PHLX orders cancel immediately?

metooxx · Nov 9, 2002

Quote from aphexcoil:

Cancels for me on options were always < 2 seconds via Philly. I now keep a running log via an order monitor to see how long it takes me to cancel an order no matter where I place it.

The more info the better.

No way ...

aphexcoil · Nov 9, 2002

Quote from metooxx:

No way ...

Yeah, I'm making it up. Actually, I've only done three option trades through Philly, but cancelled about half a dozen -- so I don't have much to go on.

As you said, I am probably just lucky. After listening to you, I have decided that the "normal" way of playing options is a losing proposition long-term.

Thanks Metooxx, you've probably saved me thousands long-term.

Sunfair · Nov 10, 2002

Are they actually allowed to hold cancels for 2 min? I can't recall ever having a fill after a cancel was transmitted. Although I frequently watch my bids at the ask and vis versa stare at each other for a minute or more. Why is that?

metooxx · Nov 10, 2002

Quote from Sunfair:

Are they actually allowed to hold cancels for 2 min? I can't recall ever having a fill after a cancel was transmitted. Although I frequently watch my bids at the ask and vis versa stare at each other for a minute or more. Why is that?

They are supposed to have a rule that allows them to lean on your order or cancel for two minutes; to this day I have yet to see it in writing ...