I had the same problem with VRTX two weeks ago, NFLX last week and NTE this morning. I expressed my frustration with IB this morning on their inability to take care of this problem. Was not given a satisfactory explanation and informed that I will continue to have this problem with stocks making large gaps in extended hours. I'm not sure what can be done for IB to change this policy, but after 13 years and over 750k in commissions I'm looking for a new broker. You can not claim to cater to active traders and then not let us trade the biggest movers.
same here. i'm seriously suspect that my orders just not been routed anywhere,sitting on Ib servers. i have couple buy orders on corp bonds- every single day i see millions of dollars traded at my price or better (as much as 25% better) and i got no fill on regular 10K$ order. same for stocks-the discrepancies between actual fills and back testing results is so huge that i actually stopped traded. how come i have a 30-100 stocks traded AT my price thru the day and i'm not getting any shares(except for losers,where in case of long asking price went far thru it(opposite for shorts))? once again-I'm asking for an explanation FROM IB about this 'cap' feature. what exchange require it .where we can read more about how and when this order modification can and will be be triggered.
Thank you for your reply. I was able to trade NFLX last week without any issues. Did you trade in the aftermarket or the premarket?
didnt you hear ? latest in hft: automatically follows profitable traders, stops order from executing and submits its own order. welcome in age of HFT just joking
I've missed a few opportunities in pre/post market trading because of this ridiculous capping "feature". However, that was a month or two ago and I haven't been stung by it since I filed numerous complaints. Maybe it is possible they are continually tweaking the algorithm to make it better. However, I do believe that the longer you keep the order active, the more likely it is to reach your desired limit price - i.e., the price will update as time goes on. I detest this decision by IB though. When I want to put in an order at a specific price, I want to put in a f*cking order at that specific price.
I was trading VRTX aftermarket and I was able to put out a short around 80 , but then the system wouldn't let me cover. Was on the phone with IB for over an hour before I was finally able to enter a trade to cover. NFLX was pre-market. I've been trading gaps in the extended hours through IB since 2000 and have not had this problem until now.
I understand their desire to protect people from fills away from the market, but no excuse for IB's failure to recognize the current market on a highly liquid stock in the extended hours. I know nothing about programming, but doesn't seem like it would be too difficult to fix this with a few volume parameters or a quick glance at the news. I was able to short NTE pre-market in my long term Ameritrade account yesterday morning, but IB prevented me from entering any sales under 8.11.