Honestly I am getting too lazy to play the spread with limit orders when I trade spy options... You can usually only improve your price by around $1-2 per option. Kinda not worthwhile bothering with and just focusing more on timing. With something like SPX options playing the spread is necessary. Quite amazing how much of an improvement in price you can get fishing around with limit orders on those... You can usually get filled within ten cents of the bid/ask average on those. EG, if a call is trading at a Bid of 5.90 and a Ask of 6.70. The average of those is 6.30. Easy to get a fill at 6.50, and usually you can get a fill at 6.40... People are always desperate to write/sell those options or something? So, for the poll... Do you bother to try to get better prices with limit orders on spy options between the bid/ask or just try to time price perfectly and toss in market orders?
I use limit orders at the bid/ask to get an instant fill. Perhaps that option should be added to your poll.
Meh, same thing really. Btw, know one thing I never understood... Why are SPX options higher leverage than SPY options? 6 Jul 12 (W) Stock Last: $137.38 SPY 137 CALL 1.00 - ASK SPY 136 CALL 1.74 - ASK Stock Last: $1,374.02 SPX 1375 CALL 6.70 - ASK SPX 1365 CALL 13.30 - ASK Notice that there is a price different of 74% for the spy calls and a price different of 98% for the SPX calls. Maybe some options nerd can explain it. That leverage difference when it comes to price movement is always there. Maybe volatility is calculated differently for either of them or something... If you don't play the spread with directional trading the SPY calls are a better choice though.