This may help. From IB A Market-on-Open (MOO) order combines a market order with the OPG time in force to create an order that is automatically submitted at the market's open and fills at the market price. Notes for MOO Orders IB may simulate market orders on exchanges. For details on market order handling using simulated orders, click here. Nasdaq MOO (and LOO) orders must be submitted prior to 09:28 ET. Options Orders: MOO orders for options must be directed to an exchange. The OPG time in force for directed options orders will only be available when you select a routing destination that supports this order type, for example CBOE, CBOE2 or MIAX. Option functionality for MOO orders may not be available in the PaperTrader. A Limit-on-Open (LOO) order combines a limit order with the OPG time in force to create an order that is submitted at the market's open, and that will only execute at the specified limit price or better. Orders are filled in accordance with specific exchange rules. Notes for LOO Orders Nasdaq LOO (and MOO) orders must be submitted prior to 09:28 ET. Options Orders: LOO orders for options must be directed to an exchange. The OPG time in force for directed options orders will only be available when you select a routing destination that supports this order type, for example CBOE, CBOE2 or MIAX. Option functionality for LOO orders may not be available in the PaperTrader.
I am testing out a strategy using IB paper account using OPG orders. I find that very few of the OPG orders get filled at the open. Not sure if this is because it is a paper account or not, but some execute but the majority don't get filled. Also, when I do get in, it doesn't look like I get the absolute open right at 9:30:00am. It is usually filled at 9:30:02am or 9:30:08am (several prints after the first print. Again, not sure if this is just because it is in the paper account. For the people using OPG orders how often to you find that you get filled at the open? 100% of the time, 90% of the time.
Are these market OPG orders or limit OPG orders? It is normal for listed stocks (AMEX or NYSE) to take a random number of minutes past 9:30 before they open. For NASDAQ stocks, it should be immediate.
Hello, this is kind of an old thread I do realize, but I was doing paper trading with IB also. At some point I ran into the same issue with OPG orders. They were not getting filled. After googling it I found (and concluded) that paper trading does not properly support OPG orders. I upgraded to a live account just a few days ago. OPG orders are being filled properly (I used an OPG LMT order with the LMT +1% over previous day close). By the way, I think there is also a difference between paper accounts if you have no real account and paper accounts linked to a real account. They behave differently as well. The first time I logged in to my live account I received warnings about the differences.