Traders using platforms like Scalper often observe that some of their Market Orders remain listed as ‘Open’ even though they were entered on a Market Order. This commonly happens when liquidity is low, especially on far Out-of-The-Money (OTM) or Close-To-The-Money (CTM) options and near expiration. In this case, the order is simply being held open until either filled or canceled based on market conditions.

Types of ‘Open’ Market Orders

Market-on-Open (MOO) Orders: This type of order is placed with the intent of filling at the market’s open price. The trader will place this order before the market opens and it will remain ‘open’ until the 3:28 PM.

For example, if a trader knows news will be released just after market close, which they expect will push price movement, they will place an MOO order to be able to act as the first opportunity to buy on the next day’s opening.

Standard Market Orders: These will show as ‘open’ if entered before the market opens. They remain in the system until trading opens, and if no price movement occurs, they will then execute at the best available price once the market opens.