Extended Hours Trading
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Extended hours trading sessions
Outside of the regular U.S. exchange market hours of 9:30 a.m. to 4:00 p.m. U.S. ET, Schwab offers extended pre-market and after-hours trading sessions on all of our platforms. Additionally, extended + overnight (24/5) trading of over 800 equities is available on any thinkorswim platform, including many stocks in the S&P 500, Nasdaq 100, and Dow 30.
Pre-market session: 7:00 a.m. to 9:25 a.m. U.S. ET
Orders eligible for pre-market execution must be placed between 8:05 p.m. (previous trading day) and 9:25 a.m. ET.
After-hours session: 4:05 p.m. to 8:00 p.m. U.S. ET
Orders eligible for after-hours execution must be placed between 4:05 p.m. and 8:00 p.m. ET.
Extended + overnight sessions: 13- or 24-hour continuous
Orders eligible for continuous execution during extended hours (7:00 a.m. to 8:00 p.m. U.S. ET) and extended + overnight hours (24 hours) can be placed at any time exclusively on thinkorswim.
Potential benefits and drawbacks of trading outside regular U.S. exchange hours
Potential benefits
Flexibility to trade on your schedule
Extended hours trading provides added access, flexibility, and convenience for investors to place trades outside regular U.S. exchange hours—convenient for investors who want the freedom to trade on their own schedule.
Ability to react in real time to news and events
Extended hours trading lets investors respond immediately to late-breaking news—whether it's earnings announcements, global market movements, or unexpected events—so investors don't have to wait until the next day's open and risk missing meaningful price swings.
Potential drawbacks
Variable or lower liquidity
Liquidity can be limited outside regular hours, leading to wider spreads between bid (highest buyer offer) and ask (lowest seller offer) prices. All extended hours sessions may face low liquidity or sudden volume spikes, impacting execution and price stability.
Uncertain prices
In extended hours, quote prices may only reflect one trading venue, potentially differing from other quote systems for the same security. Additionally, foreign markets opening or closing can temporarily affect pricing.
Lack of calculation of index value
During extended hours, some index-based products may lack updates to their underlying index values, as these are typically calculated during regular trading hours.
Regular market vs. extended and overnight hours sessions for equities
Regular market vs. extended and overnight hours
| Regular market hours trading sessions | Extended hours trading sessions | |
|---|---|---|
| Time | Orders can be placed at any time and will only be valid from 9:30 a.m. to 4:00 p.m. U.S. ET. | Orders in extended hours sessions can be placed outside of regular exchange market hours (9:30 a.m. to 4:00 p.m. U.S. ET) and are eligible for execution for the following times: For orders placed on Schwab.com, Schwab Mobile, and thinkorswim platforms: Pre-market: Orders placed between 8:05 p.m. (previous trading day) and 9:25 a.m. U.S. ET will be eligible for execution between 7:00 a.m. and 9:25 a.m. U.S. ET. After hours: Orders placed between 4:05 p.m. and 8:00 p.m. U.S. ET will be eligible for execution during that time period. Extended hours (13-hour continuous†): Orders placed anytime will be eligible for execution between 7:00 a.m. and 8:00 p.m. U.S. ET exclusively on thinkorswim. For orders placed on thinkorswim platforms: Extended + overnight (24- hour continuous†): Orders placed anytime will be eligible for execution 24 hours a day, each market day. Unless GTC is selected, orders expire at 8:00 p.m. U.S. ET each day. †Except for 5-minute closures that occur before and after regular exchange hours. |
| Trading venues | Trading occurs on exchanges like the New York Stock Exchange (NYSE) and Nasdaq and through a variety of venues, including market makers and other market centers. | Similar to regular market sessions, trading occurs on exchanges like the New York Stock Exchange and Nasdaq and through a variety of venues, including market makers and other market centers. |
| Order types | Many order types and conditions are accepted, including: market, limit, stop-limit, all-or-none, etc. | Only limit orders are accepted. |
| Time in force | Different timing choices are available, including Day, GTC, IOC, and FOK. | Different timing choices are available depending on the extended hours session and platform used: For Schwab.com and Schwab Mobile: Extended-hours a.m.: Pre-market Day order Extended-hours p.m.: After-hours Day order Extended Hours: 13-hour Day or GTC order (Day orders expire at 8:00 p.m. U.S ET each day.) For thinkorswim platforms: EXT AM: Pre-market Day order EXT PM: After-hours Day order EXT 13h: 13-hour continuous Day or GTC order (Day orders expire at 8:00 p.m. U.S. ET each day.) EXTO 24h: 24-hour continuous Day or GTC order (Day orders expire at 8:00 p.m. U.S. ET each day.) |
| Liquidity | In general, higher-volume trading activity means more liquidity and a greater likelihood of order execution. | Lower volume trading activity may result in lower likelihood of order execution, wider spreads, and greater price fluctuation. |
| Quotes | The quotes you receive are consolidated and represent the best available prices across all trading venues. | Quotes and fills are not consolidated and represent the current prices available through the market. As a participant in the extended hours trading network, the market may also offer access to prices available in other participating markets but not necessarily all venues open for extended hours trading. Best execution is not guaranteed. On thinkorswim platforms, mark, bid, ask, size, and level-2 quotes are shown. For EXTO (extended hours + overnight) orders, the last trade price is not displayed. |
Here's how to access extended hours quotes on Schwab platforms:
Schwab.com:
Use the Quick Quote feature at the bottom of the page to access extended hours quotes.
