What brokers allow (or are able) to execute more than 4 option legs in the same order? For example, to buy 2 SPX butterflies at the same time (one on call side and one on the put side for a total of six legs). I am on TOS and limit is 4 legs. Thanks!
We offer Lightspeed Trader (4 Legs), Sterling Trader Pro (4 Legs) , Realtick (8 Legs) and CBOE Silexx (8 Legs). To get the 8 legs you have to direct your orders to exchanges that accept that like CBOE but not our SMART route. Cboe, C2, ISE, EDGX, MIAX, and ELMD all take 8.
Thank you Robert. I mostly trade SPX and VIX options. Which product of Lightspeed do you recommend I demo?
If you have access to StreetSmart look at the all-in-one trade ticket. Haven't done more than 4 sides in a decade, but it should have been 16 by now. They'll need to be identifiable strategies and not just random legs alone.
To my knowledge (as Robert said) the maximum (for US equity options) was 8 legs. But indeed I see 16 if I look on the internet: https://cdn.cboe.com/resources/rele...roduces-16-Leg-Maximum-for-Complex-Orders.pdf
As I'm online now I also note that the major limitation of 3:1 leg ratio is finally abolished: https://cdn.cboe.com/resources/rele...-Index-Combo-Orders-Up-to-8-to-1-Ratio-3-.pdf
In my notes, each of the platforms I referred to as 8, said 8+. I assume we have a route on those platforms that can match the exchange number of legs, but I thought just saying 8 was enough.
Schwab can too do this...but you may never get a fill if you get too fancy, the mid price is usually the key to hope but like I said you may not get it, EVER!