Combo Orders With IB

Discussion in 'Retail Brokers' started by syd697, Mar 2, 2004.

  1. syd697

    syd697

    Trying to get some help here with an option combo order in IB's TWS. Looking at potentially buying the May '04 straddle on SNV. I type in SNV in a blank line and choose "combo". I then pick the month and strikes for the potential straddle and check off the little box, "get market data". TWS now brings up 3 new lines for SNV:
    1. "straddle: +(1)SNVEE + (1)SNVQE"
    2. may04 25 call option SNVEE .80bid/1.05ask
    3. may04 25 put option SNVQE 1.10ibd/1.35ask

    I'm stuck at this point. Do I click on the ask column in the straddle row and input my limit price to buy? or do I click in each option line at a limit price for each leg and then transmit? Can't seem to decipher from the user's manual how to execute the oreder. Any help is appreciated.
     
  2. IBsoft

    IBsoft Interactive Brokers

    Yes, you click on the straddle row.
     
  3. syd697

    syd697

    IBsoft,

    So I tried to click on the straddle "ask" column to place my limit bid, and I got this message, "you must request a quote before submitting this order". Now what should I do? There's a bid/ask market showing for each leg on lines 2 & 3 that I mentioned earlier, but no bid/ask showing on the straddle line. The straddle line is blank. How do I get a market to show on the straddle line? Thanks.
     
  4. IBsoft

    IBsoft Interactive Brokers

    The problem is SNV. Only those option combinations will work for which you get SMART in the exchange selection. SNV is only listed on PHLX and CBOE. We don't offer option combos on those exchanges. (The TWS should not have let your create the combo in the first place).
     
  5. syd697

    syd697

    Thanks IBsoft.

    Otherwise, would I have seen a bid/ask on the straddle line if it was offered by Smart? If so, then that would solve my problem.
     
  6. IBsoft

    IBsoft Interactive Brokers

    Yes, you would. Pls, try it out on e.g. IBM.
     
  7. I think that combination orders only work with ISE.
    Option must be listed on ISE, then you can select SMART (or ISE).
     
  8. syd697

    syd697

    IBsoft,

    Yes, I see that for an IBM straddle.

    But how about the IBM call spread? I put in for a buy call vertical spread for IBM April '04 buy 95 call, sell 100 call. It came back with the vertical spread line in TWS, but then it only gave another line for one of the legs, the 100 call. what happened to the other line in TWS for the 95 call leg? It's not showing on my TWS