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The guy I talked to at TOS said he was a floor trader and that if I placed a custom spread order (the example I gave to him was a 4 leg spread consisting of a put butterfly and a single call), they wouldn't know what to make of it because it wasn't traditional and that it might get ignored...

Does anyone trade custom options spreads? TOS offers the ability to make a custom spread but I'm wondering how difficult it would be to get filled on a custom options spread. The guy I talked to seemed to think it would be a problem because the options are not standard spreads and don't have...

Why not? Have you researched it or used it? A neutral strategy seems like a really good idea when you can't pick market direction.

Do you find butterflies to be reliable, lower risk income generators when used in combination with other positions? Are you solely a butterfly trader or do you trade other strategies as well? How long have you been trading them?

These were just experimental trades. Not something I'm planning to trade live.

Thanks. I've seen it and I've wondered about it. I assumed it was merely a method to initiate multiple orders, but not necessarily meaning that they have to all be filled at the same time. I'll be asking them about it.

How to book the profits on a complex trade where the profit is minimal. I can see from fiddling around in TOS that there are ways to close out the order in custom parts to reduce the risk of not being able to close out everything simultaneously, but not completely eliminate it. This obviously...

Yes, thanks for your ideas. I'm still running a demo, not live trading. My opening position is 10 put butterflies per 1 call. I won't be mixing SPX and SPY trades at all, due to the risk of getting filled on the butterflies without getting filled on the call. I'm going to initiate my trade with...

SPX and SPY mix where positions are interacting as a part of a whole strategy. Just for fun lets say 1 SPX 1790/1840/1890 PUT BUTTERFLY, 1 SPY 181 CALL, 7 SPX 1840/1850 CALL DEBIT VERTICALS, AND 3 SPX 1840/1830 PUT DEBIT VERTICALS.

How do you guys handle it? Say you have a complex strategy involving a butterfly, several verticals and single calls. It works together in unison. You're at the profit level you were seeking and want to close them all out. How do you go about avoiding the exposure to the market that will come if...

For users of TOS - If TOS is as far off on their deltas and other greeks as has been claimed (I've heard it on this forum, and also in the videos of a professional options trader who confronted TOS about it), how are you able to even trade with them? The professional options trader (John...

I made these two demo trades on 2/25. One is an IWM MAR 106/113/116 butterfly. IV of these options at the time of the trade were 24.06, 18.48 and 16.42 respectively. The other is an IWM MARCH 107/112/115 butterfly. The IV of these options at the time of the trade were 23.37, 19.96 and 17.13...

I'm sure they're all cagey in some way or another and we never get the entire truth. But I'm going to ask a lame semi-newb question here - If I'm using TOS as my broker and their graphs to plot my strategies, as long as I'm making a profit when I should be making a profit (when their version of...

How would I correct this?

It is confusing. I don't know how the different pricing models work. I like visuals. If my graph says I'm making a profit of about $420 if VIX goes from 14 to 20, and the actual profit/loss of the position in the TOS account statement confirms it, what could really be wrong about it? I am new...

Thanks, that would be appreciated.

Are you saying I won't be able to rely on TOS's profit/loss graphs when I'm trading live with them? Here are the graphs of the 2 theoretical VIX positions:

Thanks for your advice. I might have explained that example the wrong way. In monetary terms, according to the time decay graphical representation of the position (not the graph of the position at expiration), the actual profit on the position is $420. Which means the AUG4 CALL at the 14 strike...

I'm not going to pretend to understand most of your jargon. I try to keep it simple. I'm using TOS as my practice platform and here is an example I'll throw out. Assume volatility on SPY/SPX shoots up and the VIX goes from 14 to 20 tomorrow. You've been hit hard volatility wise on the short...

A month out. I'm interested in using further OTM VIX options, using them as temporary volatility hedges in the short term and cashing them in if the market moves violently against my position, or holding them if they go down in value and start losing money, until they become profitable again...