depends if you mean prop or retail.... for retailers....the basic flat range of per share contract could be anywhere from 1.50 - 2.00.....some will also tack on an additional premium of say 10 or 25 bucks + the per contract charge.....I believe you will not find cheaper option rates than IB. You really have to look though....because there are retailers out there that market themselves as an options niche....they will often give you aggressive discounts on your per month contracts commission if you make XX amount of options trades per month...... Bottom line, if you can get a rate of 0 down + 1.50ish per contract that is not too bad. Another consideration is who does your broker route too. If you are married to one exchange and can not get any play from the AMEX or CBOT or whoever, it could really be a pain. I have seen many times, where you have two people literally sitting on the same price of bid and ask from say the ISE and CBOT but can not get filled in time either because the underlying moves or someone else swoops in to take your contracts. Accessibilty and order routing is another key consideration that is overlooked. Forget about nickel and diming your 1.50 per contract commission in this scenario.
IB is $1/option, no minimum. I don't trade many options, but it is the best commission structure I have seen. www.interactivebrokers.com
I pay $2.5 per contract with a minimum of $5.00 per trade. That gets down to $1.50 per contract dependant on monthly volume. I can route anywhere and get fast fills.
Who are you with? How many contracts do you need to trade per month to get the $1.5 rate? Do you pay cancellation/modification fees? Thanks.
Just to add to your confusion , also check out thinkorswim (www.thinkorswim.com) they have a great interface and good commissions (not as good as IB) & they don't charge for special routing (IB does), cancels (IB does with exchange directed orders) and don't have minimums. They also allow spread trades in IRA's (IB doesn't) and accurately calculate margin for you. There extra services may or may not be worth it.
TOS also does not receive any payment for order flow. I spoke with one of their reps, because I have been considering moving my account over there, and found out they can get bullets for you as well (from SUSQ, NITE, and others). Did not remember to ask about the fee for bullets, however, I know they do not add any charges on to whatever the bullet provider charges. The bullets are not available online, but can be had through their trade desk (so, maybe 1 or 2 min. from when you pick up the phone to call). I am currently with Mr. Stock. They just lowered commissions, but do not offer exchange-specific routing from their online platform. However, one may call up and reroute the order using a rep (at no additional charge). Mr. Stock said they should be rolling out the ability to online route to different exchanges within the next month. I have had no complaints thus far with their service, but really would to prefer to route exchange-specific, and not just see the 5 exchange quote montage, as I currently do. Mr. Stock does take payments for order flow, and, in my experience will route your order to whichever exchange NITE is the DPM/LMM/Specialist in that particular option.