If you see a quote like bid $4 and ask $5 and you buy the option at $5 (which is where the system defaults) if will get executed at $5 even though it could have been executed at $4.7 or a better price. This occurs even as the stock price is unchanged. The think or swim system defaults to the worst possible price when opening and losing option trades. I can make a video showing this but I don't feel like losing $50-100 in bad fills but it maybe worthwhile if will deter people from using this scam company
I'm confused. Are you saying their bid/ask prices are different then another broker or data you have? The bid/ask was $4/5$. You wanted to buy so the only offer(ask) is 5.00. That's what your going to get for a trade. Where's the 4.75$ come from?
To understand, you're complaining that the system defaults to the current price offered when you enter a buy order? You realize that you can enter any price you want?
It's not honoring the best price. Imagine you are not paying close attention when you close the order (which happened to me a few times) and the system shows 44 bid x 47 ask. THe systme defaults to close at $47 even though I could have gotten filled at maybe $46. The reverse when buying options.
I can make a video or show a screenshot of it . When selling an option, for example, TOS may shows something like Nat 11.8 bid and 13.1 Ask . When you hit the confirm button it defaults to 11.8 , the worst price. A better fill is possible but for people who are naive or careless they get 11.8 even though ti could have been done at 12.3 or something. Paying the default prices would be absolutely horrible and almost guarantee the option trader not make a profit
It is your responsibility to look for the best price, not theirs. You enter the orders, you decide the price. They provide the route.
You don't understand bid/ask. It's not a range. Bid is the best buyer and his price and Ask is the best seller and his price. It's not a range. Theirs no prices between the best bid/ask unless you use a limit order and beat the best bid/ask and put your order on the book. No guarantee someone will buy/sell at it.
Think or Swim has no idea where your order will really be filled, all they see is the best bid and offers being disseminated by the various exchanges. If you enter a buy order, the order ticket populates with the current best offer. This seems very reasonable and is certainly not a scam. It is up to you to determine the price you want to pay. If you want to try a limit price lower, you may or may not be filled.