A limit order will only be executed if options contracts are available at your specific limit price or better.

With a buy limit order, you can set a limit price, which should be the maximum price you want to pay for a contract. The contract will only be purchased at your limit price or lower.

With a sell limit order, you can set a limit price, which should be the minimum amount you want to receive for a contract. The contract will only be sold at your limit price or higher.

If the market is closed, the order will be queued for market open. Just like other option orders, these orders won’t execute during extended or overnight hours.

Keep in mind, limit orders aren't guaranteed to execute. The trade needs both a buyer and a seller. If the market doesn’t have enough contracts at your limit price, the entire order may take multiple trades to fill, or may not fill at all.