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Vertical options spreads on futures
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Vertical options spreads on futures

  #1 (permalink)
Elite Member
Richland WA/USA
 
Futures Experience: Intermediate
Platform: tws, tos
Favorite Futures: RUT, GC, CL
 
Posts: 38 since Mar 2013
Thanks: 10 given, 18 received

Vertical options spreads on futures

I am migrating from IB for trading options on futures, mainly because of excessive margins.
Looked around and came across Generic Trade. Opened an account there and found out that from within their platform I can only trade certain prepopulated vertical option spreads. For example, I wanted to trade July gold vertical option put spread 1225/1240. I could easily do this type of stuff from IB, but it turns out in Generic Trade I have to call trade desk (at least that is what the support person told me).

Am I missing something here? I sort of always took it for granted - the ability to trade your basic vertical spread at will? In fact I went to my other account at TDAmeritrade and got filled on the above spread without any problems (commissions are high there though)

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  #2 (permalink)
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  #3 (permalink)
Elite Member
Steubenville Ohio
 
Futures Experience: Intermediate
Platform: OX, OEC, RJO
Favorite Futures: Options on Futures
 
Posts: 219 since Sep 2012
Thanks: 26 given, 244 received



effective View Post
I am migrating from IB for trading options on futures, mainly because of excessive margins.
Looked around and came across Generic Trade. Opened an account there and found out that from within their platform I can only trade certain prepopulated vertical option spreads. For example, I wanted to trade July gold vertical option put spread 1225/1240. I could easily do this type of stuff from IB, but it turns out in Generic Trade I have to call trade desk (at least that is what the support person told me).

Am I missing something here? I sort of always took it for granted - the ability to trade your basic vertical spread at will? In fact I went to my other account at TDAmeritrade and got filled on the above spread without any problems (commissions are high there though)

OEC was the same last time I checked ... only prepopulated spreads. That being said, even on platforms that support spread orders (OX and RJO) I find myself legging into the spread rather than placing a spread order. It seems easier to get filled legging into the trade.

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  #4 (permalink)
Elite Member
Richland WA/USA
 
Futures Experience: Intermediate
Platform: tws, tos
Favorite Futures: RUT, GC, CL
 
Posts: 38 since Mar 2013
Thanks: 10 given, 18 received

Thanks for the info. I guess it is a common situation.

I thought about legging in as well. I did not have much luck with it on equities side though (e.g. RUT). Seemed like the final price was always worse compared to direct spread trade. Once you get filled on one side, the clock starts ticking, and I often found myself accepting less then ideal price on the other leg.

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  #5 (permalink)
Elite Member
Steubenville Ohio
 
Futures Experience: Intermediate
Platform: OX, OEC, RJO
Favorite Futures: Options on Futures
 
Posts: 219 since Sep 2012
Thanks: 26 given, 244 received


effective View Post
I did not have much luck with it on equities side though (e.g. RUT).

I think it all depends on the instrument. With something like Crude Oil or the Euro, the liquid strikes can have bid/ask spreads as low as 1 point, but often it is 2 during the main trading hours so it is easy to leg in by just shooting for the price in between, or taking the current bid/ask.

I usually look at strikes where the current bid on the sell and current ask on the buy side will give me the credit I want. I fish for the side I'm selling first and if I can get a good fill then I might be will to pay a little more on the buy side just to get the spread in place.

Hope this helps.

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