There are a few reasons why your stock orders might not have been filled yet.
Your order won’t be filled if there aren’t enough shares available at the specified price or number. This occurs most frequently with large orders placed on low-volume securities. Keep in mind that there must be a buyer and seller on both sides of the trade for an order to execute.
Market Open Conditions
If a market maker starts trading later than market open, you may see delays in your order getting filled. Also, if trading volatility is high, it might prevent the order from filling immediately once the market opens.
When it comes to options, listed equity options don’t begin trading until trading has begun at the primary listing exchange for the underlying stock. This is most common for NYSE symbols, where the opening auction may not occur until a few minutes after 9:30 AM EST.
During extended trading hours (9–9:30 AM and 4–6 PM EST), orders may not fill due to lower volume and wider price spreads when compared to normal trading hours (9:30 AM–4 PM EST). Some stocks may also have limited tradability during extended trading hours.
Limited Support at Execution Venues
Orders that exceed certain price or quantity thresholds may not be supported by our venues. When a stock is no longer supported on Robinhood, we go ahead and cancel any pending orders for you.
Limit or Stop Price Hasn’t Been Reached
If your stop or limit price hasn’t been reached, your order will remain pending until there’s a buyer or seller willing to trade at your specified price. Keep in mind, the price displayed on the Robinhood app is the last trade price, not the price at which shares are currently available. This means that if there are no shares currently available at your limit price, your trade may not execute—even if your limit price is the same as the price displayed.
Limit Price Reached, but Order Not Filled
The success of your limit order isn’t necessarily due to time and price priority on the markets. The order fill rate depends on a number of elements, like market volatility, size and type of order, market conditions, and system performance.
Unstable Market Conditions
When there is a massive price drop or spike and no purchases or sales, respectively, a market order may not be filled. While rare, this can occur when there are market halts for price volatility.
Orders placed on the day of an IPO may not always fill due to increased trading volatility. Also, stocks on the day of their IPOs are often more volatile than mature stocks, which can affect order fills for limit orders. Your limit order may not be filled if the limit price is at or above the displayed price, due to price fluctuations.
Collared Market Buy Orders
All market buy orders are placed as limit orders with a 5% collar for equities, such as stocks and ETFs. This means that if the price of the equity moves 5% higher than the market price at which you placed your order, it won’t execute until it comes back within the 5% collar. Market sell orders for equities are not collared.
If you submit an order for equities during pre-market or extended-hours trading, we use the last trade price to determine the collared amount. This means that if the stock was last traded at 5% above the collar, your order won’t be executed until the stock falls back within the collar. Your order will be canceled at market close if the order goes unfilled.
Tip: If your buying power is within 5% of the total cost of your market order, you may not be able to place a market order. You can place a limit order instead to avoid the collar.
Note: All market orders for equities, if filled, receive the National Best Bid and Offer (NBBO) price because our executing brokers are bound by U.S. Securities and Exchange Commission Regulation NMS.