Great news. IB's Oct. 20, 2008 communique announces that IB-SMART now includes the order routing algorithm I proposed and analyzed in this thread.
IB vs Thinkorswim RE: price improvement
- Thread starter Option Trader
- Start date
i've had options recently were i put in between the bid and ask, Just sold some shares of DRL at the bid which was 19.65 as seen on Level 2.
Does anybody here have any recent option execution experience with TOS vs. IB? Since 2009, I am sure much has changed (especially with the TDAmeritrade purchase of TOS ) with the ability of either broker to execute option spreads. thanks.
people seem to worry about a .0050 price improvement which on 100 shares is $0.50 while ignoring the fact that IB charges $1 comm vs. 9.99 for TOS, clearly a case of penny wise pound fool. Also, I bet 99% of people on this board are not high frequency traders (meaning 10,000 trades per day or more) so price improvement should be pretty low on their list of concerns. But people like to rant.
also, while TOS has a "pretty" platform, there is no substitute for IB's TWS for the active trader, it may be ugly but it "PUTS OUT". ''
Bottom line, if you invest go with TOS, if you trade go with IB, pretty simple.
also, while TOS has a "pretty" platform, there is no substitute for IB's TWS for the active trader, it may be ugly but it "PUTS OUT". ''
Bottom line, if you invest go with TOS, if you trade go with IB, pretty simple.
Not sure about price improvement. But apparently IB can fill each leg of a spread independently among different exchanges is a winner to me. The best price from one single exchange as opposed to across multiple exchange can be as wide as 0.03. That's a huge "price improvement" to me.
-pt