The regular market session generally runs from 9:30 a.m. to 4:00 p.m. Eastern Time on trading days. Aries also allows customers to trade certain securities before the market opens and after it closes.
Extended-hours trading gives you more time to react to earnings announcements, company news, and other market events. However, fewer investors participate during these sessions, so prices may move quickly and orders can be more difficult to execute.
Trading Sessions
| Session | Hours, Eastern Time |
|---|---|
| Pre-market | 4:00 a.m. to 9:30 a.m. |
| Regular market | 9:30 a.m. to 4:00 p.m. |
| After-hours | 4:00 p.m. to 8:00 p.m. |
Extended-hours trading is generally available Monday through Friday, excluding market holidays. Trading hours may be shortened on certain days.
Availability can vary by security, trading venue, and market conditions. Aries does not guarantee that every security will be available during every extended-hours session.
How to Place an Extended-Hours Order
- Select the stock or ETF you want to trade.
- Open the order ticket.
- Select a limit order and enter your limit price.
- Select Extended Hours from the order duration or session menu.
- Review the order details and applicable buying power.
- Submit the order.
Your limit price is the highest price you are willing to pay when buying or the lowest price you are willing to accept when selling. Your order can only execute at that price or better.
Orders Available During Extended Hours
Only eligible limit orders may execute during extended hours.
Market, stop, stop-limit, and trailing-stop orders are not eligible for execution during extended-hours sessions. Depending on the instructions selected, an ineligible order may be rejected or held for a later trading session.
Not all securities or order quantities are eligible. The order ticket will indicate whether extended-hours trading is available for a particular order.
What Happens to an Unfilled Order?
An extended-hours order is not guaranteed to execute. It may be partially filled, remain unfilled, or be canceled when its selected duration expires.
The order ticket will show how long the order will remain active. Review whether the order is designated as a day order or good-til-canceled order and which trading sessions it covers before submitting it.
An order that remains active may execute later without additional confirmation if the market reaches your limit price and sufficient liquidity is available.
Prices and Quotes During Extended Hours
The last traded price is not necessarily the price currently available to buy or sell a security.
During extended hours:
- Bid and ask prices may be farther apart.
- Fewer shares may be available at each price.
- Quotes may change rapidly.
- Prices may differ from the regular session’s closing price.
- Prices may change substantially before the next regular session begins.
Review the current bid, ask, quoted size, and your limit price before submitting an order.
Important Risks
Extended-hours trading involves risks that may be greater than those present during the regular market session, including:
- Lower liquidity
- Greater price volatility
- Wider bid-ask spreads
- Partial fills or no execution
- Prices that differ across trading venues
- Rapid price changes following news announcements
- Limited or unavailable reference values for certain ETFs and index-based products
Read the full [Extended-Hours Trading Risk Disclosure] before using this feature.
Frequently Asked Questions
Can I submit a market order during extended hours?
No. Aries accepts eligible limit orders for extended-hours execution. A limit order helps control the price at which your order may execute, but it does not guarantee execution.
Will my order execute if the market reaches my limit price?
Not necessarily. Other orders may have priority, available liquidity may be limited, or the displayed quote may no longer be available by the time your order reaches the trading venue.
Will my after-hours order execute at the regular market’s closing price?
Not necessarily. Extended-hours prices are determined by the orders available during that session and may differ substantially from the regular market’s closing price.
Can every stock and ETF be traded during extended hours?
No. Eligibility depends on the security, trading venue, available liquidity, and other market conditions. Eligibility may change without notice.
Can an order be partially filled?
Yes. An order may execute in full, execute in part, or remain completely unfilled.
Can I cancel an extended-hours order?
You may submit a cancellation request while the order remains open. Cancellation is not guaranteed because the order may execute before the cancellation is processed.
Where can I get help?
Contact Aries Support at support@aries.com.
Important Information
Extended-hours trading is offered through Ram Financial LLC on the Aries platform. Trading involves risk, including the possible loss of principal. This article is provided for educational purposes and is not investment, legal, or tax advice. It is not a recommendation to use extended-hours trading or to buy or sell any security.