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Best way to get filled on option spreads?
Started:February 17th, 2016 (03:39 AM) by keong Views / Replies:197 / 2
Last Reply:February 17th, 2016 (08:44 AM) Attachments:0

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Best way to get filled on option spreads?

Old February 17th, 2016, 03:39 AM   #1 (permalink)
Trading Apprentice
Singapore + Singapore
Futures Experience: Beginner
Platform: TWS
Broker/Data: InteractiveBrokers
Favorite Futures: Selling options on commodities futures
Posts: 5 since Nov 2015
Thanks: 5 given, 0 received

Best way to get filled on option spreads?

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?


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Old February 17th, 2016, 03:39 AM   #2 (permalink)
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Old February 17th, 2016, 08:44 AM   #3 (permalink)
Market Wizard
Linz Austria
Futures Experience: Advanced
Platform: Zaner360, Vantage, Trade Navigator
Broker/Data: DeCarley, RJO
Favorite Futures: Commodities
Posts: 632 since Nov 2014
Thanks: 992 given, 517 received

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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