Tom is right: While looking at the strategy in strategy builder you can manipulate each leg as you wish. Once saved, it is stored as a single order and can no longer have the individual legs adjusted; only the overall price. That was something I was sad to see (would have been nice to set up all my multi-leg orders then tweak them later until I was ready to submit). As for the odd prices you see JSOP: That sometimes happens under the following conditions: 1) You are doing this outside of market hours (it fails to fetch reasonable prices for mid points and does not use the mark price) 2) You are doing this on one or more legs whose options are thinly traded and you are getting a horrible price on each (and multiple bad prices add up to a really bad price) 3) You didn't want long enough for the price to refresh in TWS (I sometimes setup a couple of legs and then click on mid -> submit only to be presented a price that makes no sense... if I waited 30s or so sometimes, the price gets updated correctly). TWS is a sophisticated feature-rich *broad appeal* platform in my opinion. It does a little of everything well, but nothing great. If speed of combo creation & execution are vital this is not the platform of choice. But if you have plenty of time to set it up and tweak it before you submit it, then it works well. (I sometimes feel its more for people who do a few big trades a week rather than many small trades a day). I tend to fall into the 'few slow transactions a week' camp, which is why I still like TWS. (Don't love, but like). Btw, a lot of the Option related tools are quite interesting and look rather powerful from an analytical point of view. So it might be worthwhile investigating and studying to see how they can help you. But I feel it is really more for people who want to spend the half day or so finding the ideal strategy, and then execute it (and probably not close it for days/weeks/months). If you are interested in multiple rapid multi-leg option trading I would not use TWS (it's a sluggish UI with very slow loading of ticker prices). Trying to go through 10+ a day where load times are critical can be painful. I remember on more than one occasion having to plan to close out positions 30-45mins before market close due to the sluggishness of the UI (sometimes takes 5 minutes to load the symbols/tickers/order and finally click submit).
I have had issues with TWS, but loading options chains, even during busy times, is quite fast. A matter of seconds. Nothing like you describe I suspect you have a bug/problem and just assumed it was 'normal'
Yesterday was a bad day -- equal to a full page of trades, should I print them out. ($xxx.xx.) If TWS was slow ("slow" means I can click the mouse faster than the computer can react) in any way, I'd'a been screwed. On occasion, I have slipped when cuing up the little widget to put option strikes onto a QuoteMonitor page, and have hit "All" -- and in the SPX, that's 18 months worth of 4.3333 weeks worth of 3 expirys/week, per at *least* 200 strikes? That might take a minute or two, AND tie up all your RAM. "Ooops." But in being on TWS for 10+ years, and in working weekly options for income for ~5 years, I can tell you that TWS is fast fast fast. (This, from the guy who only peeks at OptionTrader, right? Yeah, well....) Combo button/Leg-by-Leg tab/drag-n-drop to build. One-click trading set-ups. 5-lots per each click. Buy at bid; Sell at ask.Yadda yadda yadda.
you mean the "pair or leg by leg" tab in combo selection window of option trader? l use that everytime. works fine for setting up a combo, but if you want to set up a similar combo, but with different dates or strikes, you have to set it all up again you should be able to keep the same model but just adjust the expiry dates or strikes with a click. so what you actually use to trade options? "I build combos once, on a QuoteMonitor page" in TWS?
is Strategy Builder in TWS option trader? because that is what l use to trade options. so are you saying you can have the same model, eg a broken wing with a specific expiry and strikes, and set up another broken wing, just by adjusting the expiries and strikes to compare or analyse, etc?
tommcginnis, what is it you use in TWS that allows you the flexibility or the things I require in have same combo just with different strikes or expirations, done with a click?
"Combo button/Leg-by-Leg tab/drag-n-drop to build." is what I do, but how do you "One-click trading set-ups." ? l also notice TWS software is less resourceful than other trading softwares, which are more effective and loads more user friendly and attractive. it really takes the most RAM to run and takes longest to log in, when compared to TOS, even if TWS is 'entered' ~ 10s ahead.
First off, you need to sit down and watch IB's webinars -- most of your questions (and a good number of your questions not yet thought of) are answered there. Second, in the Leg-by-Leg tab, on the far right, is a red X to remove that strike. You need only remember that the drag-n-drop facility will only cue that next strike into the bottom of the combination you're making. I very much like broken-wing butterflies (which just don't get the love they deserve) in the SPX. Strikes are $5 wide. How do I make them, a few at a time? i. construct opening 5W vertical: Buy1 2360 Sell1 2355; <Add> 5W. ii. roll 2355 quantity to 2; drag-n-drop 2345; <Add> BWB. iii. nuke 2360; reduce 2355 quantity to 1; reverse 2355 action to Buy; reverse 2345 action to Sell; <Add> 10W. I just created 3 combos surrounding the sale of a 2360 Put BWB, which I can either "Buy-to-Open" at that lovely negative price, OR I can buy the long front-end 5W, and sell the short 10W back-end. My choice. But it took me MUCH less time to construct these things than to tell about it. It *might* be 30 seconds a piece -- probably a lot less. Lastly, you need to sit down and watch IB's webinars -- most of your questions (and a good number of your questions not yet thought of) are answered there.
I can't find the relevant IB webinar. Which one do you know answers my questions? The customers service guy on the phone said it wasn't possible, and you say the webinars says it is and shows how you do? please give me the webinar link, eager to see it, and IB themselves will have to be enlightened. I love BWB's too, use them regularly. I understand what you are doing i-iii, but just want to set up 1 BWB and take it off at a profit. You only need to do the additional steps i. and iii. if need to adjust. I always use "pair or leg by leg". so why go through the hassle of setting up the other combos i. and iii. ? what I actually want TWS to be able to do is set up the exact same combo, eg BWB, but with different strikes or expirations. so in your BWB eg, just adjust the strikes and expirations. This should be easily achieved just by changing the strikes or expiration. Should have a feature like 'copy the combo' selection which copies it, but can have strikes or expirations changed as desired. Be very important to also have the ability to change the premium received or paid, rather than the current price, so that B/E's change accordingly in the 'performance profile' which does look rudimentary at best. and option navigator performance profile is equally rudimentary. IB should get it looking and feeling professional or user friendly. Just take a look at the "analyze" tab in TOS!!! compare. and TOS ease of setting up exact trade without having to go through all the legs and expirations again. IB, my family and I, are loyal IB clients, IB do have a lot of catching up to do on the options front. A lot. Please get to work so we can be in front again.
I use IB's "Strategy Builder" attached to the plain-old-option-chain tables extensively. I looked at the "Option Trader" widget a few times, but honestly, the Strategy Builder has everything I need, and seems much simpler and to-the-point. I just click the bid/ask of any legs I want for any sells/buys, and I can tweak the fields of each leg and the ratios of legs... all the while seeing the individual bid/ask and delta of each leg, in addition to the overall delta and overall bid/ask range. I don't need any fancy graphs or charts of risk profiles and such...