Normal
yeah i heard about those cancellation fees, but those may end up being a non-factor. last week i was thinking over taking a punt on SPDR gold ETF options, looking at buying a 126-131 aug 17 call spread (to my eyes there is a piercing line around the end of june that appears to have consolidated, plus it was supported at 131 in april and may before breaking thru - possibly making 131 a minor support turned resistance level - that's my reasoning behind the trade idea in a nutshell). when i checked the delayed prices on the nasdaq website, at the time the 126 calls were trading at 2.40/2.42 and the 131 calls were 0.89/0.90. with the spread that thin, i wouldn't have even bothered trying to work the spread there, i'd just hit the offer on the 126s and hit the bid on the 131s simultaeneously.didn't go thru with it as i didn't have US options permissions at the time, and i was too tired after work last week to read thru the OCC manual like IB tells you to before you tick the box to get your account approved for trading US options. i felt i should at least skim it in case there was something important in there that differs from the way ASX options work. i've gotten my IB account approved for US options now (after having skimmed thru the relevant bits of the OCC manual) but the opportunity on the GLD options may be lost already. have to wait for the next one to come along i guess.when you say you usually "get the mid" on the ASX, do you mean you check what the bid/ask is, then your *initial* order is at the mid and gets filled straightaway, so if you were (hypothetically) trying to sell RIO puts into a 1.68/1.76 spread, you'd just offer 1.72 straight up? rather than trying to work the spread like i do? it could be that i need to experiment a bit and change things up a little rather than sticking to the same spread tactics every trade. i seriously doubt the MM autoquote systems work like this - but maybe when they see me cheekily shoving an offer of 1.75 into a 1.68/1.76 spread, they think i'm taking the piss and flag the order as one that should be cut no slack whatsoever?
yeah i heard about those cancellation fees, but those may end up being a non-factor. last week i was thinking over taking a punt on SPDR gold ETF options, looking at buying a 126-131 aug 17 call spread (to my eyes there is a piercing line around the end of june that appears to have consolidated, plus it was supported at 131 in april and may before breaking thru - possibly making 131 a minor support turned resistance level - that's my reasoning behind the trade idea in a nutshell). when i checked the delayed prices on the nasdaq website, at the time the 126 calls were trading at 2.40/2.42 and the 131 calls were 0.89/0.90. with the spread that thin, i wouldn't have even bothered trying to work the spread there, i'd just hit the offer on the 126s and hit the bid on the 131s simultaeneously.
didn't go thru with it as i didn't have US options permissions at the time, and i was too tired after work last week to read thru the OCC manual like IB tells you to before you tick the box to get your account approved for trading US options. i felt i should at least skim it in case there was something important in there that differs from the way ASX options work. i've gotten my IB account approved for US options now (after having skimmed thru the relevant bits of the OCC manual) but the opportunity on the GLD options may be lost already. have to wait for the next one to come along i guess.
when you say you usually "get the mid" on the ASX, do you mean you check what the bid/ask is, then your *initial* order is at the mid and gets filled straightaway, so if you were (hypothetically) trying to sell RIO puts into a 1.68/1.76 spread, you'd just offer 1.72 straight up? rather than trying to work the spread like i do? it could be that i need to experiment a bit and change things up a little rather than sticking to the same spread tactics every trade. i seriously doubt the MM autoquote systems work like this - but maybe when they see me cheekily shoving an offer of 1.75 into a 1.68/1.76 spread, they think i'm taking the piss and flag the order as one that should be cut no slack whatsoever?
Hello and welcome to Aussie Stock Forums!
To gain full access you must register. Registration is free and takes only a few seconds to complete.
Already a member? Log in here.
