Extended-hours options trading in the United States is limited. Most U.S. stock and ETF options trade from 9:30 a.m. to 4:00 p.m. Eastern Time.
Some index options, ETF options and selected equity options have longer sessions. Your broker must also support the contract and trading session you want to use.
Options Trading Hours at a Glance
| Option type | Typical trading hours | Extended-hours availability |
|---|---|---|
| Most single-stock options | 9:30 a.m. to 4:00 p.m. ET | Generally unavailable |
| Most ETF options | 9:30 a.m. to 4:00 p.m. ET | Some trade until 4:15 p.m. ET |
| Broad-based index options | Often 9:30 a.m. to 4:15 p.m. ET | Selected contracts trade overnight |
| Selected equity options on Cboe | 9:30 a.m. to 4:00 p.m. ET | Some trade from 7:30 to 9:25 a.m. and 4:00 to 4:15 p.m. ET |
| SPX, VIX, XSP and RUT options | 9:30 a.m. to 4:15 p.m. ET | Cboe lists Global Trading Hours from 8:15 p.m. to 9:25 a.m. and Curb trading from 4:15 to 5:00 p.m. ET |
Trading hours can change based on the product, expiration date, holiday schedule and broker.
Can You Trade Stock Options Before the Market Opens or After It Closes?
Most individual stock options cannot be traded during regular stock-market extended hours.
A company's shares may trade from 4:00 p.m. to 8:00 p.m. ET after an earnings announcement, while its call and put options remain unavailable until the next options session. FINRA says stock options generally do not trade in extended hours, although a limited number of contracts do have extended sessions.
Cboe has expanded extended-hours access for selected equity options. Eligible contracts can trade during these sessions:
- 7:30 a.m. to 9:25 a.m. ET
- 4:00 p.m. to 4:15 p.m. ET
These sessions apply only to designated option classes that meet Cboe's eligibility criteria. The criteria include substantial options volume, a large underlying-company market capitalization and high share volume. The eligible-symbol list can change.
Which Options Trade Overnight?
Selected Cboe index options trade overnight during the trading week.
Cboe offers extended-hours trading for selected index options, including:
- SPX, based on the S&P 500 Index
- XSP, the smaller-sized S&P 500 Index option
- VIX, based on expected S&P 500 volatility
- RUT, based on the Russell 2000 Index
Cboe lists Global Trading Hours for these products from 8:15 p.m. to 9:25 a.m. ET. Regular trading runs from 9:30 a.m. to 4:15 p.m. ET, followed by a Curb session from 4:15 p.m. to 5:00 p.m. ET.
These are index options, not ordinary options on individual companies such as Apple, Tesla or Microsoft. An overnight index option may be available even when options on the companies in that index are closed.
Why Can the Stock Trade After Hours When Its Option Cannot?
A stock can trade after hours while its options cannot because the two markets follow different exchange rules.
A stock may trade on an extended-hours venue, but an option needs an options market with available quotes, market makers and approved exchange trading hours. The stock's after-hours price does not automatically create an executable price for its call or put options.
As a result:
- The stock can move sharply after an earnings announcement.
- The option may show a stale quote or no live quote.
- The option can reprice when trading resumes.
- The option may open with a large gap, a wider spread or a different implied volatility.
An extended-hours move in the stock can affect the next available option price, but it does not mean you can trade the option immediately.
Can You Place an Options Order After Hours for Execution Later?
Yes. Many brokers let you enter an order while the options market is closed. The order may be queued for the next regular session instead of executing immediately.
Check whether your order ticket identifies the order as:
- Regular-hours only
- Extended-hours eligible
- Good for day
- Good until canceled
- Queued for the next market open
Broker rules differ. FINRA notes that brokers may restrict eligible products, trading venues, order types and order duration. Some brokers accept only limit orders during extended options sessions.
During Cboe's extended sessions for selected equity options, market orders, stop orders and stop-limit orders are not accepted. Only limit orders are permitted.
What Are the Risks of Trading Options in Extended Hours?
Extended-hours options trading can involve more execution and pricing risk than regular-hours trading.
The main risks include:
- Lower liquidity: Fewer buyers and sellers may be available.
- Wider bid-ask spreads: The gap between the buying and selling price may increase.
- Partial or no execution: A limit order may not fill even when the underlying stock is moving.
- Greater volatility: News can produce abrupt price changes.
- Pricing uncertainty: A quote on one trading venue may not represent the best available price elsewhere.
- Limited order types: Market and stop orders may be unavailable.
- Expiration risk: A contract near expiration may have different trading and exercise deadlines.
FINRA warns that extended-hours markets can have lower liquidity, greater volatility, wider price differences between venues and less reliable execution than regular trading hours.
What Should You Do If You Need to Hedge After Hours?
If the option you want is closed, you can use the underlying asset, an eligible index option, a futures product or a later options session.
Your choices may include:
- Trading the underlying stock or ETF if your broker supports extended hours.
- Using an eligible index option, such as SPX or XSP, for broad-market exposure.
- Using an appropriate futures product, where available.
- Waiting for the options market to reopen and using a limit order.
The best alternative depends on whether you are hedging a single company, an ETF, the overall market or volatility.
Bottom Line
Before submitting an extended-hours options order, check the contract's exchange hours and your broker's order rules. If the contract is not listed as eligible for an extended session, assume the order will wait for the next available options session.