Im looking for an options broker similar to Thinkorswim. What I mean is that it seems TOS spreads execute based on the price for the entire spread. Ive played with IB and what I mean is if one is placing a trade for a condor the outside spreads are bought lets say debit of $4 combined and the 2 sold options receive a $2 credit thus a $2 cost for the spread. Now in TOS it seems to me that the value of each option can vary as long as it costs me $2 in the end. Meaning the two shorts can receive either $.50 for one and 1.50 for the other being a $2 credit or each can receive a $1 credit also equaling $2. In IB it seems that the spread is built individually so each options that makes up the spread must be valued at the price you set rather then the final debit/credit. Going back to my example in IB if I place a condor order with the 2 short options each being $1, will only fill if each short option is at that price, thus if one hits $.50 and the other $1.50 they wont fill. The benefit I see with this is there is a higher chance of filling on TOS. Now to my questions, does IB or any other broker have this feature and did I miss it? If not are there brokers that offer this? I would also like to trade futures and options on futures. Thanks.
Want speed, features and fun? thinkorswim's flagship trading platform sets the bar for the industry*. An easy-to-use interface combined with powerful trading tools, the TOS software is built for all levels of trading, from beginners to seasoned pros. There's even a version with training wheels, paperMoney, that lets you practice before you trade for real...
But be careful with the paper trade version because it fills buys on the bid and sells on the ask! You'll make a lot of money on paper that you won't make in real life. They badly need to write code that gives more realistic fills.