Limit on open order


A limit on open order can only be placed on DAY orders and is based on the market opening price.

When you place a buy order with a limit on open order (LOO), you’re setting the maximum price you’re willing to pay. If the market price at open on the following trading day is at or below the maximum price (limit) you set, your order is processed. If the market price is above the limit you set, your order is cancelled.

When you place a sell order with a limit on open order (LOO), you’re setting the minimum price you’re willing to accept when you sell. If the market price at open on the following trading day is at or above the minimum price (limit) you set, your order is processed. If the market price is below the limit you set, your order is cancelled.

Example of a LOO: You place a buy LOO order (bid) for 200 shares of ABC Company at a limit price of $125.00 per share. Your order will be processed (executed) if the shares are trading at or below $125.00 per share at market open on the following trading day. If the price at market open is $128.00 per share, your order would be cancelled.