If you had few spreads with total qty 25.. and you are inteded to close this position before expiration... and it is last trading day (ie today).... what time you would say is the latest while liquidity is available.. How the MMs spreads are behaving during the last trading day?
Liquidity is available until the market closes. The question is, what will you pay (or receive) when the close is imminent? A better plan might be to work the order all day. Assuming UL price is relatively stagnant, ask for something a bit better than the midpoint and then gradually reduce it as the day wanes. Obviously, UL price is the prime consideration. For example, if you have a $3 profit, don't chase a 5 ct better fill at the risk of ending up with a far smaller gain.
IB charges some sort of fees to cancel and modify option orders, and they are probably the most popular broker on ET. http://individuals.interactivebrokers.com/en/p.php?f=otherFees
I trade at IB and they have a cancel fee. That's life. OTOH, there's a credit received for contracts filled and it's applied toward that fee. Honestly, I think that it's penny wise, pound foolish because they charge 25 - 70 cts per contract (commission) unlike others who charge a base fee of $7.95 per trade plus $1.25 per contract (made up numbers). That's highway robbbery. Fee per contract enables scaling in and out which is another major consideration. And the really big picture is that if you're trying to nail 10-20 cts more on a fill, that's $10-$20 per contract versus a penalty of a dollar or two which you might not even be charged due to your total fills for the day. I don't mean to pump IB. A lotta people complain about them. If you don't trade cleanly or need hand holding, they're not for you. I've never had a problem with them and when you have years where your commissions are in the 5 figure range, you really appreciate the addition (actually non subtraction) from the bottom line. Cancel fees are an annoyance but they're peanuts vis a vis the big picture.