Order queueing is used when an order cannot be sent to the broker when the market is closed and TradersPost will queue these orders to be sent at the next market open.
TradersPost will queue strategy signal trades for the next market open in the following scenarios.
- If the trade plan has both an exit and entry order. This is necessary because we have to wait for the exit order to fill before being able to submit the entry order. If we submit the market exit order when the market is closed, the order will never fill or may be rejected by the broker.
- If the trade plan has an exit or entry order, they are non-extended hours orders and the broker is a broker that reject non-extended hours orders instead of queueing them for the next market open.
When a trade is queued for the next market open, it will look like the following.
Queued trade for the next market open.
Alpaca doesn’t directly enforce any timing rules. They simply accept all orders and then route them to one of several execution partners. Each partner has slightly different rules. Some of these partners may reject non extended hours orders in extended hours after Alpaca accepts the order and sends it to the partner. This means that non extended hours orders sent in extended hours may get rejected but not always. Because of this, we will queue these trade orders and send them to Alpaca at the start of the next market open.