How to Participate in Nasdaq Opening Cross

[jftrader 10]

Hi all,

I have a burning question that I can’t seem to get a straight answer to and I’m hoping someone here with firsthand experience can help me out. I have a strategy using Nasdaq stocks that requires me to buy or sell at the opening print (the price shown as the open on Yahoo Finance). From what I understand from reading about the opening cross on Nasdaq’s website, I simply need to submit my buy or sell order prior to the 9:28 cutoff to participate in the opening cross. Is my understanding here correct? I have been attempting this using Interactive Broker’s paper trading account and I am not getting filled at the opening cross price. Is this because it’s simulated trading? I have not yet tried doing this in real time with real money. Using their Paper Trader I have tried using an OPG order and a regular day order, both submitted prior to the cutoff and neither have worked. They execute but not at the opening cross price. Does anyone here trade at the Nasdaq opening cross and if so where do you get filled and how do you do it? Also, what broker do you use? The stocks that I’m trading are high volume (>1M) and are active during the premarket so I don’t think liquidity is the issue.

 

Thanks in advance for the help!

[Do Or Die 10]

Hi,

 

Use LOO or MOO orders with SMART as routing option. A regular day order will not get you the exact opening price.

 

I've seen a lot of open strategies but not sure on why you want to get the open price. For liquid stocks the opening imbalance is hard to exploit. You are welcome to discuss it at: http://www.traderslaboratory.com/forums/f25/getting-started-stocks-9918.html

 

DD