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Interactive Options Course
Lesson 15 of 16
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A Market-on-Close or MOC orders are a type of market order that aims to execute a trade as close as possible to the closing price of the trading day. MOC orders are used to achieve the last possible price of that trading day, often in anticipation of potential price movements on the next trading day.
The order panel in IBKR Desktop can be populated by either clicking on a symbol in the Portfolio or Watchlist screens or typing in a symbol in the search bar. Once the symbol is selected the investor can click “Buy” or “Sell” to create an order window. In this example the investor chooses to create a “Buy” order and can select the quantity. Note that fractional shares are not supported. The investor chooses 100 shares. Directly below are three order types; Limit, Market, and Stop. The investor clicks on “Stop” and scrolls to “Market on Close”, the line below automatically changes from a value to Market. Because this is a Market order there is no need to change the Time-in-Force field.
When the investor is satisfied with the order inputs, they can either click on “Preview” to see a breakdown of the order as well as its effect on margin, “Save” to save the order to be transmitted later, or “Transmit” to send the order. The investor chooses “Preview”, and the Order Preview window appears. Once satisfied they click “Transmit” to send the order.
Please note that the Nasdaq stops accepting MOC orders at 3:55 pm ET and NYSE stops accepting MOC orders at 3:50 pm ET. Please see each exchanges website for more details.
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The analysis in this material is provided for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IBKR to buy, sell or hold such investments. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.
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The order types available through Interactive Brokers LLC's trading platforms are designed to help you limit your loss and/or lock in a profit. Market conditions and other factors may affect execution. In general, orders guarantee a fill or guarantee a price, but not both. In extreme market conditions, an order may either be executed at a different price than anticipated or may not be filled in the marketplace.
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how to set up market on close if using bulk order CSV file? what should we put in the ‘Strike’ column?