The opening auction provides the best prices for my strategy. I have attempted to enter the auction on IB using exchange:ARCA and order type of AUC. I have tried both limit and market orders.
They always get cancelled at the market open. IB aren't being much help. Any ideas?
Help with auction orders on IB?
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What are you trading, stocks? I'm not sure what AUC is. But I would note the following:
1. I believe that if you are trading stocks, at least on the NYSE, you can't put in an order to trade "at the open" unless you trade at least 100 shares. Are you trading at least 100 shares?
2. I believe there are issues putting in orders "at the open" for ETF's. I dont' fully understand the issues, but the rough idea is that the specialists don't trust "at the open" orders for ETF's because there might be some temporary discrepancy between the ETF and an underlying stock that the "smart money" is trying to exploit. Thus, the specialists won't take at the open orders for ETF's.
In the past I have had orders rejected for both reasons - you don't get an explanation as to why, it just doesn't go through and my digging suggests to me the above reasons.
hope this helps.
1. I believe that if you are trading stocks, at least on the NYSE, you can't put in an order to trade "at the open" unless you trade at least 100 shares. Are you trading at least 100 shares?
2. I believe there are issues putting in orders "at the open" for ETF's. I dont' fully understand the issues, but the rough idea is that the specialists don't trust "at the open" orders for ETF's because there might be some temporary discrepancy between the ETF and an underlying stock that the "smart money" is trying to exploit. Thus, the specialists won't take at the open orders for ETF's.
In the past I have had orders rejected for both reasons - you don't get an explanation as to why, it just doesn't go through and my digging suggests to me the above reasons.
hope this helps.
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- Roundtable Fellow
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- Joined: Sun Jul 05, 2009 11:10 am
Hmmm....
All my previous attempts got cancelled at 9:30, on open
Today my order to buy 100 on ARCA during the auction didn't get cancelled immediately, but instead just sat there for a while.
IB state "The order will be converted to a limit order at the Calculated Opening Price if it is not filled during the pre-market opening period". However, it should have fired off as limit, but didn't.
Eventually the order was cancelled at (exactly?) 9:45
I'm sure I'm being a dumb noob as normal, but this whole thing is really foxing me
All my previous attempts got cancelled at 9:30, on open
Today my order to buy 100 on ARCA during the auction didn't get cancelled immediately, but instead just sat there for a while.
IB state "The order will be converted to a limit order at the Calculated Opening Price if it is not filled during the pre-market opening period". However, it should have fired off as limit, but didn't.
Eventually the order was cancelled at (exactly?) 9:45
I'm sure I'm being a dumb noob as normal, but this whole thing is really foxing me
-
- Roundtable Fellow
- Posts: 86
- Joined: Sun Jul 05, 2009 11:10 am