Market-on-Open order

Discussion in 'Order Execution' started by John Paterson, Apr 27, 2007.

  1. Has anyone here used this type of order? Do you get better fills
    as compared to placing a market order right after the open?

  2. Everytime that I have ever used the Market on Open order with a TIF OPG with IB I have always got the "official opening price" on Nasdaq stocks. When I simply submitted a MOO order it was almost always worse than a MOO/OPG order.

  3. On NYSE I often don't get filled on shorts on the open (MOO) or close (MOC), I guess it's due to the uptick rule? Extremely annoying. Have to babysit those trades it's really ridiculous.
  4. vetten


    hi shorty,

    whats TIF OPG?

  5. TIF is Time in Force

    OPG is the type of order you use for TIF...for example you can use DAY or GTC OPG etc...

  6. vetten


    sorry Eric, I cant see how a MOO/OPG is better than just a MOO order. I would think that TIF OPG is not important at all, `cos you will get filled at the opening of the day. Could you explain please?:cool:
  7. The OPG order gets you the official opening price. For example, if i wanted to buy MSFT for the open price I would put in my OPG order and I would get what the NAsdaq calls the official open. This is important to me because in my backtested results I use the official opening price. When I would just enter the MOO I would get filled at prices that were way off the official price. If you look time and sales of a stock at the open the first print most of the time isn't the official price.

  8. GTC


    How are you placing "MOO" order without selecting TIF "OPG"?