There is any broker without cap price ?

Discussion in 'Retail Brokers' started by paulsmith55, Jan 4, 2020.

  1. Sometmes I buy and sel stocks after tradng hours -with larger spread. But, interactive brokers set a cap price 3% limit

    There is any broker that allow buy or sell stocks at any price ?
     
  2. JamesJ

    JamesJ

    Same issue here, Ibkr cap is a real pain, especially on overnight gaps in European equities (no premarket) for example after earnings or generally after trading halts.


    Another example:
    I missed out big on the oil gap up after the Saudi attacks. Open price in oil Futures was low compared to the news and went up >1$ within seconds.
    Sure enogh my buy order was capped below open price although my Limit was above and adjusted too late (after open) so it did not get executed.

    I understand that they want to prevent mistrade and market disruptions.
    But they could really do much better in calculating Indicative prices and ranges...
    To have a narrow cap in place in highly liquid Futures such as CL QM Es, i think it is <2% in equity Futures is questionable in my opinion. Especially as it does not depend on order size.

    So If someone knows a good Alternative, plz let us know.
     
    paulsmith55 likes this.
  3. qlai

    qlai

    Are you saying you want to place a buy order which is 3% higher than last executed price?

    Brokers would generally follow below guidelines, but they can be as strict as they want:
    https://www.nasdaqtrader.com/Trader.aspx?id=ClearlyErroneous

    Note that reference price is off last price, not bid or ask, so large spreads make it more restrictive.
     
  4. Are you saying you want to place a buy order which is 3% higher than last executed price? Yes
     
  5. qlai

    qlai

    I don't think IB will let you do what you want, so you will need to call up brokers and ask them this specific question.