Limit Order - Options
A limit order will only be executed if options contracts are available at your specific limit price or better. Due to high volatility in the options market, Robinhood requires you to set a limit price for all options trades.
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 will not execute during extended hours.
Keep in mind, limit orders aren't guaranteed to execute. There has to be a buyer and seller on both sides of the trade. If there aren't enough contracts in the market at your limit price, it may take multiple trades to fill the entire order, or the order may not be filled at all.