OPG Orders

Discussion in 'Trading' started by Lightningsmurf, May 14, 2002.

  1. I think OPG stands Opening Only (AKA "OO") orders.
     
    #11     May 14, 2002
  2. I wont go into details since I cant give away something that took me 3 years to learn and cost me tens of thousands to discover....but suffice it to say that I try to get in on the first print of the day. That has good and bad points...simply - if it goes your way, its good; if it goes against you, its bad. Again, I usually try to be part of the opening print.

    And when I say I play the earnings, all I mean is that it is during those earnings seasons that many stocks get gapped up or down. And I play those stocks most of the time.
     
    #12     May 14, 2002
  3. egildone

    egildone

    Does that mean if you can't get the open price your order is cancelled -- eliminating slippage?

    Ed
     
    #13     May 15, 2002
  4. Yea...The orders get cancelled automatically after the stock makes its first print at NYSE or AMEX. No need for you to furiously cancel thigns...Great for those days when there are lot to do.
     
    #14     May 15, 2002
  5. Ok, this morning I shorted GM at market. When I hit the send button GM was trading at about $61. I got filled at $60.30!Possibly some of the worst slippage I've ever had.

    Could I have prevented this by using an OPG order? Obviously I knew before market open that I wanted to go short...

    How would this compare with a regular market order that is sent before the market opens? I'd get the same fill, right?

    Anyone?
     
    #15     Jun 4, 2002
  6. First of all, i would recommend to NEVER use market orders,especially when shorting.I don't think you would have been filled at the opening price of 61 if you had an OPG order because 61 was a downtick from yesterday's closing price of 61.25.You could have also shorted the stock before the open through an ECN,on an uptick or downtick,since the short sale rule doesn't apply to premarket and after market trading.
     
    #16     Jun 4, 2002
  7. The primary reason is that you want to participate with the NYSE Specialist (buy when he buys, sell when he sells), and that is done with OPG orders. Sometimes a couple of hundred dollars is made with the first tick. Check out the threads about our openings, and feel free to PM me if you have further questions.

    Don
     
    #17     Jun 4, 2002
  8. Are conversions good on the open?
     
    #18     Jun 4, 2002
  9. zcar

    zcar

    Do you know if the uptick rule will be eliminated for the participating stocks on the corresponding SSF's ??

    TIA
     
    #19     Jun 4, 2002
  10. Hi Vinnie1,

    I understand why you suggested not using market orders to short, and after today I'm inclined to agree with you. The thing is: I'm not day trading - I often hold for 2 - 5 days. So a few cents isn't as important to me as much as getting my positions and exits set up the way I want them. I often use limit orders when going long, but when going short I find that I end up chasing stock and getting a worse fill than I would have had I just used a market order. I HATE chasing stock!

    Anyway, thanks for the ideas guys.
     
    #20     Jun 4, 2002