This is another issue with IB. They may determine a spread is not "marketable" and not even bother sending it to the exchange, when in fact it is.
Just FYI, based on experience (lots of testing) I am pretty sure IB usually and mostly sends orders to exchanges, showing order color as green, which is the gauge I learned to use (besides seeing my own bids/asks in the options chain). That's how I also noticed that mainly hidden orders always stay blue and never go to exchanges unless the worst bid/ask hits my limit. Otherwise I've only seen my IB orders as blue when they're really far from reasonable price and have no chance of being filled. For example right now after hours I see my various stock and SPX options orders as blue (sitting at IB), but they'll turn green in the morning when they're resubmitted to exchanges. While right now I only see some futures (gold/GC) orders as green and believe they already rest at the exchange. I only didn't know that "sending an order to exchange" could mean sending it to "PAR broker" or "PAR workstation" when trading on CBOE. And looks like with the latest tech change at CBOE, all orders may go to CBOE's electronic fills by default, unless specific PAR broker/workstation is specified. Not sure whether IB will have a reason to specify any PAR. Not 100% sure that I understand all this correctly, but either way I suspect we may soon see some differences in the way SPX orders get filled. (?)
Lots of changes over the years in the way SPX orders (not SPXW) are filled. They made another change about a year ago that made it more electronic and allowed quoting by more market makers, but took away customer priority. With that change if you see a quote, you can trade electronically. Before that if the order was held by a broker, it would have to be traded with him.
I dont have enough bad things to say about IB's wack-job logic. They are the only broker out there that toys with every little fucking thing
Is a hair in your left nostril longer than a hair in your right nostril? That will be an extra 500 on performance bond please. Payable before you grew the hair. You are welcome, thank us very much. Petterfy is laughing his way to the bank in multiple dimensions.