idiotic question about options MM

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Newguy;
Probably the most helpful thing i could tell you;
unless your stock changes direction,
may try splitting it 5.7or 5.8,
or simply sell most likely sell @5.5, like last trader exhorted.

And on the best volume options like ;
QQQQ ,DIA bid ask =5.20-5.40.

On an option like QQQQ ,DIA ypu may occasionaly buy on bid;
occasionaly even if stock does NOT reverse.

Wisdom is the principal thing.

 

Yeah, that was brought to my attention after I posted that, thanks!

- The New Guy

 

If you do it through different brokers it may not be so easy to track. Not that I'm recommending you do it. I did it once to close a trade in my IRA (using thinly traded ETFs) but it's not something you can get away with easily....nor should you try sooner or later you'd get caught and end up someone's b**ch in prison :eek:

 

That rule was changed years ago. If a customer is offering only 1 contract and nobody else is offering any contracts at that price, only 1 contract will print and it will become a bid of 9 contracts at that price. That rule was changed because everybody would pick off the market makers.

 

thenewguy,
is it possible that on the quote screen, only the lowest ask price for each exchange is shown, if you enter a lower ask price and you are at the same exchange with that MM, your price override
the price, the 6.00 ask price is still there, but it's not the lowest ask price anymore, so it's not shown on the quote screen.
and when you retreat your ask price, the 6.)) ask becomes the lowest and appeared again.
I am just guessing

 

shows you how long its been since i was on the floor. man that rule used to stick me all the time. i just scoped around the cboe site and it looks like they eliminated even the raes minimums on everything but the indexes. oh well thanks for correcting me.

 

That's exactly what's happening, but I incorrectly assumed the order dissappeared because I thought it showed all orders at all levels. At any rate, I now know whether it was manual or a program, and also that it's illegal to try to do what I was thinking of anyway...

Thanks all!

- The New Guy

 

Wait, you mean they'll display a size of 10 but if you place a buy order at the ask, for 10, they'll only give you a fill of 1?

 

I think he means that if the ask is one, and you send a market bid for 10, you'll only get the one that was offered, where previously the market maker was obligated to fill the rest of your order at that price.

Is that correct?

- The New Guy