Is there any setting to prevent smart maxrebate from taking liquidity?

R

rebateguy

So, basically I'm doing a rebate trading strategy where I don't want a fill unless I'm getting a rebate on it. Maxrebate usually (and predictably) routes my order to 1 exchange with the biggest rebate as long as it's non-marketable, but if it's marketable on another exchange it unfortunately routes there.

Direct routing is not an option since the massive $1 / contract commission for direct routed orders wipes out any profit compared to the $0.15 / contract commission for smart routed contracts.
 
rebateguy said:
So, basically I'm doing a rebate trading strategy where I don't want a fill unless I'm getting a rebate on it. Maxrebate usually (and predictably) routes my order to 1 exchange with the biggest rebate as long as it's non-marketable, but if it's marketable on another exchange it unfortunately routes there.

Direct routing is not an option since the massive $1 / contract commission for direct routed orders wipes out any profit compared to the $0.15 / contract commission for smart routed contracts.
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So go for $1.15 in profit per contract?
 
We offer an ADD ONLY order type. We do not charge extra. You have a choice of per share or per trade commissions. On per trade, you can trade for credits. Buy 5000 shares, we charge $4.50/Trade up to 10,000 shares. ARCA credit for adding on 5000 shares is $10 for a net credit before reg fees of $5.50. https://www.lightspeed.com/pricing/commission/ https://www.lightspeed.com/pricing/routing-fees/

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Robert Morse said:
We offer an ADD ONLY order type. We do not charge extra. You have a choice of per share or per trade commissions. On per trade, you can trade for credits. Buy 5000 shares, we charge $4.50/Trade up to 10,000 shares. ARCA credit for adding on 5000 shares is $10 for a net credit before reg fees of $5.50. https://www.lightspeed.com/pricing/commission/ https://www.lightspeed.com/pricing/routing-fees/

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I'm currently only trading options, and while it is nice you have the additional order routing instructions, the commissions just aren't competitive. LS charges 20 cents / contract compared to 15 cents / contract with IBKR (for amounts over 100K contracts), and from what I'm seeing on your website you would have to trade the volume first in 1 month at the higher rate before getting a better rate.

If I could get direct routing for 15c / contract I would definitely give it a shot
 
I did not know you were discussing options. I missed that. On Sterling Trader Pro you can direct orders and be subject to exchange maker/taker fees. We also have a SMART route to avoid them, IB does not have. Also, IB tiers their rates and we do not. We do not make you earn your rate each month. Once you hit a lower rate, that is your rate forward. Email or call me if you want to learn more.

rebateguy said:
I'm currently only trading options, and while it is nice you have the additional order routing instructions, the commissions just aren't competitive. LS charges 20 cents / contract compared to 15 cents / contract with IBKR (for amounts over 100K contracts), and from what I'm seeing on your website you would have to trade the volume first in 1 month at the higher rate before getting a better rate.

If I could get direct routing for 15c / contract I would definitely give it a shot
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