it goes into the "light blue" status and won't work until the open, so you can't participate in the opening cross - this leads to some disastrous fills.
3) In the rare instance IB takes an order in the last 30 seconds, if you lock/cross one of your own orders it auto-rejects. Since you can't cancel orders in those 30 seconds (that's a GLOBEX rule), overlocking yourself is the only way to offset.
I've traded through five other brokers and never encountered any of these problems, including the ability to enter orders up to 1 second before the open. If IB has a pipe to GLOBEX, why all these idiotic restrictions?
