Schwab options messed up

Discussion in 'Order Execution' started by Pekelo, May 23, 2024.

  1. Pekelo

    Pekelo

    So today I tried my first trade with the new transferred Roth account to Schwab. A limit order for a Spy put. With Ameritrade it usually executed right away, when the order is a cent better than the ask.

    This time the order was just sitting there and something strange happened. The SPY was moving down, but put prices were dropping. My limit was now 10 cents better than the Ask and still no execution. After a while I changed it to market order to see how it would execute and I got a 55 cents worse fill. Then SPY started to move up and strangely put prices were also moving up.

    I guess I have to look for a new broker? Anybody had similar experience?

    Right now the SPY rallied and I am only 25 cents in the red....

    Edit: I am at breakeven with a 55 cents bad fill.
     
    murray t turtle likes this.
  2. poopy

    poopy


    Dude, you've been clearing Schwab for a long time. But yes, SCHW is clearly manipulating the market against your one lot.
     
    Badkarma and Windlesham1 like this.
  3. Pekelo

    Pekelo

    The problem is 2 fold:

    1. Didn't execute limit trade when it should have.
    2. Put prices are moving the opposite way as they should.

    527 SPY puts 7 days out. The mark was at 1.25 when my market order got filled at 1.80. Then SPY moved UP 14 or so points and my put also went UP.
     
  4. poopy

    poopy

    A penny better implies that it was not marketable; IOW you were a penny inside the ask, not a penny outside the ask. Either use the terminology correctly or stop whining?
     
  5. Robert Morse

    Robert Morse Sponsor

    Not enough details here to understand why you think you should have gotten a fill and why you think your broker either did not show your order or it took too long to show it as part of the NBBO. I'm also not sure why you think your broker benefits from no execution.
     
    murray t turtle likes this.
  6. Pekelo

    Pekelo

    My limit order was more than 10 cents better than the shown current price, yet no execution.

    But explain why puts are going up when the market is going up? I am thinking there is a 10 minutes delay between SPY options and SPY. >>> infinite money glitch
     
  7. poopy

    poopy

    "better" in this context means a fill was inside NBBO. So you're using it wrong and your quotes were stale or you're nuts. Pick an option. (Choose all that apply).
     
  8. FSU

    FSU

    My guess is the quotes you were seeing were wrong. Perhaps you lost real time quotes in the transition? Or there was some other problem with the quotes you were seeing.

    I would think the execution was correct with the real prices.
     
    murray t turtle likes this.
  9. Pekelo

    Pekelo

    Correct. The prices I was seeing were(are?) ~10 minutes delayed. But they were executing at the correct prices.

    Until it is fixed I can just use market orders, I guess.
     
  10. FSU

    FSU

    Until fixed, you can see real time option prices here,
    Optionwatch | Real-time Option Pricing
     
    #10     May 23, 2024