thinkorswim:
- View eligible securities for overnight trading by using Watchlists by selecting "Public" and then "24 Hour Trading" and looking for the 24 hour symbol in your Watchlists.
- Mark, bid, ask, size, and level-2 quotes are available.
- For EXTO (extended hours + overnight) trade orders, the Last price shown is the regular session closing price if the order is placed outside of regular session hours.
Schwab Mobile:
Search for symbols under the Trade tab on the Schwab Mobile app.
Frequently asked questions about extended hours trading
Because of limited trading activity in the extended hours, the difference, or spread, between available buy and sell orders is likely to be greater than during regular market hours. Higher spreads often result in more volatile prices. But remember, when you place an extended hours limit order, although there is no guarantee your order will be filled, you are ensured your limit order price or better if your order is executed. Trading after normal market hours comes with unique and additional risks, such as lower liquidity and higher price volatility. Your order may only be partially executed or not at all.
Currently, most listed securities are available for extended hours trading through Schwab. However, during any given extended hours session, certain securities may not trade due to a lack of trading interest.
The overnight trading session in thinkorswim is available for many of the most liquid stocks. You can view and monitor the securities eligible for overnight trading in thinkorswim using Watchlist. Open the Watchlist menu, select "Public," then select "24 Hour Trading" to load the symbol list.
Both limited trading activity and orders placed ahead of yours may reduce the likelihood of your order being filled. Remember, extended hours orders are only executed when there is a matching buy or sell order in the system. If there is no matching buy or sell order at your limit order price, your order will not be executed. It's important to note that orders filled in an overnight trading session will be immediately visible in thinkorswim, but you may see a delay in viewing them in your Schwab.com transaction history.
Yes, the extended hours session functions independently from the regular market session. Orders for the regular market can be placed anytime before, during, or after the extended hours sessions. Clients should select the appropriate order timing based on which trading session they want.
A new trading day begins at 8:00 p.m. U.S. ET, the same time that the overnight trading session opens. For example:
A buy order executed at 8:01 p.m. U.S. ET with a corresponding sell order executed at 7:59 p.m. U.S. ET the next calendar day is counted as a day trade.
A buy order executed at 7:59 p.m. U.S. ET followed by a sell order executed at 8:01 p.m. U.S. ET is not counted as a day trade.
Extended hours trading sessions are completely independent from the regular trading sessions, and you must specify which type of trading session (regular or extended) you intend for your order.
Equity orders placed during regular hours using "Day + Extended" on Schwab.com will carry over into that day's extended hours session. Stop orders will not be eligible for execution during an extended hours session.
Extended hours orders must be placed during an extended hours trading session on Schwab.com, Schwab Mobile, thinkorswim, or by calling 1-415-667-7870 and asking for an extended hours trading representative.
The overnight trading session is available exclusively on thinkorswim trading platforms. Log in to thinkorswim and select EXT (pre-market and after-market) or EXTO (extended hours + overnight trading) to place an overnight trading session order. Only select securities qualify for an extended hours overnight session. Please make sure to specify EXT or EXTO when placing the order. These orders must be placed on thinkorswim.
To view all securities eligible for overnight trading, open the Watchlist menu, select "Public," then select "24 Hour Trading" to load the symbol list.
Connect with our trading specialists for help with your strategy, placing trades, and getting the most out of your platform.
Call 1-415-667-7870 for assistance or connect directly with our specialists through our in-platform chat.
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