Market-on-Open order

Quote from John Paterson:

Has anyone here used this type of order? Do you get better fills
as compared to placing a market order right after the open?

John
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Everytime that I have ever used the Market on Open order with a TIF OPG with IB I have always got the "official opening price" on Nasdaq stocks. When I simply submitted a MOO order it was almost always worse than a MOO/OPG order.

Eric
 
On NYSE I often don't get filled on shorts on the open (MOO) or close (MOC), I guess it's due to the uptick rule? Extremely annoying. Have to babysit those trades it's really ridiculous.
 
Quote from shorty_mcshort:

TIF is Time in Force

OPG is the type of order you use for TIF...for example you can use DAY or GTC OPG etc...

Eric
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sorry Eric, I cant see how a MOO/OPG is better than just a MOO order. I would think that TIF OPG is not important at all, `cos you will get filled at the opening of the day. Could you explain please?:cool:
 
Quote from vetten:

sorry Eric, I cant see how a MOO/OPG is better than just a MOO order. I would think that TIF OPG is not important at all, `cos you will get filled at the opening of the day. Could you explain please?:cool:
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The OPG order gets you the official opening price. For example, if i wanted to buy MSFT for the open price I would put in my OPG order and I would get what the NAsdaq calls the official open. This is important to me because in my backtested results I use the official opening price. When I would just enter the MOO I would get filled at prices that were way off the official price. If you look time and sales of a stock at the open the first print most of the time isn't the official price.

Eric
 
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