Alternative to the "Walk Limit" order from other brokers?

K

kam123

Hi guys, so I found what I've been looking for. Basically a limit order for multi leg option strategies that will start at the mid-price and work its way outwards rather than having to cancel the limit order manually and entering another one.

http://www.optiontradingpedia.com/options_walk_limit_order.htm

Now, its being offered by just one brokerage firm, charles schwab and Im not to keen on using them. Anyone else know if this functionality is elsewhere.

really appreciate it
 
Interesting: BTW: your reference to "start at the mid-price" seems to be a default, you can start where you wish as long as it is within B/A bounds, per their references. -- Thnx for the post.
 
kam123 said:
Hi guys, so I found what I've been looking for. Basically a limit order for multi leg option strategies that will start at the mid-price and work its way outwards rather than having to cancel the limit order manually and entering another one.

http://www.optiontradingpedia.com/options_walk_limit_order.htm

Now, its being offered by just one brokerage firm, charles schwab and Im not to keen on using them. Anyone else know if this functionality is elsewhere.

really appreciate it
More...

The midpoint is not always "fair value." I suggest you work your own order at prices that make sense for you.
 
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OptionsXpress then Schwab through the acquisition. It's part of a terrific suite of tools and the project never got completed.
 
Interactive Brokers has an order type called Adaptive Algorithm that I use to sell strangles. Can set a limit price or market price which it will start at and walk across the spread with varying degrees of aggressiveness/patience. My fills are objectively better using this order type than a standard limit order, but you cannot use this order type for multi legged strategies, ie you must trade one leg at a time, which I find easy enough
 
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