good article thx..."complex" orders hedge the risk from the outset without having to leg into hedges....long time coming considering the technology has been here for some time.
A conversion quoted as one order? Buy a call, sell a put, short stock. I'm assuming its the kind of stuff a pit trader could have made a market on in one transaction.
Nice article. Thanks for sharing. IB's optiontrader wasn't mentioned, but it (synthetically it seems) operates along the same lines. I've entered up to six simultaneous legs into one order and it's gone off without a hitch. I'm wondering what their upper limit is on such a thing...if there is one. Another interesting piece of optiontrader is that I can't see the real inside bid/offer until after I place the order.