Extended Hours Trading

Extended Hours trading refers to trading that takes place outside of normal stock market operating hours, generally 9:30 a.m. – 4:00 p.m. ET. Extended Hours trading can take place on eligible securities during pre-market and after hours sessions. Trading during the Extended Hours sessions can be illiquid and volatile. Please read about the unique rules and risks related to Extended Hours trading.

Extended Hours trading is available for equities, exchange-traded funds (ETFs), and options. OTC Bulletin Board and OTC Markets (formerly Pink Sheets) securities are not eligible for the Extended Hours sessions.

Limit and Reserve orders are the only types of orders available during the Extended Hours sessions; Reserve orders are not available for options. Orders placed for a pre-market or after hours session are only good for that specific Extended Hours session, and if the order does not fill, it will cancel by the end of that session. For equities and ETFs, there is the Time in Force (TIF) of "Day+" that can be used to cross between sessions; a Day+ order could be placed in the pre-market session, cross into the standard session, then cross into the after hours session.

  • Stocks/ETFs: Pre-market and after hours trading is available using the Directed Trade & Extended Hours ticket.
  • Options: Pre-market trading is available on a limited number of index options using the Directed Trade Options or Multi-Leg Options Trade tickets. After hours trading is not available for options.

Important: To understand the additional risks of extended hours trading, read the Directed Trading for Equities/ETFs User Agreement (PDF) and Directed Trading for Options User Agreement (PDF).

Please also visit the Directed Trading and Directed Option Trading sections in Help to learn more about how to use those trading tickets.

  • Available Time in Force (TIF) for Extended Hours

    The TIF dropdown allows you to select the length of time you would like your order to remain active. The following selections are available, depending on the route chosen and the time of day:

    • Good 'til 9:28 a.m. (equity/ETF only) ‒ Orders will be eligible for execution from entry time until 9:28 a.m. ET. The pre-market session typically begins at 7:00 a.m. ET.
    • Good 'til 9:15 a.m. (options only) ‒ Orders will be eligible for execution from entry time until 9:15 a.m. ET. The pre-market session typically begins at 7 a.m. ET.
    • Day+ (equity/ETF only) ‒ Orders will be eligible for execution from entry time until 8:00 p.m. ET for those routed to ARCA or NSDQ and 6:00 p.m. ET for those routed to FDLM.
    • Immediate or Cancel (IOC) ‒ This gives the order a requirement that all or part of the order be executed immediately after it has been entered. Any portions not executed are immediately canceled.
    • Fill or Kill (FOK) (options only) ‒ This gives the order a requirement that it be executed immediately and completely or it will be canceled. FOK is not available for pre-market multi-leg options trades.
  • Placing Extended Hours Equity/ETF Trades

    Pre-market: Place your trade on the Directed Trade & Extended Hours ticket and use a Time in Force of Good 'til 9:28 a.m. ET, Immediate or Cancel, or Day+. Keep in mind that a Day+ order is not limited to the pre-market session since it can cross into the standard session and after hours session if it isn't filled or canceled during the pre-market.

    After Hours: Place your trade on the Directed Trade & Extended Hours ticket and use a Time in Force of Day+ or Immediate or Cancel. Day+ can be selected during after hours to only be good for the extended session, or could be selected earlier in the day during the pre-market or standard session and cross into the after hours session if it hasn't filled or canceled earlier in the day.

  • Placing a Pre-Market Options Trade

    The Directed Options Trade ticket allows you to place pre-market single leg option orders on a limited number of index options. The Multi-Leg Option Trade ticket will allow single leg and multi-leg orders in the pre-market session. If pre-market trading is available on a particular index symbol, a session dropdown box will appear next to the call/put dropdown.

    • Choose Pre-Market Session to place an options order in the pre-market. These orders will be eligible for execution from 7:00 a.m. ET until 9:15 a.m. ET and may only be routed to the Chicago Board Options Exchange (CBOE).
    • Eligible Time in Force (TIF) for pre-market option trades are Good ‘til 9:15, and Immediate or Cancel. Fill or Kill is available for single leg option orders only.
    • Choose Standard Session if you'd like to place an option order for the standard session prior to market open.