IB: How best to unwind Long 1 Globex Mini (NQ) and Short 10 Micros?

A

Aisone

If I've got a position long 1 Mini and short 10 Micros, a neutral position, or vice verse, is there a way to unwind this with the TWS without taking risk and legging it?
 
Aisone said:
If I've got a position long 1 Mini and short 10 Micros, a neutral position, or vice verse, is there a way to unwind this with the TWS without taking risk and legging it?
More...

Not through straight equity trading, because they move in unison. You'd have to use FOPS in some fashion.
 
From an empty row on a sheet, select Generic Combo.

upload_2022-8-9_17-42-29.png
 
xandman said:
From an empty row on a sheet, select Generic Combo.

View attachment 291604
More...
Nice, thanks xandman. I went ahead and created that after clicking on Add. Now I've got a window 'This combo can only be executed as Non-Guaranteed, do you want to create it anyway?' All good, but if I click 'Yes', will it actually add an order to the quotepage, or just insert it to transmit when ready?
 
SunTrader said:
Presently around 7pm ET, spread is 1 tick for both mini and micro. What am I missing with regards to risk?
More...

His conundrum is if he starts unwinding his MES position a few contracts at a time, he starts losing the 1:1 parity between the two. He's trying to get out of the position without a manual legging thing which I tried in CL many years ago, which can get dicey.

I am sure there is a way with FOP, but I would not know how because options people are crazy.
 
Overnight said:
His conundrum is if he starts unwinding his MES position a few contracts at a time, he starts losing the 1:1 parity between the two. He's trying to get out of the position without a manual legging thing which I tried in CL many years ago, which can get dicey.

I am sure there is a way with FOP, but I would not know how because options people are crazy.
More...
Yep, been down the legging road before and almost always seem to get off on the wrong foot.

I've got the Combo Order in the quotepage now and see I can use the booktrader to place the order, looks good to go. This is going to give the flexibility to adjust Mini position risk by using Micros without trading the value of a whole Mini contract at a time, and unwind when I'm at a 1:10 position ratio (neutral) at minimal cost, which should be helpful.
 
Aisone said:
Yep, been down the legging road before and almost always seem to get off on the wrong foot.

I've got the Combo Order in the quotepage now and see I can use the booktrader to place the order, looks good to go. This is going to give the flexibility to adjust Mini position risk without trading the value of a whole contract at a time, which should be helpful.
More...

Be sure to post the new order and whole position if you execute the order, as I would be curious to see the new structure.
 
Aisone said:
Nice, thanks xandman. I went ahead and created that after clicking on Add. Now I've got a window 'This combo can only be executed as Non-Guaranteed, do you want to create it anyway?' All good, but if I click 'Yes', will it actually add an order to the quotepage, or just insert it to transmit when ready?
More...

Non-guaranteed never troubled me. But, please research that.

Just keep it on your quote sheet. Right click and select Order Ticket when you are ready. Make sure you get the Buy and Sell sides figured out and not accidentally double your position. Been there, done that.

Be forewarned, IBKR defaults to you buying the offer or selling the bid. I would give a skosh over midpoint for expediency. MM has to keep the lights on.
 
Last edited:
You must log in or register to reply here.
Back
Top