Why Has My Order Not Been Executed in the 24-Hour Market?
A 24-Hour Market order only executes when three conditions are met at the same time. First, another party has to be willing to buy or sell at the same price, so the liquidity has to be there. Second, the stock has to be actively traded in that particular 24-hour session rather than simply eligible for it. Third, your order has to sit within a reasonable market price range — a marketable limit — rather than at a level the market is nowhere near. If any of those three is missing, the order will not fill and instead remains pending until its time runs out or it is cancelled automatically. Because every extended-session order uses DAY validity, that expiry comes at the end of the session cycle rather than days later.
- Condition one: another party must be willing to buy or sell at the same price, so the liquidity has to be available
- Condition two: the stock has to be actively traded in that particular 24-hour session, not simply eligible for it
- Condition three: your order has to sit within a reasonable market price range — a marketable limit
- If a condition is missing: the order stays pending rather than filling
- How it ends: the order expires when its time runs out, or is cancelled automatically
- When that happens: at the end of the session cycle, because every extended-session order uses DAY validity
Related questions:
Q: My limit price looks reasonable, so why is nothing happening?
A price can look reasonable and still be away from where the market is actually trading in that session. Extended sessions are thin, so the range of prices being quoted can be narrower or different from the Regular Market close you may be comparing against. If nobody is offering at your level, the order simply waits until it expires. Comparing against live session prices is more useful than against the close.
Q: What does "actively traded in that session" mean?
Carrying the "24" marking makes a stock eligible for the extended sessions, but eligibility is not the same as activity. A stock can be eligible and still see very little trading in a particular Overnight or Post-Market session, and with no counterparties present in that window there is nothing for your order to match against. Eligibility opens the door; activity is what actually fills the order.
Q: How long will my order stay pending?
Until the end of the session cycle at 08:00 WIB, or 07:00 WIB during Daylight Saving Time, at which point it expires automatically because extended-session orders use DAY validity. Any USD balance reserved for it is returned to your account, and you can place a fresh order in the next cycle if you still want the position. No fee is charged for the expiry itself.
Q: Should I move my price to get filled?
You can cancel the pending order and place a new one at a different limit price, but bear in mind that the limit is your protection in a thin market. Moving it aggressively to force a fill gives up the safeguard that makes Limit-only trading appropriate for the extended sessions in the first place, so weigh that carefully. Cancelling and waiting for the next cycle is often the better call.