Order Types

Supported Order Types

Robinhood supports market orders, limit orders, stop limit orders, and stop orders. Certain orders may be entered as good for the day or good-till-canceled (GTC).

Currently we don’t support short selling, borrowing shares to sell prior, bracket orders, market-on-close or market on open. We hope to offer these features in the future.

 

Buying

To purchase a stock:

  • Tap on the Buy button on your watchlist or the stock’s profile page.
  • Tap on “Order Types” in the upper right corner and select the order type you prefer.
  • Confirm the order information and swipe up to submit.

On iOS:                                                      On Android:

           

 

Robinhood currently supports the following varieties of buy orders:

  • Market order - Market orders execute at the following market price. Market buy orders are adjusted to limit orders collared up to 5%. Limit orders higher than the current offering will be executed at the next best available price. Keep in mind that the price you see when you enter the order may differ from the following price. Please note that market sell orders are not collared, and market buy order collars may vary depending on prices of instruments, market conditions, and other factors. 
  • Limit order - Limit orders specify the maximum amount you are willing to pay for a stock.
    • Ex. ABC stock is trading at $10. A limit order can be placed at $9 which will execute when ABC stock is offered at $9 or lower.
  • Stop loss - Stop loss orders trigger a market order to buy when the stop price is reached.  Stop loss orders are sent as stop limit orders with the limit price collared up to 5% above the stop price.
    • Ex. ABC stock is trading at $10. A stop order can be placed at $11 to trigger a market buy order when a trade executes at $11 or higher.
  • Stop limit order - Stop limit orders will trigger a specified limit order when the stop price is met. This may be used to limit the price your trade will execute for after the stop is triggered, but there is risk that it will not execute if the stock moves past it.
    • Ex. ABC stock is trading at $10. A stop limit order is entered at an $11 stop and a $11.10 limit. Once there is an execution at $11, a limit order will be triggered to buy ABC stock when it is offered at $11.10 or lower.

 

Selling

To sell a stock:

  • Swipe left on the specific stock or tap on the stock to sell from the stock's profile page.
  • Tap on “Order Types” in the upper right corner and select the order type you prefer.
  • Confirm the order information and wipe up to submit.

On iOS:                                                     On Android:

          

 

Robinhood currently supports the following types of sell orders:

  • Market order - The order will sell at the next best available price. Keep in mind that the price you see when you place the order may differ from the following price.
  • Limit order - Limit orders specify the minimum amount you are willing to receive when selling a stock.
    • Ex. XYZ stock is trading at $25. A limit order can be placed at $30 which will execute when ABC stock is selling at $30 or higher.
  • Stop Loss - Stop loss orders trigger a market order to sell when the stop price is met.
    • Ex. XYZ stock is trading at $25. A stop order can be placed at $20 to trigger a market sell order when a trade executes at $20 or lower.
  • Stop limit order - Stop limit orders will trigger a specified limit order when the stop price is reached. This may be used to limit the price your trade will execute for after the stop is triggered, but there is risk that it will not execute if the stock moves past it.
    • Ex. XYZ stock is trading at $25. A stop limit order is entered at an $20 stop and $19.90 limit. Once the last trade price of $20 is reached, a limit order will be triggered to sell ABC stock when it is selling at $19.90 or higher.

 

Canceling a Pending Order

To cancel a pending limit or stop order:

  • View your pending orders by tapping on “History” in your account menu.
  • Tap the order you wish to cancel to view more information.
  • Tap the red “Cancel Order” button.

On iOS:                                                      On Android:

          

 

Furthermore, under NASDAQ regulations, requests placed between 9:28 A.M. EST and 9:30 A.M. EST to cancel regular hours orders (both Good-For-Day and Good-Til-Cancelled) for NASDAQ-listed securities will be held in a pending state until after the opening cross occurs for the security. Typically, the opening cross occurs at 9:30 AM EST.

In practice, this means that if you place a regular hours order in a NASDAQ-listed security prior to 9:28 A.M EST, and then try to cancel the order between 9:28 A.M. EST and when the stock officially opens for trading (generally 9:30 A.M. EST), your cancel request will remain pending until the stock opens for trading – it will not cancel immediately. As such, your original order may execute at opening if there is a ready buyer or seller. In order to avoid the chance that your orders execute against your wishes, please make sure to submit any order cancellations orders before 9:28 A.M. EST.

 

 

 

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