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Buying an option strategy "at once" and minimize spread: is it possible?
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Buying an option strategy "at once" and minimize spread: is it possible?

  #1 (permalink)
Moscow (Russia)
Posts: 6 since Jun 2015
Thanks: 0 given, 0 received

Buying an option strategy "at once" and minimize spread: is it possible?

Suppose I want to buy an option strategy consisting of, let's say, 4 legs (a butterfly, for example).

1) Is it possible to place an order for the whole strategy at a certain price? Let's say, I am ready to buy the butterfly for 10 dollars.

2) Or do I need to buy / sell the individual options and "pay a spread" each time?

So basically my question is whether it is possible to minimize the spread cost when buying a complex option strategy.

Thank you.

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  #2 (permalink)
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  #3 (permalink)
Steubenville Ohio
Trading Experience: Intermediate
Platform: OX, OEC, RJO
Favorite Futures: Options on Futures
Posts: 264 since Sep 2012
Thanks: 30 given, 272 received

Spread Order

It is possible, but dependent upon the broker and/or platform you are using. I know OptionsXpress will allow you to enter complex spread orders like butterflies as a single limit order.

This will help you get in at the price you want (minimizing slippage), but could make it more difficult if the market isn't very liquid. There are times where I will place individual orders for each leg rather than a spread order if I need to get a fill quickly.

Hope this helps.

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  #4 (permalink)
Atlanta GA USA
Posts: 253 since Aug 2013
Thanks: 64 given, 239 received

You can do it with TD Ameritrade and I use the Thinkorswim platform. And it does minimize commissions.

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  #5 (permalink)
New York, NY
Trading Experience: Advanced
Platform: TWS
Broker/Data: IB
Favorite Futures: ES
Bookworm's Avatar
Posts: 163 since Apr 2010
Thanks: 64 given, 149 received

I trade butterflies and condors as a single order through IB all the time. Option Trader has built in strategies and there is a Strategy Builder for creating other complex positions with up to 4 legs.

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