I was trying to submit an Overnight sell order (24/5 Trading) for the ticker “UPST” today, after verifying that this ticker is a supported overnight_tradable ticker. After submitting, the order received a 200 HTTP response code, however the order later showed a “rejected” status message. Could you please help investigate why this is happening? I think I met all the pre-requisites to submit the order correctly, as several other sell orders I placed in the same way are working correctly, while several others have this issue. The order id is “a20016bc-b778-476f-8a9c-962e915d562e”.
One thought I had was if I already had a sell order placed in the previous trading day, which expired at 8pm EST, and then placed a new sell order here at 8:01:54pm, perhaps the Alpaca backend journal was not able to process the previous cancellation in time which resulted in no shares available to be sold? Or maybe the overnight_tradable set is incorrect regarding this ticker? Please let me know if you need any other info. Thanks!
@velocity_king_kong This was a sell order with a limit price of 35.16. At the time this order was received, the bid price was 26.17. Your limit price was too far from the current bid. That is why your order was rejected.
OrderSingle Reject : Invalid limit price 35.16. The price must be less than or equal to 31.40 (20% of 26.17)
Execution venues will reject orders if the limit price is too far from the current quote (believing you may have made an error in your order). Each venue uses different percentages. This venue, for example, uses 20%. To be safe, perhaps use 10%. Check the current quote before placing your order, and make sure your limit prices are within 10% of that. For sell orders, check the bid, and for buy orders, check the ask.
Thanks for this info! I was unable to see this error message on my side, as it looks like the rejection status came only after the order was submitted to the execution venue, rather than from Alpaca’s API. I recall seeing an older post from you suggesting that there may be a way in the future to pass through execution venue status messages through the API but this helps clear things up for now.
It is helpful to know the Blue Ocean overnight execution requires limit prices within 20% of the current trading price. Normal extended hours execution venues have a much higher percent range as the same order can be placed at 4am onwards without any issue.