questions about combo orders

R

raf_bcn

Hi
I would like to make two questions about combo orders.
I want to place an options combo order on two underlyings and a total of 4 legs. Seems that my broker IB, doesn't support it. But it seems that it is possible with two legs. Is the same thing with other brokers?
I also would like to place a combo order selling 1 SPX call and buying 1,000 Spy . The IB system says its not allowed because the maximum ratio is 1:8 , that doesn't make sense.
I thought it has to be easy to place an order like that because the SPX and the Spy sometimes are used to hedge eachother and are very liquid.
But if finally it is not posible what is my alternative ? I would like the execution be at the same moment.
Maybe its posible to place an order like, for example, sell 1 call and when its filled inmediately sell 1000 spy at market price. I don't know how to do it and what type of order it would be.

thanks
 
As far as I know IB supports the same orders that are supported by exchanges, so you cannot create orders that cannot be submitted to exchanges.
IB actually supports additional orders and option combos that are not supported by exchanges, but they’d be split up and submitted separately without price guarantee and usually very difficult to fill. But they don’t apply to your case anyway.
Usually you can combine 4 legs and an underlying, but not mix multiple underlyings. SPY is not an underlying for SPX options and may even be traded on different exchanges, so you’d have to manage such orders separately.
A broker’s job is to simply submit your order to an exchange.
 
raf_bcn said:
Maybe its posible to place an order like, for example, sell 1 call and when its filled inmediately sell 1000 spy at market price. I don't know how to do it and what type of order it would be.
More...

There you go. Variously, a "linked" order, Parent + Child, etc etc.
 
raf_bcn said:
So there are a lot of ways to do it . Are you talking about IB ? If you explain me only one I will be satisfied and grateful.
More...

Not a lot of ways, you need to use separate orders, but link them as parent/child as mentioned by tommcginnis.
So just use any basic order like you always do, then attach child order to it.
Use Google to lookup how to attach child orders in Interactive Brokers.
Sample Google search results:
https://www.interactivebrokers.com/en/software/tws/usersguidebook/ordertypes/autocombolimit.htm
https://www.interactivebrokers.com/en/software/mobileandroid/trade/attached orders.htm
 
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