Using Market Data
A security’s market price refers to the price of the most recent trade for that security. Depending on the time of day, Robinhood partners with either Nasdaq Last Sale or BOATS (8 PM-4 AM ET) to get the real-time last sale prices.
Our app will show you the equivalent Greenwich Mean Time (GMT) or British Summer Time (BST) that matches up with the US Eastern times for trading hours. For example, 9:30 AM ET is 5 hours behind GMT and BST, so it'll be 2:30 PM GMT or BST.
With more liquidity than any other US exchange, the Nasdaq is one of the most accurate sources for real-time trade data.
You can find consolidated real-time market data by selecting Market Price on the trade entry screen for share-based orders. Consolidated real-time market data includes the last sale, best bid, and best ask price across all US exchanges. Each quote includes the price, quantity of shares, and the exchange on which it’s available.
Real-time market data provides insightful information into the supply and demand for a stock just before you place a trade.
US Federal regulations require that your orders be filled at the National Best Bid or Offer (NBBO), which is the best available bid (for sell orders) or the best available ask (for buy orders) at the time your trade is executed.
When setting the limit price for a limit order, you may see a bid and ask. This quote may be a Nasdaq Bid and Ask, or QBBO, and if so, will be labelled accordingly. During overnight hours, quotes will come from BOATS (Blue Ocean Alternative Trading System).
To view a consolidated quote, select the select ? (the question mark) next to bid and ask. We also show you a consolidated quote in the Order Summary, before you submit an order.
You’ll notice that the bid price is almost always lower than the ask price. The difference between the bid and ask price is called the bid/ask spread. The bid/ask spread is an indication of supply and demand:
Be sure to consider the bid/ask spread when setting the limit price:
There are additional, unique risks with trading outside of regular market hours that you should be aware of before making an investment decision, including the risk of lower liquidity, increased volatility, greater spreads, and pricing uncertainty.
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