Trading with Robinhood Legend
You can enter trades in seconds from your watchlist, chart, options chain, ladder, or positions widget. Just double check that you’re trading in the intended account. You can switch between accounts by clicking your account icon at the top right.
Depending on how you open an order form, it may contain preset order details. You can always edit your order before submitting a trade.
Preset order details are not a trading recommendation.
Trading from the chart widget
You can place trades from a few different places in your chart widget:
Select Buy or Sell (if you have a position) in the upper-left corner to populate the order form.
Select the + icon on the right side of the chart:
- If above the current price, select Buy stop to place a buy stop market order (stop limit order for options)
- If above the current price, select Sell limit to place a sell limit order
- If below the current price, select Buy limit to place a buy limit order
- If below the current price, select Sell stop to place a sell stop market order (stop limit order for options)
Right-click on any point in the chart:
- If above the current price, select Buy stop to place a buy stop market order (stop limit order for options)
- If above the current price, select Sell limit to place a sell limit order
- If below the current price, select Buy limit to place a buy limit order
- If below the current price, select Sell stop to place a sell stop market order (stop limit order for options)
If you have an open order, you can cancel or replace that order by selecting it right from the chart to populate the order form.
If you have a position in an asset, it’ll show a pill with your open quantity and P&L plotted with its average cost. Click and drag the pill to update your desired limit or stop order.
For crypto orders, the click and drag and auto-replace features aren’t currently available. You’ll need to separately cancel a crypto order, and then replace it with a new order.
The order form will default to the price you clicked, but you can edit this before submitting the trade.
Trading from the ladder widget
You can also trade assets from your ladder widget:
On the ladder widget, buy actions appear on the left and sell actions appear on the right.
The Buy MKT and Sell MKT buttons at the bottom of the page allow for quickly placing market orders, while limit (LMT) and stop (STP) order options appear by selecting a specific contract price in the middle column.
Selecting the LMT or STP buttons that appear along the y-axis will initiate limit and stop orders respectively.
To change the price of a pending order, click and drag the LMT/STP pills up or down to your desired price. This cancels the existing order and replaces it with a new order with the updated price you selected.
You can’t switch order types by dragging an order. If you drag an order past the market price, it won’t switch the order type from a limit to stop order or vice versa. Instead, the order may become marketable and execute at the next available price, or may be rejected by the exchange.
The exit and cancel all button (circle with a line through it in the upper right) can be used to close all open positions and cancel all pending orders in the selected symbol. When the button is selected, a market order is placed to close any open positions. Simultaneously, any pending orders are canceled.
If auto-send (lightning bolt icon) is turned on, you will skip the order confirmation screens. This increases the chance of accidental trades—so make sure it’s the right fit for your trading style before turning it on.
Trading from the options chain
To place an options order from the options chain widget, select a bid or ask price for the contract you want to trade. This will populate the order form. To add more legs, just click the bid or ask on another contract and it will automatically be added to your order form.
- Selecting a bid sets the order form to sell.
- Selecting an ask sets the order form to buy.
- You can add up to 4 legs to a single order.
For multi-leg trades, you can also review the current mark price for each of your legs, and edit your legs ratio.
Trading from the watchlist widget
To place a trade, hover over a row and select Trade to place a limit order. You can also right-click on the row to select Trade.
Depending on the scenario, the form will be set as either a limit, market, or stop market order (stop order for futures). From there, you can choose another order type, decide whether you want to buy or sell, and edit the rest of your order details.
Trading from the positions widget
To place a trade, hover over a position and select trade. You can also right-click on a position to enter the order form.
For options positions:
- Select Close to place an order to close your position
- Select the three vertical dots then Set stop to place a stop market order. This option will also appear if the widget is wide enough.
- Select the three vertical dots then Set limit to place a limit order
- Select the three vertical dots then Increase position to place an order that will add to your current position
- Select the three vertical dots then Exercise to exercise your option. Note: Index options cannot be exercised or assigned early
Once an order form opens, you can select your order type, decide whether you want to buy or sell, and edit the rest of your order details.
Trading from the snapshot widget
To place a trade from the snapshot widget, select Buy or Sell to populate the order form. You can then modify your desired fields before executing the order.
Managing orders from the recent orders widget
To cancel an open or partially filled order, hover over an order row in your recent orders widget and select Cancel. You can also right-click on a position to find this option.
To replace an open order, select the three vertical dots on an order row in your recent orders widget (or right-click) and select Replace. This option will also appear if the widget is wide enough.
Buying power
You can review your available buying power for trading by clicking the account icon. Buying power will then appear in the right hand panel. For details about your buying power, check out Settlement and buying power. For details about your futures-specific buying power, check out Get started with a futures account.
Disclosures
All investments involve risk and loss of principal is possible.
While there is no additional cost to use Legend, there are other fees associated with your individual investing account and crypto account. Review RHF’s fee schedule and RHC’s fee schedule for more information. Robinhood Legend is only available to Robinhood investing customers.
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.
Robinhood doesn’t endorse or adopt any particular investment strategy or approach to evaluating individual securities or assets. Robinhood Legend use is for informational purposes only and is not a recommendation of any security, investing or trading strategy.Some of the capabilities of Robinhood Legend may be different or absent from what is offered via the Robinhood mobile app or Robinhood classic. Please be sure to understand these differences and what might work best for you.
Robinhood Financial LLC (member SIPC), is a registered broker dealer. Robinhood Securities, LLC (member SIPC), is a registered broker dealer and provides brokerage clearing services.
Cryptocurrency services are offered through an account with Robinhood Crypto, LLC (“RHC”) (NMLS ID: 1702840). Robinhood Crypto is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Please review a list of RHC's licenses for more information. Cryptocurrency held through Robinhood Crypto is not FDIC insured or SIPC protected.
Futures, options on futures and cleared swaps trading involves significant risk and is not appropriate for everyone. Carefully consider if it's appropriate for you based on your personal financial circumstances.
Read the Futures Risk Disclosure Statement prior to trading futures products, and read the Event Contracts Risk Disclosure for more information about the risks associated with event contracts.
Futures, options on futures, and cleared swaps trading is offered by Robinhood Derivatives, LLC, (“RHD”) a registered futures commission merchant with the Commodity Futures Trading Commission (CFTC) and Member of National Futures Association (NFA).
RHD accounts are not protected by the Securities Investor Protection Corporation (SIPC) and are not Federal Deposit Insurance Corporation (FDIC) insured.
Prior to trading virtual currency Futures products, please review the NFA Investor Advisory & CFTC Advisory providing more information on these potentially significant risks.