IB option limit order on midprice possible?

Discussion in 'Options' started by newguy05, Sep 9, 2010.

  1. This is probably a long shot, but maybe it's buried in one of the IB menus someone know. Is there a way to do an option combo order using a dynamic limit price that's somewhere between bid/ask

    Getting into say an iron condo is no problem, i just fill each leg individually, but since i work during the day what i usually do is set a gtc limit order to close the position at x profit immediately after creating the combo.

    But IB's combo orders really suck, the bid/ask spread is insane and sometime it doesnt fill the order even though the limit price is hit. I did some checking, essentially all my gtc limit order that were filled,is pretty much the same as if i just did market... losing a lot of money on the winners.

    What I am asking is if there is a way to set a limit price on a combo that's between the bid/ask, so if the bid/ask moved from 1/2 to 2/3, my combo's limit price will auto adjust from 1.5 to 2.5. So I dont get filled at 1.5 while it's at 1.5/2.5 but only filled if someone is willing to hit 2 at that time.
     
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  3. thanks this looks pretty nice, will check it out in detail tomorrow see if it works

    http://www.interactivebrokers.com/en/p.php?f=orderTypes#category

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    nah i dont mean odd combos, just standard flies, iron condor etc.. i think all IB does with a combo order is just add up the bid and ask of all the legs. But they just dont work reliably, like the quotes dont always reflect the sum and disappears/move around randomly at times. And if you try to execute a combo order instead of legging into it yourself, you are almost guaranteed with a bad fill everytime, close to market.