IB option limit order on midprice possible?

N

newguy05

This is probably a long shot, but maybe it's buried in one of the IB menus someone know. Is there a way to do an option combo order using a dynamic limit price that's somewhere between bid/ask

Getting into say an iron condo is no problem, i just fill each leg individually, but since i work during the day what i usually do is set a gtc limit order to close the position at x profit immediately after creating the combo.

But IB's combo orders really suck, the bid/ask spread is insane and sometime it doesnt fill the order even though the limit price is hit. I did some checking, essentially all my gtc limit order that were filled,is pretty much the same as if i just did market... losing a lot of money on the winners.

What I am asking is if there is a way to set a limit price on a combo that's between the bid/ask, so if the bid/ask moved from 1/2 to 2/3, my combo's limit price will auto adjust from 1.5 to 2.5. So I dont get filled at 1.5 while it's at 1.5/2.5 but only filled if someone is willing to hit 2 at that time.
 
Quote from newguy05:

Is there a way to do an option combo order using a dynamic limit price that's somewhere between bid/ask

You can set a limit price wherever you want. The net is the issue - doesn't matter what the respective components are priced at.

But IB's combo orders really suck, the bid/ask spread is insane and sometime it doesnt fill the order even though the limit price is hit.

IB and most other brokers have standard combo order types. You want other order types or better fills? :)

Insane B/A spreads has nothing to do with IB or any other broker. The limit price being hit is no guarantee of a fill. The supply on the other side may be limited and it's first come first filled.

What I am asking is if there is a way to set a limit price on a combo that's between the bid/ask, so if the bid/ask moved from 1/2 to 2/3, my combo's limit price will auto adjust from 1.5 to 2.5.

Check IB's algorithm page. There are dozens of modifiers that can be used.
More...
 
thanks this looks pretty nice, will check it out in detail tomorrow see if it works

http://www.interactivebrokers.com/en/p.php?f=orderTypes#category

-------------

nah i dont mean odd combos, just standard flies, iron condor etc.. i think all IB does with a combo order is just add up the bid and ask of all the legs. But they just dont work reliably, like the quotes dont always reflect the sum and disappears/move around randomly at times. And if you try to execute a combo order instead of legging into it yourself, you are almost guaranteed with a bad fill everytime, close to market.
 
You must log in or register to reply here.
Back
Top