cant place limit order in opx for combo, bug?

N

newguy05

See screenshot for example, wtf is this shit? I cant place this combo using limit order at all in optionsxpress. Only way to execute the trade is if i switch to market order, and lost $1000 at the get go.

Anyone know what the deal is? is it a bug with optionsxpress? I have done this type of combos many times in IB and even my ira account with fidelity without any problems.

thanks
 

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Quote from newguy05:

See screenshot for example, wtf is this shit? I cant place this combo using limit order at all in optionsxpress. Only way to execute the trade is if i switch to market order, and lost $1000 at the get go.

Anyone know what the deal is? is it a bug with optionsxpress? I have done this type of combos many times in IB and even my ira account with fidelity without any problems.

thanks
More...

I'm not familiar with OX, or that type of spread order, but it looks like the order is for IC only, vertical that is. Hence the rejection "debit is greater than difference between strikes."

If they require entry through two diagonals, they would double comms, yes?
 
Quote from donnap:

I'm not familiar with OX, or that type of spread order, but it looks like the order is for IC only, vertical that is.
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yeah i noticed that too, but i didnt pick IC, it just automatically matches the order to an IC template looks like. Even though it's 2x diagonal spread
 
Quote from newguy05:

yeah i noticed that too, but i didnt pick IC, it just automatically matches the order to an IC template looks like. Even though it's 2x diagonal spread
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Just edited. It looks like you might have to enter diags separately? Or staddle/strangle orders?
 
Quote from newguy05:

I cant place this combo using limit order at all in optionsxpress. Only way to execute the trade is if i switch to market order, and lost $1000 at the get go.
More...

How do you go from a bid/ask spread of $0.90 for all 4 positions to an additional $1000.00 if a market order is used?

opxbug2.jpg
 
Quote from newguy05:

Anyone know what the deal is? is it a bug with optionsxpress? I have done this type of combos many times in IB and even my ira account with fidelity without any problems.
More...
Call them. It's their program :)

It's extra work but sometimes you can get a better fill by setting up this position as two strangles as well as two diagonals. Combo bids are usually better than the natural and if you set (and reset) price alerts, sometimes you can pick off a really good fill on one side and grab the natural on the other. Or even grab the good fill and leg into the other. Obviously, this is a bad suggestion if one isn't disciplined because legging in has risk... but in return you can be rewarded.
 
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