To protect our users from potential price volatility, Alpaca automatically converts most market orders into limit orders using a 5% price collar. Collaring helps cushion against significant price movements and prevents overspending the available funds in your account. We use the last ask price for buy orders and last bid price for sell orders at the time of order submission to determine the limit price.
Why do I see a discrepancy between the notional value requested and the order value ultimately filled?
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