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’ll be able to trade during pre-market and after-hours sessions.
Pre-market will be available 2.5 hours earlier, starting at 7 AM ET. After-hours trading continues for 4 more hours, until 8 PM ET. That’s an extra six and a half hours of trading, every single day.
Here's the breakdown:
During the extended-hours session, the price displayed on a stock’s Detail page is the stock’s real-time price. Orders made outside market hours and extended hours trading are queued and fulfilled either at or near the beginning of extended hours trading or at or near market open, according to your instructions.
Please note that certain markets do support broader extended hours.
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 the regular-hours session. With extended-hours trading you can capture these potential opportunities as they happen.
Activity in Foreign Markets
Foreign markets—such as Asian or European markets—can influence prices on U.S. markets. Activity on these markets happens outside core US market hours, and extended-hours trading allows you to capture potential opportunities around these events.
Not all securities are eligible for fractional trading during the extended-hours sessions. If a security is not eligible, you may either place an order for whole shares or queue your fractional order for the opening of the next regular market hours session (9:30 AM ET). Robinhood reviews the list of eligible securities on an ongoing basis and eligibility is determined based on liquidity conditions.
Market orders placed during an extended-hours session (7–9:30 AM or 4–8 PM ET), including fractional orders, are converted to limit orders with a limit price set at 5% away from the last trade price at the time the order was entered. That means that, for buy orders, the limit price is set at 5% higher than the last trade price, and for sell orders, the limit price is set at 5% lower than the last trade price. This is called market order collaring. If the market price stays outside the limit price (higher than the limit price for a buy order or lower than the limit price for a sell order), the order will remain pending and cancel at the end of the after-hours session.
Limit Orders You can choose to make your limit order valid through all hours (regular and extended) or only during regular market hours. If the stock is available at your target limit price and lot size, the order will execute at that price or better.
Stop Orders Stop orders won’t execute during extended-hours sessions. The stop limit and stop loss orders you place during extended hours will queue for the opening of regular market hours on the next trading day.
Trailing Stop Orders Trailing stop orders won’t execute during extended-hours sessions. The trailing stop orders you place during extended hours will queue for the opening of regular market hours on the next trading day.
Time-in-Force A Good-for-Day (GFD) order placed to execute only during regular market hours will automatically expire at the end of the regular-market-hours session. Any GFD order placed while all sessions are closed are queued for the opening of regular market hours or extended hours, based on your selection, on the next trading day.
A Good-til-Canceled (GTC) order will expire/be systematically canceled in 90 business days if not executed or canceled. GTC orders placed to execute only during regular market hours do not remain active during the extended hours sessions. They are re-sent daily for the regular-market-hours session (until executed, canceled, or 90 business days have passed).
You should consider the following points before engaging in extended hours trading.
Risk of Lower Liquidity. 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 hours as compared to regular market hours. As a result, your order may only be partially executed, or not at all.
Risk of Higher Volatility. 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 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 extended hours trading than you would during regular market hours.
Risk of Changing Prices. The prices of securities traded during extended 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 engaging in extended hours trading than you would during regular market hours.
Risk of Unlinked Markets. Depending on the extended hours trading system or the time of day, the prices displayed on a particular extended hours trading system may not reflect the prices in other concurrently operating extended hours trading systems dealing in the same securities. Accordingly, you may receive an inferior price in one extended hours trading system than you would in another extended hours trading system.
Risk of News Announcements. 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. In extended hours trading, these announcements may occur during trading, and if combined with lower liquidity and higher volatility, may cause an exaggerated and unsustainable effect on the price of a security.
Risk of Wider Spreads. 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 hours trading may result in wider than normal spreads for a particular security.
Extended Hours Trading Order Types and Expiration Settings. You may place only unconditional limit orders and typical Robinhood Financial Market Orders.
You can learn more by checking out our Extended-Hours Trading Disclosure.
Learn more about how the stock market works here.
Content is provided for informational purposes only, 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.