A Limit-on-Open (LOO) order combines a limit order with the OPG time in force to create an order that is submitted at the market's open, and that will only execute at the specified limit price or better. Orders are filled in accordance with specific exchange rules.
To palce a Limit-on-Open order from the Mosaic Order Entry panel:
- Enter or select a symbol and then click Buy or Sell
- Set the order size and select LMT as the order type
- Click in the Time in Force (TIF) field and choose OPG
- Complete the order parameters including the limit price as desired
- Hit SUBMIT.
Find out more on the Limit on Open orders page of the IBKR website.