Weird limit order behavior at Fidelity

[rkbabang]

I've been noticing something weird the last few weeks when I put in limit orders to buy.  It just happened to me today.  I put in a limit order to buy at $11.16 which was the current bid.  It sat there for a few minutes with nothing happening.  So I hit "cancel and replace" and change my limit to $11.17.  It cancels the $11.16 order, then the $11.17 order immediately fills at $11.16

 

I've noticed this over and over again lately.  I cancel and replace with a 1 penny higher limit and it fills for 1 penny (or more) less.   Why wouldn't it fill with my lower limit if it was going to fill at that price anyway with the higher limit?   I'm sure there is an explanation for this but I don't know it.

 

[Spekulatius]

10 minutes ago, rkbabang said:

I've been noticing something weird the last few weeks when I put in limit orders to buy.  It just happened to me today.  I put in a limit order to buy at $11.16 which was the current bid.  It sat there for a few minutes with nothing happening.  So I hit "cancel and replace" and change my limit to $11.17.  It cancels the $11.16 order, then the $11.17 order immediately fills at $11.16

 

I've noticed this over and over again lately.  I cancel and replace with a 1 penny higher limit and it fills for 1 penny (or more) less.   Why wouldn't it fill with my lower limit if it was going to fill at that price anyway with the higher limit?   I'm sure there is an explanation for this but I don't know it.

 

 I think you may be seeing the result of their order price improvement. I often get fills between half way between ask and spread with Fidelity.

[rkbabang]

1 hour ago, Spekulatius said:

 I think you may be seeing the result of their order price improvement. I often get fills between half way between ask and spread with Fidelity.

 

Could be.  I often put in a limit order for the bid price if I want to buy it quickly and I never noticed this happening until recently.  It used to be that an order at the bid price would fill immediately most of the time.  Now I have to put it in just above the bid price and I get it at the bid price.

 

Edited November 22, 2021 by rkbabang

[IceCreamMan]

On 11/22/2021 at 1:19 PM, rkbabang said:

I've been noticing something weird the last few weeks when I put in limit orders to buy.  It just happened to me today.  I put in a limit order to buy at $11.16 which was the current bid.  It sat there for a few minutes with nothing happening.  So I hit "cancel and replace" and change my limit to $11.17.  It cancels the $11.16 order, then the $11.17 order immediately fills at $11.16

 

I've noticed this over and over again lately.  I cancel and replace with a 1 penny higher limit and it fills for 1 penny (or more) less.   Why wouldn't it fill with my lower limit if it was going to fill at that price anyway with the higher limit?   I'm sure there is an explanation for this but I don't know it.

 

 

Something like this has happened to me with options at TD recently... something like: no fill at 1.13, no fill at 1.14, and then I bid 1.15 and it fills at 1.13.