SPX Credit Spread Trader

I hope it was because you mentioned my name ;) lol

Phil

Quote from rdemyan:

Alright!!

I just called ToS and talked with the guys there. Scott Sheridan made me a deal on commissions, because I told him that OX gives me a great deal.

I asked him if I could post my deal in this forum and he said yes. Sounds like he will be willing to give the same deal to others who open an account (but you have to check with him).

So here it is.

$1.25 per options contract with a $12.95 minimum. The minimum for a credit spread is $19.95

So, I typically trade 10 credit spreads. This is considered to be 20 contracts at a cost of $25.00!! This is what I currently pay at OX. However, if you only trade 1 spread you'll pay $19.95.

If you are interested, go to the ToS website to get the phone number and ask to speak with Scott.

One other point. He said (and I hope that this will indeed be true), that I will still pay the same discount rate even if I call into the desk to get my SPX credit spread order spurred along. This is very important to me.

Thanks, Coach.
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Just as a FWIW here is IB's option commish. And anecdotally, I've traded many ops over the years (some even automated :D) and have always been satisfied with the fills and service.


No Minimums

Smart Routed
Premium => USD 0.10
USD 1.00
per contract USD 1.00 1 Contract @ USD 2 Premium
= USD 1.00

USD 0.05 =< Premium < USD 0.10
USD 0.50
per contract USD 0.50 1 Contract @ USD 0.075 Premium
= USD 0.50

Premium < USD 0.05
USD 0.25
per contract USD 0.25 1 Contract @ USD 0.03 Premium
= USD 0.25


http://www.interactivebrokers.com/en/accounts/fees/commissionStockIndexOptions.php?ib_entity=llc
 
CNBC just announced that Ben Bernanke has been chosen as the replacement.


Quote from ssternlight:

Just an FYI if you missed it,

Bush is going to announce GSPAN's successor at 1PM....
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Quote from Choad:

Just as a FWIW here is IB's option commish. And anecdotally, I've traded many ops over the years (some even automated :D) and have always been satisfied with the fills and service.


http://www.interactivebrokers.com/en/accounts/fees/commissionStockIndexOptions.php?ib_entity=llc
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IB's the only place to go for retail options. The ability to trade flies/condors/calendars/arbitrage electronically with a single b/a through ISE is great. You can route electronically through the remaining exchanges with guaranteed fills if hitting the posted b/a.

TOS does not have that ability and their commish is significantly higher.
 
I shorted Bernanke in the morning but when it looked like he was in I covered lol. Seems the markets are in a good mood today which is good for two reasons:

1. More room between the index andmy 1150/1160 SP put spread.

2. Hopefully juicing up those pitiful SPX call spreads for NOV which have lost a lot of premium.

Phil

Quote from rdemyan:

CNBC just announced that Ben Bernanke has been chosen as the replacement.
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ToS does allow single order entry for butterflies, calendars, Iron Condors, calendars and diagonals and has a commission of $1.25 per contract for frequent traders. Customer service is also great and if you call in they might be able to help get better fills on the SPX options. You can also route through specific exchanges as well.

ToS has come a long way this year and added so many features.

Quote from riskarb:

IB's the only place to go for retail options. The ability to trade flies/condors/calendars/arbitrage electronically with a single b/a through ISE is great. You can route electronically through the remaining exchanges with guaranteed fills if hitting the posted b/a.

TOS does not have that ability and their commish is significantly higher.
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Refresh my memory. IB does have trading on options on futures whereas ToS does not? But this is only an advantage during non Wall Street trading hours (i.e. I could play an overnight move with options on futures, but once the exchange is open that advantage is gone??)

Quote from optioncoach:

ToS does allow single order entry for butterflies, calendars, Iron Condors, calendars and diagonals and has a commission of $1.25 per contract for frequent traders. Customer service is also great and if you call in they might be able to help get better fills on the SPX options. You can also route through specific exchanges as well.

ToS has come a long way this year and added so many features.
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I believe the deal I mentioned earlier does not require that one be a frequent trader. As far as I know there is no minimum number of trades required to get the $1.25 rate. However, once my account is open, I have to e-mail Scott Sheridan in order to get the discounted commission schedule setup (I had to do the same thing with OX earlier this year).


Quote from optioncoach:

ToS does allow single order entry for butterflies, calendars, Iron Condors, calendars and diagonals and has a commission of $1.25 per contract for frequent traders. Customer service is also great and if you call in they might be able to help get better fills on the SPX options. You can also route through specific exchanges as well.

ToS has come a long way this year and added so many features.
More...
 
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