All I want to do now is try the overnight SPY trade, you know buy SPY MOC sell MOO repeat but in an automated, set it and forget it way. I have three brokers, Fidelity, TDA/TOS and IB, and soon TradeStation. Can any of those do the trick and if so, how? Thanks much.
The strategy as you defined it is a loser. There is money to be made with the overnight session but not how you described.
Adding to @fan27 - Take a look into how certain factors might affect overnight returns. Start with the famma french factors. Find a brokerage that allows MOO/MOC and has free trading
A lot offer MOO and MOC but I just want to automate it so I don't have to do it every trading day. That's what my op is about.
I am pretty sure most brokerages offer an api now. I remember @oldmonk was doing some cool stuff on RH. Checkout IB lite as well. Not to sure if they have an Api. TD Ameritrade would be another good option as they are free for etfs. What you are looking to do is totally do able and quite simple. The strategy however can be greatly improved
Doesn't work on IBKR lite: "OnClose or OnOpen US listed stock orders are free for IBKR Lite clients so long as the order does not exceed 10% of an account's monthly US stock trading volume, otherwise your account will be charged USD 0.005 per share." What brokers do you 100% know this works on? If there are any, enjoy it while it lasts -- brokers aren't in the business of losing money on every trade.
Fees. You can sell order flow, collect ECN fees on limit orders, etc. The exchanges will charge for MOO orders or MOC orders. Only profit they’d make off you is interest on unused cash.