Penny options with IB: Results?

Discussion in 'Retail Brokers' started by Option Trader, Nov 19, 2006.

  1. I know it may be a bit premature to ask this (noting it just started), but does anyone sense that they have gotten better fills by offering penny options as opposed to just regular?
     
  2. I did on few last week ... entered 18 cents to sell (15-20 b/a) and got filled . Another good one was 62 cents ( to buy) at 60-70 b/a
     
  3. We've been trying to sell 100 QQQQ Jan 60 calls (purchased by mistake) at $.03 for a week, and are now trying to sell them for $.02. Nobody would know about if not for the order book of IB. I think $.02 is a good price. I hope people actually review the order book properly.
     
  4. . $.62 was a good deal for you.
     
  5. tef8

    tef8

    Well, sustained a loss today on what should have been a profit using them.
    The option in question was not available for trade on the exchanges with penny pricing so the order went through at a much lower price! (gain turned to loss)
    I was in the middle of managing a large amount of trades when this happened so I would advise caution if you trade alot.
    Would be better if the trade just got kicked back imo if such a mistake was made.
     
  6. did u place a mkt order?
     
  7. tef8

    tef8

    no, limit order with penny pricing!
     
  8. tef8

    tef8

    very definitely typed 2.63, sold at 2.40,
    IB will not adjust trade!
    Audit trail shows what executed at so no relief there.
    I'm not hallucinating - and not the first time this has happened to me with TWS in regards to I enter one number and another executes.
    Been trading for 7 years, not newbie.
    Occasionally TWS is crap imo.
     
  9. (sorry tef8, deleted this to place it after your response to Bitstream)
    How does this make sense?
    If you place an order to sell-to-close at $.62 sense, it appears as a $.65 order, and not for any less!? Was the problem in TWS?
     
  10. tef8

    tef8

    placed limit 2.63, sold at 2.40!
    was not expecting that to happen - maybe it's peculiar to penny pricing if you pick an option that doesn't trade that way.
    Or TWS hiccuped and cost me.
     
    #10     Nov 20, 2006