Extended-hours trading
We’re giving you more time to trade the stocks you love.
Traditionally, the markets are open from 9:30 AM to 4 PM ET during normal business days. With extended-hours trading, you can also trade during our extended hours.
Extended hours give you an extra 6 ½ hours of trading, every single trading day:
During extended hours, the price shown on a stock's Detail page is the stock's last trade price on a Nasdaq exchange (the Nasdaq Stock Market, NASDAQ OMX BX, or NASDAQ OMX PHLX). Orders made outside market hours and extended-hours trading are queued for the start of the next regular market session, according to your instructions.
Earnings announcements: The companies you own shares of may announce quarterly earnings after the market closes. Depending on the outcome, the stock’s price can move much more than it would during regular market hours. With extended-hours trading, you can potentially capture these opportunities as they happen.
Activity in foreign markets: Foreign markets, such as Asian or European markets can influence prices on U.S. markets. The extended or overnight trading sessions allow you to potentially capture opportunities around events in these other markets.
There are also risks to extended-hours or overnight trading. Check out Risk factors to consider for more details.
Not all securities are eligible for fractional trading during extended hours. If a security is not eligible, you can either place an order for whole shares or queue a fractional order for the start of regular market hours (9:30 AM ET).
Only whole share orders are available for a limited number of securities during overnight hours.
Robinhood reviews the list of eligible securities on an ongoing basis and eligibility is determined based on liquidity conditions.
Our venues don’t support market orders during extended or overnight trading. Market orders placed during regular market hours expire at the end of regular market hours. Market orders placed during an extended-hours session (7 AM–9:30 AM or 4 PM–8 PM ET) will be queued for the opening of regular market hours unless they are subject to collaring, as described in the following note. Market orders placed during the overnight session (8 PM-7 AM ET), or when all sessions are closed, will be queued for the opening of regular market hours.
NOTE: We’re currently phasing out market order collaring. If you’re using a version earlier than 2023.6.0 of the Robinhood app, your market order may be collared. To avoid market order collaring, update your app to the latest version. If you’re on the latest app version and still seeing collared market orders, this experience might not be available to you yet.
If your market orders are subject to collaring and are placed during an extended-hours session, they’re converted to limit orders with a limit price set at 5% above (for buy orders) or below (for sell orders) the last trade price on a Nasdaq exchange at the time the order was entered. This includes fractional shares. If the market price stays outside the 5% collar, the order will remain pending and will be canceled at the end of the after-hours session.
If your market orders are subject to collaring and are placed during regular market hours, they’ll expire at the end of regular market hours, regardless of whether they’re converted to limit orders.
If your market orders are subject to collaring and are placed while all sessions are closed or during overnight hours, they’ll be queued for the opening of regular market hours, regardless of whether they’re converted to limit orders.
We generally cancel fractional orders (including share-based orders that include a fractional share) if they’re unexecuted after 5 minutes of being eligible for execution.
For limit orders where you set the limit price, you specify which trading session (Market, Extended, or 24 Hour Market) your order is valid for. A limit order will execute at its limit price or better.
Good-for-Day (GFD) limit orders placed with an instruction to execute during regular market hours will expire at the close of regular market hours that day. GFD limit orders placed with an instruction to execute during extended hours will expire at the end of the last extended-hours session that day.
Good-til-Canceled (GTC) limit orders placed with an instruction to execute during regular market hours or extended hours remain active through the regular or extended-hours sessions, respectively, until it’s executed in the market, or until you cancel it. GTC Limit Orders expire after 90 calendar days.
Limit orders with preset limit prices placed during regular market hours will expire at the end of regular market hours. If placed during an extended-hours session, and if the symbol is tradable during extended hours, these orders expire at the end of the last extended-hours session that day. If placed during extended hours, and if the symbol is not tradable during extended hours, these orders are queued for regular market open.
Limit orders with preset limit prices placed while all sessions are closed or during the overnight session are queued for the start of the next regular market trading session. Keep in mind that a limit order won’t execute if it can’t be filled at the limit price or better.
We generally cancel fractional orders (share-based orders that include a fractional share) if they’re either limit orders with preset limit prices but are still unmarketable or unexecuted after 5 minutes of being eligible for execution.
Stop orders won’t execute during extended or overnight hours. The stop limit and stop loss orders you place during extended or overnight hours will queue for the opening of regular market hours on the next trading day.
Trailing stop orders won’t execute during extended or overnight hours. The trailing stop orders you place during extended or overnight hours will queue for the opening of regular market hours on the next trading day.
You should consider the following points before engaging in the extended or overnight trading sessions.
Liquidity refers to the ability of market participants to buy and sell securities. Generally, the more orders that are available in a market, the greater the liquidity. Liquidity is important because with greater liquidity it is easier for investors to buy or sell securities, and as a result, investors are more likely to pay or receive a competitive price for securities purchased or sold. There may be lower liquidity during extended or overnight hours as compared to regular market hours. As a result, your order may only be partially executed, or not at all.
Volatility refers to the changes in price that securities undergo when trading. Generally, the higher the volatility of a security, the greater its price swings. There may be greater volatility during extended or overnight hours than during regular market hours. As a result, your order may only be partially executed, or not at all, or you may receive an inferior price when engaging in trading during extended or overnight hours as compared to regular market hours.
The prices of securities traded during extended or overnight hours may not reflect the prices either at the end of regular market hours, or upon the opening of regular market hours on the next trading day. As a result, you may receive an inferior price when trading during extended or overnight hours as compared to regular market hours.
Depending on the extended or overnight trading system or the time of day, the prices shown on a particular trading system may not reflect the prices in other concurrently operating trading systems dealing in the same securities. Accordingly, you may receive an inferior price when comparing prices between the different trading systems that could be used during extended or overnight hours.
Normally, issuers make news announcements that may affect the price of their securities after regular market hours. Similarly, important financial information is frequently announced outside of regular market hours. Announcements that occur during extended or overnight trading hours, and if combined with lower liquidity and higher volatility, may cause an exaggerated and unsustainable effect on the price of a security.
The spread refers to the difference between the price at which a security can be purchased and the price at which it can be sold. Lower liquidity and higher volatility in extended or overnight trading may result in wider than normal spreads for a particular security, which in turn can cause you to receive an inferior price.
You can learn more in Extended-Hours Trading Disclosure.
Learn more about how the stock market works in What is the Stock Market?
Fractional shares are not liquid outside of Robinhood and not transferable. For a complete explanation of conditions, restrictions and limitations associated with fractional shares, review Fractional Shares section in our Customer Agreement.
Content is provided for informational purposes only, which does not constitute investment advice, and is not a recommendation for any security or trading strategy. All investments involve risk, including the possible loss of capital. Past performance does not guarantee future results.