Looking for a broker to trade OEX options with

Discussion in 'Retail Brokers' started by Arbitrageur, Jul 12, 2005.

  1. Can anyone suggest a retail broker with whom I can execute OEX index options with.

    I'll only be doing around 50RT's a month to start with while I test my strategy out in the market.

    I currently use TradeStation and was going to test my strategy with them but I need to be able to work OSO orders - one sends other, ie: if I get a fill on my entry, my exit gets sent. TradeStation say this order functionality should be in service pack 1 but its taking too long to get this update.

    Commissions need to be around TS rates - $1 per side. Any suggestions will be appreciated.
  2. Steve_IB

    Steve_IB Interactive Brokers

    You can place those orders with IB. E.g. You can send in a buy limit order and attach a bracket order, which consists of a limit order to sell (your profit target), and a stop order to sell (your stop-loss).
    The sell orders are only sent after the buy order is executed. The sell orders are linked so that when one executes the other is cancelled.
    IB's commission is US$1 per contract.
  3. Steve,
    thanks for that.

    I did call IB sales desk and ask if I could work OSO bracket orders but the guy I spoke to said no... hence why I posted here.

    If you're saying i CAN work a bracket like that then this is exactly what I'm after.

    Incidentally, if I get a partial fill on the entry, say 5cts out of a ten lot, would the bracket send 5 for the exits?
  4. Steve_IB

    Steve_IB Interactive Brokers

    I expect that they were confused with the terminology. It's possible that someone would not know what "oso" meant.

    With IB you can set-up a limit order and then attach a stop, or attach a braket order.
    If you attach a stop. Then when your original limit order is executed a stop will be sent.
    Attaching a bracket order adds a limit order to the mix (a profit taking order). There's detailed info on our website under Trading >> Order Info.