Last I checked, IB was doing this. I'm with ETrade and they recently made the change (although, it's under .10 with them). It' freaking awesome for legging out of credit spreads or when the spread is on different exchanges.
Go here:https://www.tdameritrade.com/pricing.page then click options and you should come across, a paragraph, about no commissions on nickel buybacks.
I appreciate you sending the link. I trade on the thinkorswim platform using TDAmeritrade as the broker. Unfortunately, they are still charging me $3 a contract to close out of a worthless vertical put spread (buy back that is; I sold to open). The website suggests that should not be the case, so I will have to call them tomorrow and see what's up.
That's because you closed out the total spread, so including selling the long? Only the buy-back of the short is free of fees...
My apologies for continuing to say $3 per contract (it's $1.50 per option contract, so $3 for the spread). And, yes, the buy-back of the short would still cost me (so my trading platform is suggesting). I will be calling them tomorrow to clear this up. Again, thank you to Superstar2317 for providing the link. I realize that I should know that exists, but I guess this is the first time I am experiencing having to CLOSE a worthless leg (or at least considering closing it).
May I ask your rationale of IC NFLX? The stock practically doubled in 1 yr, won't it be better to buy call options or short puts? For tech stocks in general, the past 2-3 years, if it were me I want to trade the big moves.
Trading slightly bullish IC on NFLX. Risk defined, high IV trade. Typically trade these range bound, risk defined condors about 40 days from expiration. These are not strictly based on price of he underlying. The strike prices that I sold at produce a very wide spread, and there is a high probability that the underlying stays within the spread. Trade was profitable by the way.
I just got off the phone with the TD trade desk and they told me any option position worth $.05 or less they will cover the base fee to close but you still get charged the price per contract.