A limit order will only be executed if options contracts are available at your specific limit price or better.

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.

Keep in mind, limit orders aren't guaranteed to execute. The trade needs both a buyer and a seller. If the market doesn’t have enough contracts at your limit price, the entire order may take multiple trades to fill, or may not fill at all.

Options trading entails significant risk and is not appropriate for all customers. Customers must read and understand the Characteristics and Risks of Standardized Options before engaging in any options trading strategies. Options transactions are often complex and may involve the potential of losing the entire investment in a relatively short period of time. Certain complex options strategies carry additional risk, including the potential for losses that may exceed the original investment amount.