On IB, I have a choice in the optiontrader platform that allows me to pick SPY as the underlying. It then gives me 8 exchanges to choose from. I'm assuming that I need to highlight 'smart', but 'AMEX' works as well. There are only small differences in the bid and ask, but there are differences. The price chart says spy@smart bid/ask and doesn't allow the word AMEX on the chart. The box I fill out just before the chart comes up has SPY as the underlying Exchange is SMART and Description is STOCK (AMEX) There is also a choice between MEXI and AMEX Please help. Joshua
Smart gives the the best bid/offer anywhere that SPY trades. Be certain to use smart when trading SPY <i>options</i>. SPY stock is primarily traded on the AMEX, and you can choose either AMEX or smart to get a quote on the stock (actually an ETF). It can never be wrong to use smart, so that is the better choice. Mark
it's true, probably, only during a trade session, and not AFTER MARKET where you have to be more picky because of poor liquidity etc. in the new release TWS, it's also help to checkmark (the hidden, and non-checked) checkbox "dark pools" (i don't remember exact name -- from the top of my head)-- especially if you play with a lot of contracts.
After market changes everything. so, it's rather time frame sensitive thing. so, to rephrase, it could sound that there are times when you're smart and when not much, unfortunately. there is no just single one universal receipt. plus definition of "smart" is also kinda fuzzy at least sometimes... or it's not? during a day session, I use "smart" routing almost exclusively to get smart filling. not after market, doh.