Selling stock prices and GTC Ext

Question

I will be on vacation for a while and wanted to attempt to sell my stock as GTC Ext while I’m away. I am trying to sell at a very high price in case it happens to go that high. If it doesn’t then I would keep it (obviously). When I attempt this, I’m told that my limit price is too distant from the current quote. Why can I not TRY to sell it at any price I want even though the likelihood of it going that high is very low? And how do I know the limit that I can ask for so it wouldn’t be too distant? Is there a set price or ratio ?

Thank you

Answer 1

My broker allows me to set limits on price and size and I have chosen to do so. If I place a BTO or STO order for more than 1,000 shares (long or short) or more than 10 option contracts (long or short), it opens a pop up screen which requires me to click a button that says Override And Send. This does not occur if I'm closing an existing position that is greater than 1,000 shares or greater than 10 contracts.

The short answer is that you should check with your broker. It may be a rigid rule that is what it is or it may be a default coding in your platform which can be altered.