For combo orders for stocks that don't move fast maybe it is better to put the orders leg by leg. Put both orders leg by leg at the lowest price and when one leg gets executed in your fav price , then go and and modify the second leg a little so it gets filled. This way you also have a chance of getting rebates. On your second question, Yes I xactly do the way that you described. Your statements on the exchanges are also correct.
hajimow, l thought the method to get the commissions you are on is if you direct your single leg orders to exchanges other than smart. so how do you set your TWS to highest rebate? cheers
No don't send your order to any exchange. The commission will be much higher. Just set your TWS as the attached file and send your order as you are sending them SMART. By the way this setting is PC dependant. So if you have two PCs, and set this in one and trade on the second one, you won't get rebate. You need to do that on all TWS installations that you are trading.
hajimow, is it correct to say that if you are adding liquidity by placing a limit order, then your order will be automatically routed to BOX in order that you will receive the highest rebate available for adding liquidity?
For limit orders when you add liquidity, your order usually is routed to NASDAQ but does not necessarily mean that it will be executed in NASDAQ. My experience is when you set your account to highest rebate, in long run, you will save some money. By the way, don'y worry where your order is routed, just relax and even if you pay a little more sometimes, that is no problem. 80% of the time, you will pay ridiculously less.
OK, thanks. Now I understand. If you are removing liquidity and have your program set to 'highest rebate,' then you will be routed to BOX. Correct?
That should be the case but I guess since BOX is not that active as CBOE or NASDAQ. So when you remove liquidity, don't expect to get rebate. Leave it to the hands of luck. Basically when you set your account to highest rebate, it does not mean that your orders will go to lala land and will wait for a buyer or seller so you get the rebate. Speed and execution is also priority from your brokerage side.