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 an Alternative Trading System (ATS) (during overnight hours) to get the real-time last sale prices.

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.

The price shown in consolidated real-time market data may be different from the market price shown on a stock’s detail page. The price on the stock detail page is sourced from a Nasdaq exchange (the Nasdaq Stock Market, NASDAQ OMX BX, or NASDAQ OMX PHLX) and there can be up to a 15-minute delay from what’s shown on the stock detail page during extended or overnight trading hours.

Note that there are no rules or protections prohibiting orders from executing at different prices on different trading venues during extended or overnight trading hours.

Keep in mind, our venues don’t support market orders during extended-hours trading. If your market order is placed outside of regular market hours, the order will be queued for the start of regular market hours on the next trading day.

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 an ATS.

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.

• The bid shows the highest price a buyer is willing to pay, the associated number of shares at that price, and the specific stock exchange that the quote comes from
• The ask represents the best offer from a seller on the market

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:

• A narrow bid/ask spread typically indicates a high demand
• A wide bid/ask spread generally means that fewer people are trading that security

Be sure to consider the bid/ask spread when setting the limit price:

• If you’re placing an order to buy, and you want your order to more likely execute, you can set it at the ask price or above
• If you’re placing an order to sell, and you want your order to execute more quickly, you can set it at the bid or below

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.