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Buying a call spread vs selling a put spread of the same strikes is synthetically the same thing. They will have the same profit/loss (with a couple of exceptions such as a hard to borrow stock).

The issue with routing to Emerald is they have one of the highest rebates for adding liquidity. This means they also have one of the highest charges for taking liquidity. This means your order sitting here may not fill as fast or as best of a price as it would on an exchange such as the CBOE...

When you submit a spread order the broker is estimating value. It will usually take the midpoint between the each individual option, but not always. The different "estimates" doesn't really affect where you will be filled.

It is determined by the 4pm et closing print on the primary exchange. Note that this closing print may not come at exactly 4pm, may be a few seconds later (or longer in extreme cases, such as the day TSLA was added to the S&P.) If options are in the money by .01 based on this price, they will...

Yea, I don't understand these spread trading restrictions by some brokers. Seems like a lot less risk allowing someone to do a spread vs letting them leg into one.

Good article on Bloomberg explaining How Reddit's WallStreetBets Pushed GameStop (GME) Shares to the Moon - Bloomberg

Heard there were many issues trading GME options today with different brokers. They added new strikes intra day to 150's, but some broker's never showed them (IB). Also TD blocked all spread trading. If you tried to trade a spread it was rejected. Any one else have issues?

I know this isn't what you asked, but, Generally you will be better off doing a synthetic with options vs buying stock and participating in a stock yield enhancement program. To do a synthetic, you buy a call and sell a put of the same strike. This way the full "interest" of a hard to borrow...

@ajacobson I just emailed the OCC again with this question. Here is their response "Thank you for contacting OCC. Technically, all options, whether they be monthly or weekly contracts, expire now at 11:59 ET on the day of their expiration, typically a Friday............................ OCC...

I think we discussed this once before. I know that they once expired on Saturday, but that had changed a while ago. Everything I have now read says the expire at 11:59pm on Friday, and brokers are notified of the results before this time. I also receive my notices around 130am ct Sat morning...

The OCC must be notified by 530pm et. As @ajacobson mentioned, most brokers will have an earlier cutoff time to meet this deadline. For example my firms cutoff time is 515pm et with best efforts after that.

Here is the OCC memo on the split https://infomemo.theocc.com/infomemos?number=48065

I've been using them for a long time and have been very happy (as a retail trader). I would say they would work best for a more active trader. I believe Lightspeed offers them as an option, I use them through Dash. Some of the features they offer that are hard to find with other platforms...

Did you even look at the WEX platform I mentioned above? In answer to your question here, MM's while use a variety of platforms. Some examples would be Actant Actant Trading Software BTS BTS Edge • Up Your Options Trading Game | Blue Trading Systems Vela Global Leader in Data and Execution...

The WEX platform may be able to do what you want. Look at their Spread Trader. Trading Platform - WEX (tradewex.com)

The trade would be looked at as a spread. So basically someone who wanted to do this trade would shop it around. They would call around and ask where can I buy/sell this spread. When they get a quote they are happy with, the trade is then crossed (meaning other traders can't participate).

I just looked this up and it was tagged MLCT and traded on the ISE. This means it was a Multi Leg Cross Trade. A MLCT trade, as defined by OPRA (Options Price Reporting Authority) is a "transaction that was the execution of an electronic multi leg order which was "stopped" at a price and traded...

Generally when a special dividend is issued, the OCC will adjust the options.

Quite often there is a bid for these options, just no quoted bid. On less liquid options, you might see a quote of no bid at 1 or even no bid at 5. This doesn't meant there is no real bid. The "real' market can be quite tight. I was trading an out of the money leap put Thursday were the...

This is a tough question to answer. IB charges extra for direct routing (1.00) so Smart may be the best default way to send an option order. But if your only concern is quality of fills, and not rebates, etc., you may be better off routing directly to a specific exchange. This really...