if a future is limit up anyone suggest a strategy wheat is maxxed out write a response anything would help. lie to me even edit: just staring blankly at the 35,000 bids for contracts and no sellers no not stuck just amazed
OTM call options ARE NOT limit. If you're stuck buy a call and sell a put. It's a synthetic long future.
Assuming you are short I would place a buy limit order at the limit up price. Depending on how early on you place the order it should get filled fairly quickly. If not wait till 4pm PST with your LIMIT order ready to be submitted once the market opens. PS WHY ARE YOU SHORT THE GRAINS!?
He said he is not stuck but just amazed. Also grains are pro rata so when things go limit up and there are 35,000 bid there is not a chance in hell he is going to be filled (thats why bids and offers are so big on limit days so only the big players can get filled and not the small guy). Take pabst's advice. Thats the best way, getting long synthetically. Looking at my platform now and I see mar chicago wheat traded 21,499 contracts on the overnight? Holy Shit! YT
I am long ZWH8 since early Monday... sometimes, wheat is really sick (comparing this week with last one)!
Took me 1hr for a fill a few weeks ago on the overnite limit up. Theres probably about 4k bids at once and like I said if you are one of the first you can get a quick fill.
when do they remove the limit up on ZW? I thought 3% was the limit up premarket. Soy is flying at 3.67% and it's still trading.
I think limits are removed 2 business days before the spot month. So limit up/down is 30 cents ($1500) everyday. Market reopens at 4pm PST. You can get out then . . . hopefully. Sit there and watch the screen. If you have streaming quotes I have noticed even before the market opens the bid/ask changes are indicitive of the actual market movement of the open when there are big movements.
Thank you. finally found the link on CBOT's site: http://www.cbot.com/cbot/pub/cont_detail/0,3206,931+33905,00.html I guess Soy is .50 that's why it just hit limit bid now.