I believe this is a bug because when making orders via API, 4 decimal places are allowed for stocks under 1 dollar.
Hi @Vincent_Perkins able to share the request params of the call you made?
Hi Waimun, In this case, the API works perfectly fine. I should have been clear that this is just on the UI for the Alpaca | Crypto and Stock Trading API webpage. There, you cannot input greater than 2 decimal places regardless of stock price. Thanks!
Let me confirm with the Product team on this again.
In 2005, the Securities and Exchange Commission introduced Rule 612, also known as the Sub-Penny Rule. Rule 612 requires the minimum price increments for stocks over $1.00 to be $0.01 while stocks under $1.00 can be quoted in increments of $0.0001. So it should be legitimate to specify more digits?