You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
Obscene options cancel/modify fees
- Thread starter stock777
- Start date
Quote from yip1997:
If an order is expired without filled, is there any cancellation charge?
If it is a day order, the time just ran out. You do not have to ask for an expiration. It required no action on your part. Expire is not a cancellation.
If it is a GTC (Good till Cancell) order that would require your action to cancel.
It depends on what your goal for the trade is. If an option is $3.20x$3.40 and you generally want a 20 cent profit per trade, when opening the position it's worth trying to buy the option for $3.30, and then cancelling if you don't get it at that price.Quote from rallymode:
When you place your limit order, you have made the decision to be in the trade at that price and time, a 2 tick movement shouldn't make you change your mind.
Sometimes, the spread is so wide and there are no other market participants other than you and the MM, so you have to negotiate with the MM. I was trading options yesterday that were sometimes quoted at $.70x$1.30 with a delta of .4, and a 2% move in the price of the underlying didn't change the NBBO at all. So you have to try various prices inside the spread until you get a fill.
Quote from loufah:
It depends on what your goal for the trade is. If an option is $3.20x$3.40 and you generally want a 20 cent profit per trade, when opening the position it's worth trying to buy the option for $3.30, and then cancelling if you don't get it at that price.
Sometimes, the spread is so wide and there are no other market participants other than you and the MM, so you have to negotiate with the MM. I was trading options yesterday that were sometimes quoted at $.70x$1.30 with a delta of .4, and a 2% move in the price of the underlying didn't change the NBBO at all. So you have to try various prices inside the spread until you get a fill.
If you are trading for 20 cents then what are you doing scalping ops with 60 cents edge? Not trying to be argumentative, just trying to see the logic behind it.