shorting at open

Discussion in 'Order Execution' started by scorinaldi, May 3, 2007.

  1. hi everyone,

    simple question:

    i know that when you place "OnOpen" NYSE buy orders before the market opens, you are guaranteed to get filled at the opening price.

    what about shorts at the open? if you place an "OnOpen" short sell market order to be executed when the market opens, are you guaranteed to get filled on your short, at the opening price?

    thanks in advance...
  2. I regularly get "invalid order" on my NYSE short orders on the OPG. I guess it's the uptick rule, i.e. if it ticks down on the opening print you won't get filled. Really blows. Always have to babysit those orders. At least at IB with the TWS. Is there any software compatible with TWS that can auto enter a limit sell order at the opening price automatically should the OPG short sale fail?
  3. If it is an uptick, and it trades through your price, you are likley to get the fill. Remember, as a short seller, you are last in line to get filled, so the other orders take precedence over yours.
  4. i see. how about an example?

    let's say something opens at $78.50 ( which is 20cents higher than the previous close $78.30 ) and

    i've put in a short onopen limit short sell order at $78.40...

    am i right in saying...

    #1) it's an uptick so it's legal to short.

    #2) i will get filled for my short at the opening price ( $78.50 )...

    #3) i'll be last in line to get filled, so i might get filled at a subsequent print, ( instead of the opening price )?