Charles Schwab
Charles Schwab & Co., Inc. · Est. 1971
TC RATING
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Charles Schwab offers several ways to trade US-listed stocks outside regular market hours. Investors can access pre-market and after-hours sessions through Schwab.com, Schwab Mobile, and thinkorswim. Eligible stocks and ETFs are also available for overnight trading through thinkorswim using the Extended Hours Trading (EXTO) order type.
This guide explains Schwab’s trading sessions, EXTO orders, eligible securities, fees, and the risks to understand before placing an extended-hours trade. Read our full Charles Schwab review for a broader assessment of its regulation, investor protection, and costs.
Charles Schwab 24/5 trading hours: Quick overview
Schwab’s extended-hours schedule varies by session, with overnight access limited to eligible securities and specific order types. Here are the key trading times, platform options, and risks to know before placing an order.
A SCHWAB TRADING DAY, EASTERN TIME (ET)
9:30
4:00
Regular market trading hours: 9:30 a.m. to 4:00 p.m. Eastern Time (ET).
Pre-market trading: 7:00 a.m. to 9:25 a.m. ET.
After-hours trading: 4:05 p.m. to 8:00 p.m. ET.
Overnight trading: Available in select stocks/ETFs via thinkorswim with EXTO order type.
Trading platforms: Schwab.com, Schwab Mobile, and thinkorswim, depending on the session.
Major risks: Lack of liquidity, increased bid/ask spread, and high price volatility.
The extended hours provide investors with an opportunity to react to earnings releases and various other news during non-trading hours. However, prices can fluctuate rapidly.
Risk warning: Trading involves risk. Extended-hours trading can involve additional pricing and execution risks.
What are Charles Schwab regular trading hours?
The regular US stock market session runs from 9:30 a.m. to 4:00 p.m. ET on trading days. These are the standard hours for trading listed US stocks and ETFs on the main exchanges.
Regular hours provide the baseline for understanding Schwab’s extended and overnight sessions.
During the regular session, investors generally have access to more market participants and trading activity than during pre-market, after-hours, or overnight periods. This can support more competitive bid-ask spreads and improve the likelihood of an order being executed at a reasonable price, although neither is guaranteed.
Investors should also remember that regular trading hours may change around market holidays and early-closing sessions.
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What are Charles Schwab pre-market trading hours?
Schwab’s pre-market trading session runs from 7:00 a.m. to 9:25 a.m. ET. Orders can be entered from 8:05 p.m. ET on the preceding trading day, but they are not eligible for execution until the pre-market session opens at 7:00 a.m. ET.
Pre-market activity gives traders the opportunity to react to information released prior to the start of the regular market session. For example, financial statements, revised management expectations, and more. It should be noted that participation in a prior session doesn’t mean equal conditions.
How pre-market trading works
Trading window: 7:00 a.m. to 9:25 a.m. ET.
Order entry: Orders can be entered from 8:05 p.m. ET on the previous trading day.
Order type: Schwab accepts limit orders in its extended-hours sessions, rather than market orders.
Execution: Orders are automatically executed by the system if the buyer and seller fulfill the necessary criteria.
Market activity: Market activity can either remain unchanged or may not be up to par during off-market trading times, depending on how volatile the security is.
A limit order lets you set the maximum purchase price or minimum sale price you’re willing to pay for a security.
Example
For example, a stock may move sharply after an earnings announcement. You may place a limit order to buy it before the market opens, but the available sellers may be unwilling to meet your price. In that case, your order may remain unfilled.
Pre-market prices can also change substantially once regular trading begins. An early price should not be treated as a reliable prediction of the opening price.
What are Charles Schwab after-hours trading hours?
Schwab’s after-hours trading session runs from 4:05 p.m. to 8:00 p.m. ET. Orders eligible for execution during this session can be entered between these times. After-hours trading takes place after the regular US stock market closes at 4:00 p.m. ET. Investors may use this session to respond to company announcements and other developments released after the close.
Example
For example, a company may publish its quarterly results after the regular session ends, prompting investors to reassess its share price. However, the initial market reaction may not represent the price at which the stock trades the following day.
What to know about after-hours trading?
Trading window: 4:05 p.m. to 8:00 p.m. ET.
Available platforms: Schwab.com, Schwab Mobile, and thinkorswim support extended-hours trading, subject to the applicable session and order requirements.
Order restrictions: Schwab accepts limit orders rather than market orders during extended-hours sessions.
Execution conditions: Orders are matched electronically, but fewer available buyers and sellers can make execution more difficult.
