NSDQ (Exchange)

NSDQ (NASDAQ Market Center) allows the trading of listed NYSE, AMEX, NYSE Arca, Nasdaq, and IEX stocks in quantities from 1 to 30,000. Even, odd and mixed lot orders are supported (even lots are multiples of 100, mixed lots are not, odd lots are orders less than 100 shares).

  • Orders can be placed from 6:00 A.M. to 8:00 P.M. Eastern Time. Only limit orders are accepted.
  • NSDQ accepts decimal increments precise to two digits (that is, prices as fine as $0.01) for all listed stocks.

In the event of a connection outage between the TradeStation Order Execution Network and NSDQ, all open orders will remain working in the market as usual.

Order Durations

Day

May be entered between 6:00 A.M. and 4:00 P.M. Eastern for NASDAQ Listed Stocks. DAY Order entry for stocks from other listed exchanges begins at 9:30 A.M. Eastern.

Orders placed before 9:30 A.M. will become active at 9:30 A.M. Eastern.

Unfilled orders and leaves expire at 4:00 P.M. Eastern.

Day+

May be entered between 6:00 A.M. and 8:00 P.M. Eastern.

Unfilled orders and leaves expire at 8:00 P.M. Eastern.

IOC (Immediate Or Cancel)

May be entered between 6:00 A.M. and 8:00 P.M. Eastern.

Partial fills will be accepted.

Unfilled orders and leaves expire immediately.

FOK (Fill Or Kill)

May be entered between 8:00 A.M. and 8:00 P.M. Eastern.

Partial fills will not be accepted.

Unfilled orders and leaves expire immediately.

Minute Orders

May be entered between 6:00 A.M. and 8:00 P.M. Eastern.

Unfilled orders and leaves expire after the specified number of minutes has elapsed.

GTC (Good Til Canceled)

May be entered at any time.

Unfilled orders and leaves remain alive, if applicable, across multiple days, for the DAY session only until the order is filled or canceled.

Orders have a maximum life span of 90 calendar days.

Orders are canceled if there is a corporate action or reorg. on the symbol traded.

Orders that are partially filled during, and remain that way until the end of, a DAY trading session, will have any remaining leaves automatically canceled.

GTD (Good Til Date)

May be entered at any time.

Unfilled orders and leaves remain alive, if applicable, across multiple days, for the DAY session only until the order is filled or canceled.

Orders have a maximum life span of 90 calendar days.

Orders are canceled if there is a corporate action or reorg. on the symbol traded.

Orders that are partially filled during, and remain that way until the end of, a DAY trading session, will have any remaining leaves automatically canceled.

GTC+ (Good Til Canceled Plus)

May be entered at any time.

Unfilled orders and leaves remain alive, if applicable, across multiple days, for the DAY+ session until the order is filled or canceled.

Orders have a maximum life span of 90 calendar days.

Orders are canceled if there is a corporate action or reorg. on the symbol traded.

Orders that are partially filled during, and remain that way until the end of, a DAY+ trading session, will have any remaining leaves automatically canceled.

GTD+ (Good Til Date Plus)

May be entered at any time.

Unfilled orders and leaves remain alive, if applicable, across multiple days, for the DAY+ session until the order is filled or canceled.

Orders have a maximum life span of 90 calendar days.

Orders are canceled if there is a corporate action or reorg. on the symbol traded.

Orders that are partially filled during, and remain that way until the end of, a DAY+ trading session, will have any remaining leaves automatically canceled.

OPG (At the Opening)

Order TIF targeting an exchange's Opening cross or Opening auction.   

May be entered between 8:00 A.M. and 9:29 A.M. ET (or before an exchange's cutoff time). Rejected after 9:29 A.M. ET.

Unfilled orders are canceled after the opening session.

CLO (On Close)

Order TIF targeting an exchange's Closing cross or Closing auction.   

May be entered between 9:30 A.M. and 3:50 P.M. ET. Rejected after 3:50 P.M. ET by the exchange. Orders cannot be canceled after 3:50 P.M.  

Unfilled orders are canceled after the closing session.

Advanced Settings

Advanced settings for order placement on NSDQ are:

Both types of Advanced orders are available between 8:00 A.M. and 8:00 P.M. Eastern.

Order Behaviors

  • Market orders are matched within NSDQ if NSDQ is currently the best bid/ask of the market (that is, "at the inside"). If not, the order is routed using the NSDQ RASH smart order routing logic. Any residual volume will not be routed to the next price level until all quotes at the current best bid offer are exhausted.
  • Marketable limit orders are matched with NSDQ if NSDQ is currently the best bid/ask of the market (that is, "at the inside"). If not, the order is routed using the NSDQ RASH smart order routing logic. Order price may be improved.  Non-marketable limit orders are posted to the NSDQ book. The best bid and offer in the NSDQ book will be displayed in the Market Depth window (under the NSDQ market participant ID).
  • Stop Market Orders are initially routed to our stop server until triggered. Once triggered, an order routed to NSDQ will behave as a Market order.
  • Stop Limit Orders are initially routed to our stop server until triggered. Once triggered, an order routed to NSDQ will behave as a Limit order.
  • An Immediate or Cancel (IOC) order is matched within the NSDQ book only if NSDQ is at the inside. Non-marketable orders are immediately rejected, partial fills will be accepted.
  • A Fill or Kill (FOK) order is matched within the NSDQ book only if NSDQ is at the inside. Non-marketable orders are immediately rejected; partial fills will not be accepted.
  • Short sales placed on a down bid are offered at .01 above the bid. On an up bid, normal trading would occur.
  • Unfilled orders and leaves set for Minute durations (such as 1,3,5 Minute) expire immediately after the designated number of minutes.