There is any broker without cap price ?

P

paulsmith55

Sometmes I buy and sel stocks after tradng hours -with larger spread. But, interactive brokers set a cap price 3% limit

There is any broker that allow buy or sell stocks at any price ?
 
paulsmith55 said:
Sometmes I buy and sel stocks after tradng hours -with larger spread. But, interactive brokers set a cap price 3% limit

There is any broker that allow buy or sell stocks at any price ?
More...

Same issue here, Ibkr cap is a real pain, especially on overnight gaps in European equities (no premarket) for example after earnings or generally after trading halts.


Another example:
I missed out big on the oil gap up after the Saudi attacks. Open price in oil Futures was low compared to the news and went up >1$ within seconds.
Sure enogh my buy order was capped below open price although my Limit was above and adjusted too late (after open) so it did not get executed.

I understand that they want to prevent mistrade and market disruptions.
But they could really do much better in calculating Indicative prices and ranges...
To have a narrow cap in place in highly liquid Futures such as CL QM Es, i think it is <2% in equity Futures is questionable in my opinion. Especially as it does not depend on order size.

So If someone knows a good Alternative, plz let us know.
 
paulsmith55 said:
Sometmes I buy and sel stocks after tradng hours -with larger spread. But, interactive brokers set a cap price 3% limit
More...
Are you saying you want to place a buy order which is 3% higher than last executed price?

Brokers would generally follow below guidelines, but they can be as strict as they want:
https://www.nasdaqtrader.com/Trader.aspx?id=ClearlyErroneous

Note that reference price is off last price, not bid or ask, so large spreads make it more restrictive.
 
I don't think IB will let you do what you want, so you will need to call up brokers and ask them this specific question.
 
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