Price differences: After-hours prices may differ from the next regular-session opening price.
One important limitation is that a limit order may not execute if the market does not reach your specified price. Even if it does execute, the price may be less favorable than one available during the regular session.
While after-hours trading provides more flexibility, it does not eliminate the dangers of responding to new information.
What is Charles Schwab 24/5 overnight trading?
Charles Schwab enables its clients to conduct transactions in eligible stocks and ETFs overnight using thinkorswim with the help of the Extended Hours Trading (EXTO) order type. The firm provides trading services outside market hours on five days of the week.
Main things to remember:
Platform: Overnight trading is available using thinkorswim.
Order type: EXTO order type is used for eligible overnight transactions.
Securities: Only eligible stocks and ETFs that participate in Schwab’s overnight trading program can be used.
Execution: The order may not be executed due to a lack of trading interest at the desired price.
Although the service is described as 24/5 trading, not every security is available around the clock, and order execution is not guaranteed.
Which stocks and ETFs can you trade 24/5 at Schwab?
Schwab’s overnight trading service covers selected US-listed stocks and ETFs through thinkorswim. According to its official extended-hours page, the offering includes more than 1,300 eligible securities, including stocks in the S&P 500, Nasdaq-100, and Dow 30, plus more than 600 ETFs. These figures may change as Schwab updates its eligible securities.
1,300+
Eligible securities
600
+ETFs
S&P 500 · Nasdaq-100 · Dow 30
Stocks included
It’s better for investors to confirm whether the stocks or ETFs are eligible for overnight trading rather than assuming that all stocks and ETFs will be eligible for overnight trading.
How to verify overnight eligibility?
Log in to thinkorswim and open the trading screen.
Locate the list of securities that are eligible for overnight trading.
Look for your desired stock or ETF.
Verify the overnight eligibility of the security.
How to place trades during extended and overnight trading sessions on Schwab?
The process for extended and overnight trading depends on which session you wish to trade.
Step 1: Choose a Schwab platform
- For pre-market and after-hours trading, Schwab supports its website, mobile app, and thinkorswim platforms.
- Overnight trading is available through thinkorswim.
Step 2: Check the security
- Search for the stock or ETF you intend to trade.
- If you are placing an overnight order, confirm that the security is included in the eligible list.
Step 3: Select the appropriate session and order type
- For Schwab’s extended-hours sessions, use a limit order. Market orders are not accepted during these sessions.
- For an eligible overnight trade, select the EXTO order type in thinkorswim and review the order settings.
Step 4: Set your limit price
- Choose the maximum price you are willing to pay when buying or the minimum price you will accept when selling.
- Pay particular attention to the bid-ask spread. If the spread is wide, the price you can realistically trade at may differ considerably from the last quoted price.
Step 5: Review and submit
- Before submitting, check the security, order quantity, limit price, session, and duration.
- Confirm that the order settings match your intended trading period.
Step 6: Monitor the order
- An order may remain open without execution if the market does not reach your limit price.
- Review its status and any applicable cancellation or expiration settings in the platform.
These steps explain the general process. Schwab’s platform instructions should be used for the latest interface-specific details. Before placing trades, investors should also understand the available funding methods and withdrawal procedures. See our guide on how to deposit and withdrawal money from Charles Schwab.
What are the fees for Charles Schwab extended-hours trading?
Charles Schwab advertises $0 online commissions for listed US stocks and ETFs. However, investors should consider other potential trading costs.
| Key costs to understand | |
|---|---|
| Cost | Detail |
| Online commissions | $0 for eligible online trades in listed US stocks and ETFs. |
| Bid-ask spreads | Wider spreads during extended hours can increase trading costs. |
| Other charges | Applicable exchange, regulatory, or account-related fees may still apply. |
| Execution prices | The price at which an order executes can affect the overall cost, even when the commission is $0. |
Schwab’s standard commission schedule does not establish every possible charge for every extended-hours order type. Therefore, investors should review the applicable pricing terms before trading.
What are the risks of 24/5 and extended-hours trading?
Trading that extends beyond normal market trading hours provides an opportunity for an investor to trade outside those hours; however, it is accompanied by some added risks. It may influence the outcome of trades negatively.
The key risks to watch out for:
How to minimize the risks?
Extended-hours trading gives an extra choice to traders; however, prices and order fills are not as reliable as during regular market hours.
