Yes, it is possible to set a stop-loss on Questrade that triggers outside of Regular Trading Hours (RTH), but you must use a "Stop-Limit" order combined with the "Good til' extended market" (GTEM) duration.
Standard "Stop" (market) orders on Questrade are generally only valid during regular market hours and will not trigger on after-hours price movements.
Here is how to set up a stop-loss for outside RTH:
Steps to Set Outside RTH Stop Loss
- Select Stop-Limit: In the order entry window, change the order type from "Stop" to "Stop-Limit".
- Set Duration to GTEM: Change the duration to GTEM (Good til' extended market). This keeps your order active from 4:00 am to 8:00 pm ET, covering pre-market, regular, and post-market hours.
- Define Prices:
- Stop Price: The price at which your order becomes active.
- Limit Price: The lowest price you are willing to sell at (or highest for a buy-to-cover).
- Route: Ensure the route is set to AUTO or an appropriate ECN (NASDAQ, ARCA, BATS, or EDGX).
Critical Considerations
- No Regular Stop Orders: Standard stop-loss orders (which turn into market orders) do not work in pre-market or after-hours.
- Liquidity Risk: Extended hours have lower volume and higher volatility. A stop-limit order might not fill if the price drops too quickly, or you may get filled at a much worse price than expected due to wide spreads.
- Canadian Stocks: Questrade cannot place stop orders on Canadian exchanges; you must use a stop-limit order, and they are generally meant for U.S. markets for extended hours.
Alternative Strategy: Bracket Orders
If you are entering a new trade, you can use a Bracket Order on Questrade Edge Mobile or Desktop to simultaneously set your take-profit and stop-loss. Ensure the duration is set to GTEM to allow these to work outside RTH.
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