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Best broker for Options on Futures
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Best broker for Options on Futures

  #21 (permalink)
 Vendor: www.ninjatrader.com 
Denver, CO
 
Trading Experience: Advanced
Platform: NinjaTrader
Broker/Data: NinjaTrader Brokerage
Favorite Futures: ES
 
NinjaTrader's Avatar
 
Posts: 1,407 since May 2010
Thanks: 164 given, 2,107 received

NinjaTrader Brokerage will be offering Options on Futures shortly. Same commission rates as currently published on our website.

Disclosure: This communication is sent to you by NinjaTrader, LLC, a software development company which owns and supports all proprietary technology relating to and including the NinjaTrader trading platform.
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  #22 (permalink)
Trading for Fun
Henderson, NV, USA
 
Trading Experience: Advanced
Platform: OEC Trader
Broker/Data: Futures Online
Favorite Futures: Futures
 
Calamari88's Avatar
 
Posts: 63 since Feb 2015
Thanks: 90 given, 28 received


NinjaTrader View Post
NinjaTrader Brokerage will be offering Options on Futures shortly. Same commission rates as currently published on our website.

Will it be SPAN minimum?

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  #23 (permalink)
 Vendor: www.ninjatrader.com 
Denver, CO
 
Trading Experience: Advanced
Platform: NinjaTrader
Broker/Data: NinjaTrader Brokerage
Favorite Futures: ES
 
NinjaTrader's Avatar
 
Posts: 1,407 since May 2010
Thanks: 164 given, 2,107 received



Calamari88 View Post
Will it be SPAN minimum?

We will be offering real time portfolio margining (SPAN) however there will be additional account minimums for premium sellers.

We will also have all exchange recognized option spreads including RFQ functionality for custom, exotic or unlisted spreads.

Theoretical pricing models are included as well as the ability to customize skews on a micro or macro basis.

Disclosure: This communication is sent to you by NinjaTrader, LLC, a software development company which owns and supports all proprietary technology relating to and including the NinjaTrader trading platform.

Last edited by NinjaTrader; February 23rd, 2018 at 11:20 PM.
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  #24 (permalink)
Trading Apprentice
Pittsburgh PA
 
Trading Experience: Intermediate
Platform: CQG Trader
Favorite Futures: Crude CL
 
Posts: 22 since Jul 2018
Thanks: 3 given, 3 received

Based on a recent inquiry NinjaTrader still does not have options on futures available.

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  #25 (permalink)
Trading Apprentice
Pittsburgh PA
 
Trading Experience: Intermediate
Platform: CQG Trader
Favorite Futures: Crude CL
 
Posts: 22 since Jul 2018
Thanks: 3 given, 3 received


Calamari88 View Post
In 20 years of trading with 7 companies the best company I've worked with Futuresonline.com which is the discount division of Daniels Trading. Minimum SPAN and low commissions and no platform fees. I've had the least number of problems with them. I only have to call about minor errors about once a year.

The absolute worst was Tradestation for option selling. If you have tons of free time to argue with customer service over their mistakes then give them a shot!

I contacted Futuresonline.com just now and was told that if I want to do naked option selling I would not be eligible for the low commissions that Futuresonline.com has but instead would need to pay more commissions at Daniels Trading. Higher commissions might be acceptable for me in order to get away from the 3X margin that Tradestation is charging for my short options.

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  #26 (permalink)
Trading for Fun
Henderson, NV, USA
 
Trading Experience: Advanced
Platform: OEC Trader
Broker/Data: Futures Online
Favorite Futures: Futures
 
Calamari88's Avatar
 
Posts: 63 since Feb 2015
Thanks: 90 given, 28 received


USS Liberty View Post
I contacted Futuresonline.com just now and was told that if I want to do naked option selling I would not be eligible for the low commissions that Futuresonline.com has but instead would need to pay more commissions at Daniels Trading. Higher commissions might be acceptable for me in order to get away from the 3X margin that Tradestation is charging for my short options.

Hmm, that's odd. I started with Futures Online in 2015. I wonder if their policies changed. Did they say if they had an account minimum for naked selling? I started with $90K.

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  #27 (permalink)
Trading Apprentice
Pittsburgh PA
 
Trading Experience: Intermediate
Platform: CQG Trader
Favorite Futures: Crude CL
 
Posts: 22 since Jul 2018
Thanks: 3 given, 3 received


Calamari88 View Post
Hmm, that's odd. I started with Futures Online in 2015. I wonder if their policies changed. Did they say if they had an account minimum for naked selling? I started with $90K.

This is the email I got:

"Your account will be with the Daniels Trading side of the firm; it is the division that will allow the kind of option writing trading you described. The clearing firm for both sides is Gain Capital."

I told him my account with TradeStation is about 25K. I also have an account with Phillip Capital worth about 135K which I might want to transfer too, because I was told to expect a margin requirement increase next month.

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  #28 (permalink)
Trading for Fun
Henderson, NV, USA
 
Trading Experience: Advanced
Platform: OEC Trader
Broker/Data: Futures Online
Favorite Futures: Futures
 
Calamari88's Avatar
 
Posts: 63 since Feb 2015
Thanks: 90 given, 28 received


USS Liberty View Post
This is the email I got:

"Your account will be with the Daniels Trading side of the firm; it is the division that will allow the kind of option writing trading you described. The clearing firm for both sides is Gain Capital."

I told him my account with TradeStation is about 25K. I also have an account with Phillip Capital worth about 135K which I might want to transfer too, because I was told to expect a margin requirement increase next month.

I'm sorry to hear this will now have to retract my recommendation of Futures Online for option writing! What commission do they want to charge you at Daniels?

