If the market is closed, the order will be queued for the market open.
Understanding extended trading for options that trade until 4:15 PM ET
While most options stop trading at the market close, a select few extend their trading time a bit longer. Generally, options end trading when the market closes at 4:00 PM ET. But there are a handful of ETF options that continue trading until 4:15 PM ET.
For options that trade until 4:15 PM:
Orders placed at or before precisely 4:00:00 PM ET will remain active and continue trading until 4:15 PM ET.
Orders placed at 4:00:01 PM ET or later will begin working the following trading day from 9:30 AM ET to 4:15 PM ET.
Here are some options that you can trade until 4:15 PM ET:
DBA, DBB, DBC, DBO, DIA, EEM, EFA, IWM, IWN, IWO, IWV, KBE, KRE, MDY, MOO, OEF, QQQ, SLX, SPY, SVXY, UNG, UUP, UVIX, UVXY, VIXM, VIXY, VXX, VXZ, XHB, XLB, XLE, XLF, XLI, XLK, XLP, XLU, XLV, XLY, XME, XRT
A limit order will only be executed if options contracts are available at your specific limit price or better. Keep in mind, limit orders aren't guaranteed to execute. There has to be a buyer and seller on both sides of the trade. If there aren't enough contracts in the market at your limit price, it may not be possible to fill the order.
SoFi’s limit orders are all-or-none and we cannot complete partial fills. This means the market will have to fill all of your requested shares, at that price or better, for all of the order to go through.
Also see Can I trade options on expiration?
Options involve risks, including substantial risk of loss and the possibility an investor may lose the entire amount invested in a short period of time. Before an investor begins trading options they should familiarize themselves with the Options Disclosure Document. Tax considerations with options transactions are unique, investors should consult with their tax advisor to understand the impact to their taxes.