How can one have 1,000 posts here and not understand why people want/need to trade on the open and close?
Which brokers accept opening and closing auction orders on NYSE and Nasdaq?
- Thread starter Maverick2608
- Start date
How can one have 1,000 posts here and not understand why people want/need to trade on the open and close?
No idea why the dude has to post a screenshot to show that his firm offers LOC orders. He had already mentioned they did. As I said, though, TDA and most other retail brokers do not offer LOC or LOO orders.
It's not an edge by itself in this context. If your "edge" requires entry on open, compared to a market order which incurs a huge spread for most stocks at 9:30:00, you can eliminate it with MOO.
Then there are imbalance strategies, a whole other story...
I just contacted Schwab on their 24/7 chat. They do not offer market/limit-on-open and market/limit-on-close orders. That's one down.
I just contacted Fidelity on their chat. They do offer market-on-open and market-on-close orders.
Robert Morse
Sponsor
Firms that relay on PFOF don’t get paid when you route to the primary listed exchange for open and close orders
Appreciate the info. Last I checked, none of the major retail brokers supported LOO/LOC orders. If you do find one of them does, pls post. BTW, a market order placed to a broker pre-open (before the cut-off time) becomes a MOO order, so that order type is available everywhere. MOC, LOO and LOC are the ones that are not a given, apparently.
I was describing people who want the opening print or something very close to it. They don't want to enter at 9:35 nor 9:45 but 9:30. What's wrong with that? For them, opening auctions solve a real problem.