Regular market vs. extended and overnight hours sessions for equities
Here’s how to access extended hours quotes on Schwab platforms:
Regular market hours trading sessions | Extended hours trading sessions | |
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Time | Orders can be placed at any time and will only be valid from 9:30 a.m. to 4:00 p.m. ET. |
Orders in extended hours sessions can be placed outside of regular exchange market hours (9:30 a.m. to 4:00 p.m. ET) and are eligible for execution for the following times: For orders placed on Schwab.com, Schwab Mobile, and thinkorswim platforms: Pre-market: Orders placed between 8:05 p.m. (previous trading day) and 9:25 a.m. ET will be eligible for execution between 7:00 a.m. and 9:25 a.m. ET. After hours: Orders placed between 4:05 p.m. and 8:00 p.m. ET will be eligible for execution during that time period. Extended hours (13 hours continuous†): Orders placed anytime will be eligible for execution between 7:00 a.m. and 8:00 p.m. For orders placed on thinkorswim platforms: Extended + Overnight (24 hours continuous†): Orders placed anytime will be eligible for execution 24 hours a day, each market day. Unless GTC is selected, orders expire at 8:00 p.m. each day. †Except for 5-minute closures that occur before and after regular exchange hours.
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Trading venues | Trading occurs on exchanges like the New York Stock Exchange (NYSE) and Nasdaq and through a variety of venues, including market makers and other market centers. | Similar to regular market sessions, trading occurs on exchanges like the New York Stock Exchange and Nasdaq and through a variety of venues, including market makers and other market centers. |
Order types | Many order types and conditions are accepted, including: market, limit, stop-limit, all-or-none, etc. | Only limit orders are accepted. |
Time in force | Different timing choices are available, including Day, GTC, IOC, and FOK. |
Different timing choices are available depending on the extended hours session and platform used: For Schwab.com and Schwab Mobile: Extended hours a.m.: Pre-market Day order Extended hours p.m.: After-hours Day order Extended hours: 13-hour Day or GTC order (Day orders expire at 8:00 p.m. ET each day.) For thinkorswim platforms: EXT AM: Pre-market Day order EXT PM: After-hours Day order EXT 13h: 13 hours continuous Day or GTC order (Day orders expire at 8:00 p.m. ET each day.) EXTO 24h: 24 hours continuous Day or GTC order (Day orders expire at 8:00 p.m. ET each day.)
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Liquidity | In general, higher-volume trading activity means more liquidity and a greater likelihood of order execution. | Lower volume trading activity may result in lower likelihood of order execution, wider spreads, and greater price fluctuation. |
Quotes | The quotes you receive are consolidated and represent the best available prices across all trading venues. |
Quotes and fills are not consolidated and represent the current prices available through the market. As a participant in the extended hours trading network, the market may also offer access to prices available in other participating markets but not necessarily all venues open for extended hours trading. Best execution is not guaranteed. On thinkorswim platforms, mark, bid, ask, size, and level-2 quotes are shown. For EXTO (extended hours overnight) orders, the last trade price is not displayed.
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Frequently asked questions about extended hours trading
Because of limited trading activity in the extended hours, the difference, or spread, between available buy and sell orders is likely to be greater than during regular market hours. Wider spreads often result in more volatile prices. But remember, when you place an extended hours limit order, although there is no guarantee your order will be filled, you are ensured your limit order price or better if your order is executed. Trading after normal market hours comes with unique and additional risks, such as lower liquidity and higher price volatility. Your order may only be partially executed or not at all.
Currently, most listed securities are available for extended hours trading. However, during any given extended hours session, certain securities may not trade due to a lack of trading interest.
The overnight trading session in thinkorswim is available for many of the most liquid stocks and ETFs. You can view and monitor the securities eligible for overnight trading in thinkorswim using Watchlists. Open the Watchlists menu, select "Public," then select "24 Hour Trading" to load the symbol list.
Both limited trading activity and orders placed ahead of yours may reduce the likelihood of your order being filled. Remember, extended hours orders are only executed when there is a matching buy or sell order in the system. If there is no matching buy or sell order at your limit order price, your order will not be executed. It's important to note that orders filled in an overnight trading session will be immediately visible in thinkorswim, but you may see a delay in viewing them in your Schwab.com transaction history.
Yes, the extended hours session functions independently from the regular market session. Orders for the regular market can be placed anytime before, during, or after the extended hours sessions. Clients should select the appropriate order timing based on which trading session they want.
A new trading day begins at 8:00 p.m. ET, the same time that the overnight trading session opens. For example:
A buy order executed at 8:01 p.m. ET with a corresponding sell order executed at 7:59 p.m. ET the next calendar day is counted as a day trade.
A buy order executed at 7:59 p.m. ET followed by a sell order executed at 8:01 p.m. ET is not counted as a day trade.
Extended hours trading sessions are completely independent from the regular trading sessions, and you must specify which type of trading session (regular or extended) you intend for your order.
Equity orders placed during regular hours using "Day + Extended" on Schwab.com will carry over into that day's extended hours session. Stop orders will not be eligible for execution during an extended hours session.
Extended hours orders must be placed during an extended hours trading session on Schwab.com, Schwab Mobile, thinkorswim, or by calling 888-245-6864 and asking for an extended hours trading representative.
The overnight trading session is available exclusively on thinkorswim trading platforms. Log in to thinkorswim and select EXT (pre-market and after-market) or EXTO (extended overnight trading) to place an overnight trading session order. Only select securities qualify for an extended hours overnight session. Please make sure to specify EXT or EXTO when placing the order.
To view all securities eligible for overnight trading, open the Watchlist menu, select "Public," then select "24 Hour Trading" to load the symbol list.
Please call 800-435-4000 to talk to a trading specialist.