Some days ago I had a problem to enter penny orders. For example ,if I want to sell spread for 1.41 Tws gives the message "1.41 does not conform to the minimum price variation of 0.05 for this contract". But I can enter penny order in WebTrader. I have already reinstalled TWS, Java, I use previous version of TWS. Nothing helps. Support does not know how to give a hand. Has anyone faced with such problem? May be I should change some settings? Thank you in advance
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penny orders in IB
- Thread starter nachprod
- Start date
Nasdaq Options purportedly accepts all penny orders on all options series:
http://www.nasdaqtrader.com/content/ProductsServices/Trading/CertifiedPartners/Options_Market_FS.pdf
Of course, this presupposes your ability to route your order directly to a real exchange, rather than having it run the gauntlet of some (possibly internalizing) automated/"smart" routing system.
http://www.nasdaqtrader.com/content/ProductsServices/Trading/CertifiedPartners/Options_Market_FS.pdf
Of course, this presupposes your ability to route your order directly to a real exchange, rather than having it run the gauntlet of some (possibly internalizing) automated/"smart" routing system.
Quote from FSU:
What product was it? Some do not trade in pennies such as OEX SPX and VIX (although VIX spreads do trade in pennies)
It were different products. Such as DB. On the last week I entered penny order. But now TWS is giving message. But I still can enter penny order in WebTrader . So I think that the problem with my TWS and not with my account
Quote from FSU:
What product was it? Some do not trade in pennies such as OEX SPX and VIX (although VIX spreads do trade in pennies)
I thought the complex order book on the CBOE and ISE accepts orders in pennies even in non penny pilot options. They can print in pennies even when they can't quote in pennies. I could be wrong.
Quote from ASE1245:
I thought the complex order book on the CBOE and ISE accepts orders in pennies even in non penny pilot options. They can print in pennies even when hey can't quote in pennies.
Yes, as long as the product in question is listed on those exchanges. While most names trade in .01 increments on spreads, even if the single legs only trade in nickels, some books that are only single or dual listed do not.
Quote from 489:
Yes, as long as the product in question is listed on those exchanges. While most names trade in .01 increments on spreads, even if the single legs only trade in nickels, some books that are only single or dual listed do not.
Very few platforms give access to all the complex order books. I only know of one, WEX. I know the NYSE Amex has a complex order book, I was a member and did not have access. So if there are any options not traded on the ISE or CBOE, the complex order books would be to illiquid to participate on. Singe list these days in general are very wide, thin markets. I would recommend staying away.
Quote from ASE1245:
I thought the complex order book on the CBOE and ISE accepts orders in pennies even in non penny pilot options. They can print in pennies even when they can't quote in pennies. I could be wrong.
On the CBOE, the SPX, SPXW, OEX and XEO accept spreads in nickel increments only (the options themselves trade in nickel increments under $3). The individual legs of the spreads may be filled at penny prices, but the spread price will total to a nickel price. The VIX options do not trade in pennies, but you can trade spreads in pennies.
Quote from FSU:
On the CBOE, the SPX, SPXW, OEX and XEO accept spreads in nickle increments only (the options themselves trade in nickle increments under $3). The individual legs of the spreads may be filled at penny prices, but the spread price will total to a nickle price. The VIX options do not trade in pennies, but you can trade spreads in pennies.
Thank you.....