Spread orders on TWS not displaying properly

R

Rearden Metal

I have a long running issue with TWS spread orders- Sometimes my spread orders are displayed, and sometimes they don't show up at all.

Check out this example from today:
<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=3823495>

I'm bidding for a 5-lot at -1.70, so the displayed bid size shouldn't be less than 5 total. Yet, this spread is quoted as having a bid size of only 3 contracts at that price. How? Why? Where's my size?

In other words, whenever I put in an order to buy or sell any given spread, sometimes my order is displayed in the quoted bid/offer for that particular spread, and sometimes I'm completely invisible for some reason. Why would my orders ever be invisible? Anyone understand what I'm talking about? Anyone having the same problem?
Thanks and have a nice day!
 

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Hello Rearden,

Trading futures and futures options, I had the same problem.

Most likely when your size doesn't appear in IB Bid or Offer, your order hasn't been entered by IB as native. It won't be filled against incoming market orders. On futures calendar spreads, orders are entered as native but on option combos, they are not. IB will fill your order when your order becomes marketable and you are most likely screwed...

I don't know how it works on stock options with the COB though.
 
Thanks, T! No wonder good spreads fills are so hard to come by. This is costing me money.

Anyone from IB care to comment? Is this situation acceptable to you guys, or are you working to correct the problem?
 
Rearden et al.,

The problems continue and are getting worse.

I spent two hours this morning trying to reach someone at IB that could even acknowledge this is an issue. By the way, chat disconnects you after one hour for a "timeout" even if no rep has picked up yet.

As it was explained to me, the order is actually there at Globex but IB is not getting the appropriate feedback for certain orders. For me, about 1 outta 10 over the past few months would not appear. It would go green, but not be represented in the NBBO at all. Today, it's most of my orders for the Jul 26 and Jul 31 spreads. They go green but are never seen. I tried moving them up to fair value and beyond and they are executing, so they are really there at the exchange - but we are flying blind on these.

The guy I talked to walked my issue over to the order desk and said they had four other examples like mine that were being sent to the programmers so that they can nail it down and fix it. It's harder when it seems sporadic. For me it's getting much worse over time.

The hardest part is getting someone at IB to acknowledge and deal with a real issue. They deal with so many incompetent traders that they get into this mindset that we're all failing to understand some aspect of the market or their software. The guy I had on chat basically told me that this is the way it was supposed to work and that everything was fine. That felt good after many years on this platform and nearly an hour waiting for him to pick up my chat.

So...I think the orders are there (if it goes green) even if the quotes don't reflect it at all. Small consolation I know, but hopefully we can tinker around the issue until they can get it fixed. When you have a few hours free or get a solid contact at IB, shoot them some screenshots so they have more examples. If you get an "issue number" or name, let us know and we can add our screenshots.

My order that I worked with them this AM, was me bidding at 5.50 and the display was 4.00 X 8.25 (and my order is green). The guy told me it was offered at 5.75 even though it wasn't showing that on screen. I moved it up to 5.75 and it executed immediately...and the quotes on screen never moved at all.
 
Without making light of the issues ktm is still experiencing, I have actually noticed an improvement with my own TWS spread orders.

I started this thread with a screenshot displaying the problem in NUGT put spreads specifically. So today I tried placing a test order in the same instrument at before (NUGT put spread), and my size <b>did</b> in fact display properly on TWS this time. So while ktm's report still deserves serious consideration, I have noticed an improvement, and give credit where its due.
 
Quote from ktm:

Rearden et al.,

The problems continue and are getting worse.

I spent two hours this morning trying to reach someone at IB that could even acknowledge this is an issue. By the way, chat disconnects you after one hour for a "timeout" even if no rep has picked up yet.

As it was explained to me, the order is actually there at Globex but IB is not getting the appropriate feedback for certain orders. For me, about 1 outta 10 over the past few months would not appear. It would go green, but not be represented in the NBBO at all. Today, it's most of my orders for the Jul 26 and Jul 31 spreads. They go green but are never seen. I tried moving them up to fair value and beyond and they are executing, so they are really there at the exchange - but we are flying blind on these.

The guy I talked to walked my issue over to the order desk and said they had four other examples like mine that were being sent to the programmers so that they can nail it down and fix it. It's harder when it seems sporadic. For me it's getting much worse over time.

The hardest part is getting someone at IB to acknowledge and deal with a real issue. They deal with so many incompetent traders that they get into this mindset that we're all failing to understand some aspect of the market or their software. The guy I had on chat basically told me that this is the way it was supposed to work and that everything was fine. That felt good after many years on this platform and nearly an hour waiting for him to pick up my chat.

So...I think the orders are there (if it goes green) even if the quotes don't reflect it at all. Small consolation I know, but hopefully we can tinker around the issue until they can get it fixed. When you have a few hours free or get a solid contact at IB, shoot them some screenshots so they have more examples. If you get an "issue number" or name, let us know and we can add our screenshots.

My order that I worked with them this AM, was me bidding at 5.50 and the display was 4.00 X 8.25 (and my order is green). The guy told me it was offered at 5.75 even though it wasn't showing that on screen. I moved it up to 5.75 and it executed immediately...and the quotes on screen never moved at all.
More...


I am not an expert but it is possible that the 5.75 offer was 2nd or 3rd generation implied prices( implieds constructed with a quote which is already an implied ) which are not disseminated on globex order books. They are matched only when you submit your order.

What is more important to know is if you are matched against incoming market orders if you bid under fair value...I don't think it is the case with IB on globex option combos but I am not sure.
 
Quote from TraDaToR:

I am not an expert but it is possible that the 5.75 offer was 2nd or 3rd generation implied prices( implieds constructed with a quote which is already an implied ) which are not disseminated on globex order books. They are matched only when you submit your order.

What is more important to know is if you are matched against incoming market orders if you bid under fair value...I don't think it is the case with IB on globex option combos but I am not sure.
More...

Every order I've ever entered via IB Spreadtrader that has been NBBO has appeared in the quotetrader window as such. Whether it's simulated or matched properly or strung together with legs or sitting at Globex - I don't know...but if I'm top dog on price I'm showing up for the world to see in the quotetrader window. That lets me know that green means something and I'm actually there getting my order represented.

Executions have been solid and by every indication the orders are there...just some are missing from the quotes. IB is working on it and hopefully will nail this down soon.
 
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