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  #29 (permalink)
Trading Apprentice
Singapore
 
Trading Experience: Intermediate
Platform: multiple
Broker/Data: IB, TOS, Charles Swchwab
Favorite Futures: AUD, JPY, CL, NG, GC, KC, CC, ZW, ZS
 
Posts: 5 since Sep 2018
Thanks: 0 given, 2 received

I have been looking around for another brokerage and chanced upon this forum (excellent treasure chest filled with information!). I didn't want to hijack this thread but I couldn't start my own as this is my first posting. Sorry threadstater.

A little intro since its my virgin post. I am from Singapore. My experience trading selling futures options is limited. My success with it was probably luck with high odds (I follow James Cordier a lot).

Started options trading (buying) 10 years ago with OptionsXpress (now Charles Schwab). Then switched to Thinkorswim (TDAmeritrade now) for a few years. Began selling stock options and dabbled with selling futures options (better leverage comparing selling SPX vs ES).

Watched Karen the supertrader then followed James Cordier book (borrowed from public library) and have been using Interactive Brokers (cheap commissions) for the past 2 years. Realised that their margins are terrible about 6 months ago and decided to switch.

Looked at Charles Schwab again, then Saxo, Generic trade, Tradestation, Tastyworks (no trading futures options for those in Singapore), Lightspeed... It has either been high comms, data fees or high margins that has let me down.

I am with IB now. As mentioned, their margin rates are terrible (for some commodities).

Now the questions part. I have a few questions for those who are with Decarley.

Decarley seems well supported in this forum but it is a little complicated for me. I never had to choose FCMs or trading platforms. Zaner360 looks like good potential with iBroker on mobile as well. But Decarley's link for a demo is dead.

So a few questions for now.

1) With my limited experience, I have no idea what Futures Commission Merchants are. How do I choose one out of the many that Decarley offers.

2) I could not find information on data fees. Do we get real time data for free? Even from ICE?

3) I am used to free ACH transfers, I don't mind paying wiring fees but couldn't find information on these on Decarley.

4) Commissions - I suspect most are at self directed $3.50 rates. What is meant by "Per Side Rates (Options charged up-front)" Does it mean that selling 1 option (excluding exchange fees etc) is $3.50 x 2 = $7.00 (to open and close) and it is charged up front?

5) I understand that certain portfolio size are offered lower rates. Any idea what is the minimum size that qualifies a lower commission fee?

I have searched the forum but I could not find my answers. I suspect i'm the only person (fool) who doesn't understand the Decarley website (well English is not my native language in my defence )

Couldn't wait till Monday to speak to someone from the Decarley office cuz my mind is about to explode from the questions. Some help please?

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  #30 (permalink)
Elite Member
Houston, TX
 
Trading Experience: Intermediate
Platform: TOS, Ninja, Tradestation
Favorite Futures: US Stock index futures
 
Skidboot's Avatar
 
Posts: 126 since Dec 2010
Thanks: 118 given, 179 received


Consider Tastyworks as well. Their commission schedule is better than most. I tested options execution (5+ contract spreads) on some of the heavly traded stocks and every time their execution happened sooner or TOS never did execute. I do not use IB or Decarley. I believe Tastyworks is getting ready to offer futures options and portfolio margin based on the email reply from them recently.


waltsg View Post
I have been looking around for another brokerage and chanced upon this forum (excellent treasure chest filled with information!). I didn't want to hijack this thread but I couldn't start my own as this is my first posting. Sorry threadstater.

A little intro since its my virgin post. I am from Singapore. My experience trading selling futures options is limited. My success with it was probably luck with high odds (I follow James Cordier a lot).

Started options trading (buying) 10 years ago with OptionsXpress (now Charles Schwab). Then switched to Thinkorswim (TDAmeritrade now) for a few years. Began selling stock options and dabbled with selling futures options (better leverage comparing selling SPX vs ES).

Watched Karen the supertrader then followed James Cordier book (borrowed from public library) and have been using Interactive Brokers (cheap commissions) for the past 2 years. Realised that their margins are terrible about 6 months ago and decided to switch.

Looked at Charles Schwab again, then Saxo, Generic trade, Tradestation, Tastyworks (no trading futures options for those in Singapore), Lightspeed... It has either been high comms, data fees or high margins that has let me down.

I am with IB now. As mentioned, their margin rates are terrible (for some commodities).

Now the questions part. I have a few questions for those who are with Decarley.

Decarley seems well supported in this forum but it is a little complicated for me. I never had to choose FCMs or trading platforms. Zaner360 looks like good potential with iBroker on mobile as well. But Decarley's link for a demo is dead.

So a few questions for now.

1) With my limited experience, I have no idea what Futures Commission Merchants are. How do I choose one out of the many that Decarley offers.

2) I could not find information on data fees. Do we get real time data for free? Even from ICE?

3) I am used to free ACH transfers, I don't mind paying wiring fees but couldn't find information on these on Decarley.

4) Commissions - I suspect most are at self directed $3.50 rates. What is meant by "Per Side Rates (Options charged up-front)" Does it mean that selling 1 option (excluding exchange fees etc) is $3.50 x 2 = $7.00 (to open and close) and it is charged up front?

5) I understand that certain portfolio size are offered lower rates. Any idea what is the minimum size that qualifies a lower commission fee?

I have searched the forum but I could not find my answers. I suspect i'm the only person (fool) who doesn't understand the Decarley website (well English is not my native language in my defence )

Couldn't wait till Monday to speak to someone from the Decarley office cuz my mind is about to explode from the questions. Some help please?


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