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Best way to get filled on option spreads?
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Best way to get filled on option spreads?

  #1 (permalink)
Trading Apprentice
Singapore + Singapore
 
Futures Experience: Beginner
Platform: Zaner360
Broker/Data: DeCarley/Gain
Favorite Futures: Selling options on commodities futures
 
Posts: 13 since Nov 2015
Thanks: 10 given, 2 received

Best way to get filled on option spreads?

Hi,
I'm currently trading options on commodity futures on IB.

I've noticed that getting fills on ratio credit spreads on options on IB can take quite a while and be quite frustrating.

For e.g., if the B/A is -0.20/-0.30, if I put in a bid at -0.25, the B/A almost immediately adjusts itself to -0.15/-0.25. This happens to almost every commodity that I've sold options in (CL, NG, ZW, etc.). I can only get filled if I go in at/close to the middle of B/A and wait (sometimes within 1/2 hour to several hours or not at all). Needless to say, this is most frustrating as I seem to be trading against a market maker or trading algo who just lowers prices in response to a lower bid by me.

Is this a feature of the liquidity in the options markets or something that's idiosyncratic to IB itself?

What's the best way of getting filled for credit spreads?

Cheers,
K

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  #2 (permalink)
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  #3 (permalink)
Market Wizard
Linz Austria
 
Futures Experience: Advanced
Platform: Zaner360, TWS, Vantage
Broker/Data: DeCarley, IAB, RJO
Favorite Futures: Commodities
 
Posts: 1,099 since Nov 2014
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It is my experience that for the energies (and the softs) it is more difficult to get a good fill than for grains, beans or meats. I rarely succeed with a fill in the middle between bid and ask for these commodities, whereas for CBOT traded commodities it often works.

This is true for outrights as well as for spreads.

I do not know if your problems have to do with IB. When I traded with them I did not recognize such issues.

The best way to get a fill is placing a limit order during day trading hours (former pit trading hours). Volume can be better after the open and before the close (of the former pit trading hours).

Good luck !

Best regards, Myrrdin

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