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Looking for Futures Option Broker after TDAmeritrade

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Looking for Futures Option Broker after TDAmeritrade

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  #1 (permalink)
Experience: Beginner
Platform: TDAmeritrade
Trading: Options On Futures
Posts: 40 since Aug 2017
Thanks: 4 given, 10 received

Hi folks,

Now I am looking for a new option broker as TDAmeritrade does not support the trading of quite some options in my strategy any more, after I have been using it for optionselling in the past 2+ years. The reason is that there are no options on copper/silver/coca/cottton etc. And for most of the commodities (except Wheat/Corn/Soybeans), there are only options with maximum of 90days to expire. This prevent me from selling far deep OTM options, which is the core strategy that can be found in the Book of James Cordier.

Now I am looking for a new broker for option trading. It has to have the following features.
0) Realtime Quotes.
1) A plethora of option chains (12 months) for all major traded commodities for international accounts, I am from Singapore.
2) SPAN Margin. Is TDAmeritrade using SPAN margin? I doubt so, as I didn't see the margin of two iron condor legs cancel each other partially in its Analyze tab.
3) Margin Call. At least 1 day to close the trade before a forced liquidation.
4) In its tradign platform, shows ExtrinsicValue/probITM/delta/BPE/OptionBuyingPower as it is there in TDAmeritrade.
5) Handle small account. Current account size is about 20K.
6) Prefer web-based user interface for placing orders.
7) Optional: Able to place Stop limit order for short option spread position using spread price as a triger.
8) Optional: providing API to access account for margin in use (I have an excel that tracks all BPE that is actively tied to a position on the daily basis to come out a pie chart)

Thank you very much

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  #3 (permalink)
mattz's Avatar
Posts: 2,487 since Sep 2010
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Your #3: Margin Calls are measured based on their amount relative to the cash available (net liq to be precise).
In my experience, many FCMs do allow you a day to get yourself of calls, but I am not sure you can dictate to an FCM how to behave around Margin Calls. Consider that since you are outside the USA, some FCMs may impose more than SPAN.

As for platform: OptionsCity is a web based platform for Options Trading.

Matt Z
Optimus Futures

There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.

Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
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