SmartEx™ Order Types

StreetSmart.com® allows you to select any of these SmartEx order and action types:

*You can always request to cancel a limit order that has not completely filled. Market orders cannot be cancelled during Standard Market Session.

**For some NMS equities, you may not be able to change the order. When this occurs, you will notice that your order cannot be changed because, in most cases, it will fill immediately.

Order Types: Market, Limit, Stop, Stop/Limit, Trailing Stop (pts), Trailing Stop (%)

Action Types: Buy, Sell, Sell Short, Sell All, Cancel*, Change **

Trailing Stops

Use Trailing Stop order types after placing Buy or Short orders to help protect your profits and minimize losses.

A SmartEx Trailing Stop Buy/Sell/Short order is an order whose stop price will trail either the current inside ask (if buying) or inside bid (if selling/shorting) at the time the order was submitted by the number of points or the percent you specified in the Trailing Value field.

EXAMPLE In the image below, we have a trailing stop of 5% set.

Stock and/or option symbols and price and volume data shown here are for illustrative purposes only. Charles Schwab & Co., its parent or affiliates, and/or its employees and/or directors may have positions in securities referenced herein, and may, as principal or agent, buy from or sell to clients.

If at any point the price retraces the specified Trailing Amount, a SmartEx Market order will be routed for the quantity you specified.
If you place an order to close a position using a trailing stop set to 5%, if the bid price increases 9% and then drops 5% the order will be sent at that time. The change from the time that the trailing stop was placed would effectively be 4% above where you placed the order.
When placing a Trailing Stop order, please note that you cannot change the order to another order type using the Change feature, nor can you change another order type to a Trailing Stop order. In both cases, you would have to cancel the order and resubmit with a different order type.
Trailing Stop Orders on symbols with wide spreads may not fire if the spread is too wide.

You can designate which session you want your order placed in:

Trade Types	Available	Not Available
Standard Session/SmartEx	Routes 24/7 to Schwab for submission in current/next Standard session. Trades are executed from 9:30 a.m. to 4:00 p.m. ET.	Always available
Pre-Market	Only from 8:05 p.m. to 9:15 a.m. ET. Trading session open from 7:30 a.m. to 9:15 a.m. ET.	From 9:15 a.m. to 8:05 p.m. ET
Post-Market	Only from 4:05 p.m. to 8:00 p.m. ET. Trading session open from 4:15 p.m. to 8:00 p.m. ET.	From 8:00 p.m. to 4:05 p.m. ET

Trade Types

Available

Not Available

Standard Session/SmartEx

Routes 24/7 to Schwab for submission in current/next Standard session.

Trades are executed from 9:30 a.m. to 4:00 p.m. ET.

Always available

Pre-Market

Only from 8:05 p.m. to 9:15 a.m. ET.

Trading session open from 7:30 a.m. to 9:15 a.m. ET.

From 9:15 a.m. to 8:05 p.m. ET

Post-Market

Only from 4:05 p.m. to 8:00 p.m. ET.

Trading session open from 4:15 p.m. to 8:00 p.m. ET.

From 8:00 p.m. to 4:05 p.m. ET

NOTES:

Selling of fractional shares is allowed during extended hours sessions.
For more information, go to the Extended Hours trading section.
Fractional Shares: As the quantity field does not allow the input of fractional shares, using the Sell All action in combination with the SmartEx or Schwab Pre Market/After Hours venue is the only way to send orders to sell fractional amounts. Direct Access venues do not offer fractional share trading.

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