How do I close this Bull Spread?

[cscott]

This is the first Bull Spread I've done. Why is their such a big difference between the bid and the ask? Also, what is the best way to close it?

 

[El OchoCinco]

Good thing I have my ESP glasses on and my super decoder ring to know exactly what "this" you are referring to.

 

[cscott]

having trouble with attachment posting. My forum pages on hanging on the ads.

 

[cscott]

Here it is.

 

[filter_sweep]

Some options have big spreads. What was the spread when you got into it? Crossing the spread has to be taken into account as part of the price of the option.

To answer your question about closing it, you can either close each side separately ("legging out") or, since you're using IB, you could also use Spreadtrader to put it into the market as a spread. Either way, you should try and use limit orders, maybe split the bid/ask spread so you don't get screwed on your fill.

 

[cscott]

thanks, filtersweep ...don't remember the spread when I entered it. I put a limit order between bid and ask and now the ask dropped to my bid.