Hello, I've recently switched into IBKR and I mostly do options trading. Most of the time I would be entering into/out of diagonal spreads or vertical spreads, basically multi-leg entries, or iirc as IBKR calls it, "combos". I started using pegged/snap to primary with manual adjustment of offset if the order doesn't fill, but it seems that it's really hard to get fills worthwhile, so I simply went back to limit orders and manually adjusted the price by increments. The fills however, are still very lacking and very tedious to boot. Any recommendations for settings and order entry types? I've read a couple posts here and there and so far I've set my smart routing to max fill to start. Any advice would be appreciated.
What does pegged/snap to primary with options mean? In general, there is a "Primary" exchange for the equities but no longer for options.
I'm referring to the order type on the IBKR tws platform. Similar to Limit, Market, Trailing market, etc.
The snap-to-primary order is not pegged to the price if that price moves. As per documentation at: https://www.ibkrguides.com/pretrade/usersguidebook/ordertypes/snap to primary.htm There are more order types if you are willing to code for it, using the API. https://interactivebrokers.github.io/tws-api/basic_orders.html The Pegged-to-primary order would be more aggressive and give you greater chances to get filled.