OPG and market orders

tr222 · Mar 30, 2016

If you enter a market OPG order you will get in at the open price, however if you aren't apart of the opening price then the order is cancelled and you are not in your trade.
If you place a regular market order at the open you will be guaranteed to get in but most likely at an unfavorable price since it is a market order. So with the OPG order you have the opportunity to get the opening price but at the expense of possibly missing he trade altogether if you aren't apart of the open price. With the market order you get in for sure but at the expense of most likely a higher price.

Is my understanding accurate?

How can you have a higher probability of getting in on an OPG order. If the stock has a high average daily volume, ect.

sprstpd · Mar 31, 2016

If you send a market OPG order, won't you get the opening price regardless of what it is? Unless the security doesn't have a defined opening, it seems like you will always get filled. Have you sent a market OPG order where it didn't get filled? Or are you talking about an OPG order with a limit on it?

marcoPolo21 · Mar 31, 2016

if i recall, there is no OPG order on Nasdaq - basically just Market, or Limit orders

only NYSE has real OPG orders, which are the opening prices, set by market makers...

[it's been a few years since i did these type orders]

~~marc~~

tr222 · Mar 31, 2016

sprstpd said:
If you send a market OPG order, won't you get the opening price regardless of what it is? Unless the security doesn't have a defined opening, it seems like you will always get filled. Have you sent a market OPG order where it didn't get filled? Or are you talking about an OPG order with a limit on it?

From what I have read if you are not apart of the opening cross (because they didn't have enough orders to match the buys and sells) then they can not execute your trade and therefore it is immediately cancelled at the open. I don't have much experience with this order type, just learning about it now and want confirmation. How often does that situation happen where your order isn't apart of the opening cross? Not common? All the time? ect.

tr222 · Apr 11, 2016

sprstpd said:
If you send a market OPG order, won't you get the opening price regardless of what it is? Unless the security doesn't have a defined opening, it seems like you will always get filled. Have you sent a market OPG order where it didn't get filled? Or are you talking about an OPG order with a limit on it?

Yes, I am testing out a system using OPG orders in IB paper account. But I am finding that very few of the orders get the opening price. I was under the impression that I just wasn't apart of the opening price and therefore the order was cancelled. I am wondering if it is because it is a paper account that the orders aren't hitting. Any one else have experience with OPG orders with IB paper account.

marcoPolo21 · Apr 11, 2016

i've used OPG orders, with a real IB account in the past [i hope that counts]

OPG orders are Limit orders, not Market orders,
because you are trying to get a specific price - or better.
Any Limit order has the chance of not being filled, including an OPG

[although i did plenty of OPGs, it's been a while,
so the above may not be 100% accurate]

marc

sprstpd · Apr 11, 2016

marcoPolo21 said:
i've used OPG orders, with a real IB account in the past [i hope that counts]

OPG orders are Limit orders, not Market orders,
because you are trying to get a specific price - or better.
Any Limit order has the chance of not being filled, including an OPG

[although i did plenty of OPGs, it's been a while,
so the above may not be 100% accurate]

marc

I thought you could do Market On Open orders.

sprstpd · Apr 11, 2016

tr222 said:
Yes, I am testing out a system using OPG orders in IB paper account. But I am finding that very few of the orders get the opening price. I was under the impression that I just wasn't apart of the opening price and therefore the order was cancelled. I am wondering if it is because it is a paper account that the orders aren't hitting. Any one else have experience with OPG orders with IB paper account.

Do you mean you are getting filled but at a different price than you expect? Or you are not getting filled at all? Are these market or limit on opening orders?

marcoPolo21 · Apr 11, 2016

sprstpd said:
I thought you could do Market On Open orders.

even if you can, what are you trying to accomplish with a Market order?
A Market order gets you any price that's available, like - i will buy at any cost
[this sounds like an order a broker sends in, for one of his customers]
I don't know any professional that uses Market orders [he wants His price]

by the way,
if the OPG orders you are entering require a Price, then it's a Limit order, not Market

marc

sprstpd · Apr 11, 2016

marcoPolo21 said:
even if you can, what are you trying to accomplish with a Market order?
A Market order gets you any price that's available, like - i will buy at any cost
[this sounds like an order a broker sends in, for one of his customers]
I don't know any professional that uses Market orders [he wants His price]

by the way,
if the OPG orders you are entering require a Price, then it's a Limit order, not Market

marc

I am not debating whether they are smart. I am just saying I think Market on Open orders exist.