Why hasn't my order been filled?
There are a few reasons why your stock orders might not have been filled yet.
Your order won’t be filled if there aren’t enough shares available at the specified price or number. This occurs most frequently with large orders placed on low-volume securities. Keep in mind that there must be a buyer and seller on both sides of the trade for an order to execute.
If a market center starts trading later than market open, you may see delays in your order getting filled. Also, if trading volatility is high, it might prevent the order from filling immediately once the market opens.
When it comes to options, listed equity options don’t begin trading until trading has begun at the primary listing exchange for the underlying stock. This is most common for NYSE symbols, where the opening auction may not occur until a few minutes after 9:30 AM ET.
During extended trading hours, orders may not fill or have limited tradability due to additional risk associated with lower volume and wider price spreads when compared to normal trading hours (9:30 AM–4 PM ET). Please note that the list of symbols eligible to be traded fractionally may differ from the list of symbols eligible to be traded through whole-share orders.
Orders that exceed certain price or quantity thresholds may not be supported by our venues. When a stock is no longer supported on Robinhood, we go ahead and cancel any pending orders for you.
If your stop or limit price hasn’t been reached, your order will remain pending until there’s a buyer or seller willing to trade at your specified price. Keep in mind, the price displayed on the Robinhood app is the last trade price, not the price at which shares are currently available. This means that if there are no shares currently available at your limit price, your trade may not execute—even if your limit price is the same as the price displayed.
The success of your limit order isn’t necessarily due to time and price priority on the markets. The order fill rate depends on a number of elements, like market volatility, size and type of order, market conditions, and system performance.
When there is a massive price drop or spike and no purchases or sales, respectively, a market order may not be filled. While rare, this can occur when there are market halts for price volatility.
Orders placed on the day of an IPO may not always fill due to increased trading volatility. Also, stocks on the day of their IPOs are often more volatile than mature stocks, which can affect order fills for limit orders. Your limit order to buy may not be filled even if the limit price is at or above the displayed price, due to price fluctuations.
At Robinhood, most market buy orders for equities (such as stocks and ETFs) are converted to limit orders with a 5% collar. This means that if the market price of the equity moves higher than 5% above the last trade price when you placed your order, it won’t execute until the market price comes back within the 5% collar. For a view of which market orders are collared, refer to this chart:
Will my market order be collared?
|Market session||Pre-market||Market hours||After-hours|
|ET||7–9:30 AM||9:30 AM–4 PM||4–8 PM|
|Share-based market buys||✔||✔||✔|
|Share-based market sells||✔||✔|
|Dollar-based market buys||✔||✔|
|Dollar-based market sells||✔||✔|
You can learn more about placing market orders by checking out our Market Order article.
If your buying power is within 5% of the total cost of your market order, you may not be able to place a market order. You can place a limit order instead to avoid the collar.
Market orders for equities, if filled during regular market hours, are generally executed at the National Best Bid and Offer (NBBO) price or better because our executing brokers are bound by U.S. Securities and Exchange Commission Regulation NMS.
IPOs can be risky and speculative investments, and may not be appropriate for every investor. Learn more.
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. Supporting documentation for any claims, if applicable, will be furnished upon request.