Why can my fill be higher than the ticket price?

Question

Accepted Answer

Ticket prices are mid-prices at 3:00 PM. Your fill depends on your broker and the market. Use a limit at or near the ticket price and don't chase. The record is scored at mid-prices. The ticket price is the mid: halfway between each leg's bid and ask at 3:00 PM ET. Every ticket says it as "Limit at ... (the mid)". Expect to pay: under it, each ticket shows a range, for example "Expect to pay 1.10 to 1.36 dollars (up to 68¢ per 1 dollar)". The top of the range is the mid plus a third of the two legs' bid/ask gaps, from the latest quotes we have (the previous close's). Paying the full gap is the worst case; a patient limit usually lands inside the range. It depends on your broker and on the market that hour. Some brokers fill near the mid, some don't. Use a limit at or near the ticket price and work it up a few cents at a time. Don't chase past the top of the range: no fill by 4:00 PM ET is no trade. Wide quotes: when a leg's bid/ask gap is 20% of its price or more (often on the sector funds), the ticket says so. Be patient there. The record is scored at mid-prices, the same price every member sees on the ticket.