Very observant. Yes, my goal is to take advantage of it by entering as early as possible. I have a method of placing my exits. Emphasis on the S in exits
Looks like there would just be an opening auction (T&S reports O/X flags on the opening trade just like a regular open), in which case market OPG orders aren't a terrible idea.
I think you may have solved my issue So when the IPOs symbol appears with no chart data, I can place this type of order, and then at whatever time the IPO opens, my order will be executed? Does this sounds correct to you? I will surely test it with some IPOs I do not want at low shares.
You do understand that most (and frequently all) of the price increase over the IPO price is built into the open? Good luck but using a market order may well put you in the stock at a price that is at or near the high of the day.
How does a OPG order differ from a Market Order or Limit Order? Market orders and limit orders can be entered while the market is closed, or in the OP's case for an IPO that isn't trading yet - the orders are then filled once the market opens. That's bullshit.
Do you have data to prove this? I've witnessed several IPOs that exploded 20% higher in the opening day.
Some brokers convert early market orders before the open into OPG but not all. An OPG order executes at the opening auction price while a regular market order will most likely execute at a worse price due to the wide spread at 9:30:00.
An IPO can only open at the Primary exchange. There is only one opening price. Send your order to the primary and it does not matter as long as you get in before the pairing off is set.
Well, if the broker doesn't set these orders as OPG, they will just execute in continuous trading on any venue.