Order Execution

Why didn't my order execute?

Your order may have been rejected for several reasons. Some common causes include:

• Aggressive limit price or invalid limit price: Your limit price is significantly different from the National Best Bid and Offer (NBBO).
• Stop price already triggered: The market price has already passed your stop price when you submit the order.
• Minimum price variation (MPV) error: The price entered contains too many decimals.
• Unknown symbol or restricted stock: The security has ceased trading or is undergoing a corporate action.
• NASDAQ Opening Cross rule: The order was placed within the 5 minutes before market open.
• Low-priced stock quantity restriction: A GTC order is for fewer than 100 shares and the stock dropped below $1.

Why was my order rejected for an aggressive or invalid limit price?

If your limit price is significantly different from the National Best Bid and Offer (NBBO), the executing broker may reject your order.

Example:

• Stock A is currently trading at $4.
• A sell limit order is placed at a price of $4,000.

This order may be deemed too aggressive and rejected by the market maker.

Why was my stop order rejected when the market price had already passed my stop price?

A stop order converts to a market order after reaching the stop price. However, if the market price has already passed your stop price when you submit the order, it may be rejected.

Example:

• Stock A has a current bid price of $20.50.
• You enter a sell stop order with your stop price at $20.55.

The executing broker will reject the order because the current market price is below your stop price.

Why was my order rejected for a minimum price variation (MPV) error?

Your order may be rejected if the price entered contains too many decimals.

Example:

• An order is submitted at $3.255.

An order placed at $3.255 will likely be rejected, as equity orders over $1 must be entered with just two decimal places (e.g., $3.25). Orders under $1 can have up to four decimal places (e.g., $0.9999).

Why was my order rejected or canceled due to a corporate action?

Orders for securities that have ceased trading or are undergoing a corporate action may be rejected or cancelled.

Example:

• You have an open order to sell Stock A.
• Stock A is going through a stock split.

Your open order will be cancelled. You may place a new order after the corporate action is complete.

Can I modify or cancel an order right before market open?

Orders cannot be modified or canceled during the 5 minutes before market open. This is due to the NASDAQ Opening Cross rule.

Why was my low-priced GTC order automatically canceled?

For GTC orders, if the order is for fewer than 100 shares and the stock drops below $1, the order may be automatically canceled.

Why was my order not executed immediately?

Several factors can influence the speed at which your order is executed. These include the type of order, its size, the trading volume, market conditions, the sequence of orders at exchange venues, and even the speed of your internet service provider.

• Market: Typically, market orders execute within seconds if there is a willing buyer or seller. However, in volatile markets, the execution price may differ significantly from the price displayed on the chart. To avoid this, consider using a limit order.
• Limit: A limit order is executed only at your specified limit price or better. This can help avoid unfavorable prices.
• Extended trading hours: During extended trading hours, only limit orders will be executed. If your limit order isn’t executed, even after meeting or exceeding the current bid (when selling) or ask (when buying), make sure that "extended hours" is selected in the order details. Keep in mind that trading volume is generally lower, and bid/ask spreads are wider during these hours.
• Price and time prioritization: Securities markets generally adhere to a system where orders are filled based on the best price and the time they were received, with earlier orders taking precedence at a given price point.
• Regulation NMS: Orders active during extended hours are not bound by the SEC’s Regulation NMS regarding best execution.

Why did my order partially fill?

Partial fills occur when there isn’t enough available offer to completely execute your order at a specific time or price. This may cause the market price to move, leaving the remaining shares unfilled. If your order partially fills, the unfilled portion remains active in the market. If you decide to cancel the order, only the unfilled shares will be affected, not the shares that have already been executed.

Why did my limit order not execute if the limit price was already reached?

When a number of limit orders are entered at the same price, market makers fill the orders based on the time they are received, known as price-time priority. Although the price in the market may have reached your limit price, orders received before yours will be filled first, which can sometimes move the market price or exhaust the volume in the market at that time.

• Price Priority: Orders are prioritized based on price. Buy orders at higher prices and sell orders at lower prices take precedence. For instance, an order to buy shares at $50 will be prioritized over an order to buy the same shares at $49.
• Time Priority: Among orders at the same price, those entered first have priority. For example, if two buy orders are placed at the same price of $50, the order entered first will be executed first.

Why did my order get canceled when the market closed?

Orders are typically categorized as either "Day Orders" or "Good 'Til Canceled" (GTC) orders.

• Day: These are automatically canceled at market close if they haven’t been executed.
• Good 'Til Canceled (GTC): These orders remain active for up to 90 days from the time they are placed, after which they expire if not executed.

How can I verify market prices related to my order?

Webull uses Nasdaq-sourced data by default. If you do not subscribe to NBBO (National Best Bid and Offer) data, you may not see the full market picture across all exchanges. This will affect what you see on your chart, especially if your order was routed to another venue.

Understanding chart candles:

• On the 1-minute chart, the 10:00 candle reflects price movement from 9:59:00 to 9:59:59.
• On the 5-minute chart, the 10:00 candle reflects movement from 9:55:00 to 9:59:59. If an order executes at 10:00:29, check the 10:01 candle to see that execution.

Why does the historical chart price not match my fill price?

When a stock pays a dividend or undergoes a corporate action (such as a split or merger), the historical prices on the chart are automatically adjusted to reflect those events. This is a standard industry practice used to maintain consistency in charting and accurately reflect the stock’s performance over time.

If you're reviewing a past trade and believe the fill price looks incorrect, please make sure your chart settings are adjusted to reflect corporate action changes. Unadjusted charts may show price differences that don't align with the actual trading environment at the time your order was executed.

Where can I find out more about Webull’s order handling?

To learn more about our order handling practices, please review our disclosure here.