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How to Participate in Nasdaq Opening Cross


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How to Participate in Nasdaq Opening Cross

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  #1 (permalink)
Hartford
 
 
Posts: 4 since Mar 2011
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Hi all,
I have a burning question that I canít seem to get a straight answer to and Iím hoping someone here with firsthand experience can help me out. I have a strategy using Nasdaq stocks that requires me to buy or sell at the opening print (the price shown as the open on Yahoo Finance). From what I understand from reading about the opening cross on Nasdaqís website, I simply need to submit my buy or sell order prior to the 9:28 cutoff to participate in the opening cross. Is my understanding here correct? I have been attempting this using Interactive Brokerís paper trading account and I am not getting filled at the opening cross price. Is this because itís simulated trading? I have not yet tried doing this in real time with real money. Using their Paper Trader I have tried using an OPG order and a regular day order, both submitted prior to the cutoff and neither have worked. They execute but not at the opening cross price. Does anyone here trade at the Nasdaq opening cross and if so where do you get filled and how do you do it? Also, what broker do you use? The stocks that Iím trading are high volume (>1M) and are active during the premarket so I donít think liquidity is the issue.

Thanks in advance for the help!

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  #2 (permalink)
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jftrader View Post
Hi all,
I have a burning question that I can’t seem to get a straight answer to and I’m hoping someone here with firsthand experience can help me out. I have a strategy using Nasdaq stocks that requires me to buy or sell at the opening print (the price shown as the open on Yahoo Finance). From what I understand from reading about the opening cross on Nasdaq’s website, I simply need to submit my buy or sell order prior to the 9:28 cutoff to participate in the opening cross. Is my understanding here correct? I have been attempting this using Interactive Broker’s paper trading account and I am not getting filled at the opening cross price. Is this because it’s simulated trading? I have not yet tried doing this in real time with real money. Using their Paper Trader I have tried using an OPG order and a regular day order, both submitted prior to the cutoff and neither have worked. They execute but not at the opening cross price. Does anyone here trade at the Nasdaq opening cross and if so where do you get filled and how do you do it? Also, what broker do you use? The stocks that I’m trading are high volume (>1M) and are active during the premarket so I don’t think liquidity is the issue.

Thanks in advance for the help!



Only limit-on-open (LOO) or market-on-open (MOO) orders are accepted during the NASDAQ Opening Crosses.

https://www.nasdaqtrader.com/content/productsservices/trading/oe_refguide.pdf

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  #3 (permalink)
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I have a stock trading system that I use OPG (MOO) orders with and generally do not have issues, however there are the occasional differences. If you ask IB, they would be able to explain the difference to you. When you use SMART routing option, your trade will be executed on any of the ECN's that might not have the same opening price that is shown on yahoo finance or even on NASDAQ's website.

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  #4 (permalink)
Hartford
 
 
Posts: 4 since Mar 2011
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Thank you for the replies! I have tried talking to IB, but they weren't very helpful. Perhaps it was just the rep I had contacted.

Thatguy, what routing option do you use?

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  #5 (permalink)
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jftrader View Post
Thank you for the replies! I have tried talking to IB, but they weren't very helpful. Perhaps it was just the rep I had contacted.

Thatguy, what routing option do you use?

I use SMART. But just because I am using it, does not mean this would be the best for you. I am after all just some anonymous poster on a website.

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  #6 (permalink)
Hartford
 
 
Posts: 4 since Mar 2011
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thatguy View Post
I use SMART. But just because I am using it, does not mean this would be the best for you. I am after all just some anonymous poster on a website.

Thanks. It sounds like what you use does what I need it to do which is why I asked.

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Last Updated on March 8, 2011


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