Charles Schwab regular vs extended vs overnight trading
Charles Schwab offers regular, pre-market, after-hours, and overnight trading. The main differences are trading hours, platform access, and trading conditions.
| Feature | Regular session | Pre-market | After-hours | Overnight (24/5) |
|---|---|---|---|---|
| Trading hours (ET) | 9:30 a.m. – 4:00 p.m. | 7:00 a.m. -9:25 a.m. | 4:05 p.m. -8:00 p.m. | Across five trading days |
| Platforms | Schwab.com, Schwab Mobile, thinkorswim | Schwab.com, Schwab Mobile, thinkorswim | Schwab.com, Schwab Mobile, thinkorswim | Thinkorswim |
| Order type | Depends on the order | Limit orders | Limit orders | EXTO orders |
| Liquidity | Generally higher | Often lower | Often lower | Often lower |
| Spreads | Often narrower | May be wider | May be wider | May be wider |
| Main risk | Changing prices | Unfilled orders | Price swings | Limited eligible securities |
Regular trading generally offers better liquidity, while extended and overnight sessions provide more flexibility but may involve wider spreads and less predictable order execution. Schwab’s overnight trading is available only for eligible securities and is subject to applicable trading schedules and order requirements. If you’re new to investing, read our guide on whether Charles Schwab is suitable for beginner investors to help you decide whether the platform meets your needs.
Conclusion
Charles Schwab’s extended-hours and overnight services give investors additional flexibility to respond to news outside regular US market hours. Pre-market trading runs from 7:00 a.m. to 9:25 a.m. ET, and after-hours trading runs from 4:05 p.m. to 8:00 p.m. ET. Overnight trading is available through thinkorswim using EXTO for eligible stocks and ETFs.
However, the overnight service does not cover every listed security, and access does not guarantee that an order will execute. The main trade-off is between flexibility and execution conditions. Lower liquidity, wider spreads, higher volatility, and price gaps can make trading outside regular hours more difficult.
These risks can affect the price and timing of a transaction, even when the standard online commission is $0. Investors should check security eligibility, review the bid-ask spread, and understand the order settings before placing an extended-hours or overnight trade.
Pro tip
In extended and overnight sessions, use limit orders and check the bid-ask spread before submitting a trade. A limit order controls the price you are willing to accept, but it may not execute. If you do not need to respond to off-hours news, consider whether waiting for the regular session would provide more favorable trading conditions.
Frequently Asked Questions
1. What are Charles Schwab 24/5 trading hours?
Charles Schwab offers overnight trading on eligible stocks and ETFs through thinkorswim, 24 hours a day, 5 days a week, subject to trading schedules and brief session closures.
2. What are Charles Schwab pre-market trading hours?
Schwab’s pre-market trading session runs from 7:00 a.m. to 9:25 a.m. Eastern Time (ET).
3. What are Charles Schwab after-hours trading hours?
Schwab’s after-hours trading session runs from 4:05 p.m. to 8:00 p.m. ET.
4. Can you trade stocks 24 hours a day on Charles Schwab?
Yes, but only eligible stocks and ETFs can be traded overnight through thinkorswim. The service operates 5 days a week, not 7.
5. How does Charles Schwab overnight trading work?
Investors use thinkorswim and the EXTO order type to trade eligible securities outside regular market hours. Orders may remain unfilled if there is insufficient trading interest.
6. How do I trade 24/5 on Charles Schwab thinkorswim?
Open thinkorswim, find your security in the 24-hour trading watchlist, select EXTO, set your limit price, and review the order details before submitting.
7. Which stocks can you trade 24/5 on Charles Schwab?
Eligible securities include stocks in the S&P 500, Nasdaq-100, and Dow 30, along with more than 600 ETFs. Check thinkorswim’s current eligibility list for availability.
8. Can you buy stocks after hours on Charles Schwab?
Yes, Schwab supports after-hours stock purchases from 4:05 p.m. to 8:00 p.m. ET. Limit orders are required.
9. Can you sell stocks after hours on Charles Schwab?
Yes, you can sell eligible stocks during the after-hours session using a limit order, subject to market activity and order availability.
10. Does Charles Schwab charge extra for extended-hours trading?
Schwab advertises $0 online commissions for listed US stocks and ETFs. However, bid-ask spreads and other applicable charges may affect your overall trading costs.
11. What are the risks of Charles Schwab 24/5 trading?
The main risks include lower liquidity, wider bid-ask spreads, greater price volatility, and orders that remain unfilled or execute only partially.
12. What is the difference between Charles Schwab extended hours and 24/5 trading?
Extended-hours trading generally refers to pre-market and after-hours sessions. Schwab’s 24/5 service extends access into overnight hours for eligible securities through thinkorswim using EXTO orders.
