IB TWS ... how to close option combo with unmarketable legs?

[beerntrading]

I've been reading this from you and others, and I *think* I have noticed that you're all leaning on equities, whereas I'm speaking from a background of SPX/ES stuff. And if I *push* my faint memory of equity spreads......... yeah. yeah. I probably load the spread *and* the legs, and push them both until hit. Huh.
[cue Chin-Scratching Emogi]......

To add to that, my best "unicorn" fills have been on very illiquid instruments (usually picking off one leg of someone else's spread while MM pick up the others at mid). So there's probably a point that liquidity works against you in this respect. Now as a matter of habit, I check the CBOE order books when I'm trading anything where I'll be 5 or 10% (or more) of open interest to see if there's any "complete the circuit" orders to pick off.

 

[GammaZoid]

re: tommcginnis: "It is a *fair* idea, but only when buying out of spreads just isn't getting it done for a reasonable price".

Got it (I think). If I have a one dead leg on Iron Condor, close the viable spread and then the other viable leg. The dead leg (for me) is invariably a long call or put, and I'll leave it to rot (or if it rises from near zero, sell to make a buck).​

re: spindr0: "Make it a habit of closing those near worthless short options."

Got it.​

re: spindr0: "When possible, make it a habit of setting up your adjustment spreads in the pre market..."

Great ideas ... copied to my trading notes.​

re: tommcginnis: "I have 3 QuoteMonitor pages set up, ..."

Sounds efficient and I will give that a whirl.​

re: Ryan81: "I trade options primarily by just using an option chain and opening up the "Strategy Builder" sub-window."

That nearly what I do but a shorter route to adopt. Thanks.​

I'm overwhelmed with the helpful suggestions. Thanks to all!

 

[billmcl2]

I'm new to option trading so this is probably a dumb question but I can't access IB's help options today. In a simple Bull Put (credit) Spread (eg. sell a put, buy a lower strike put) can you close the short put by simply buying it back (and let the long put ride) - or do you have to close the whole spread?