two option orders

I have one vertical spread order. The markets went up today and it is not likely my order will be filled. So I try to put another vertical order modifying the prices. I did not cancel the first order to save cancellation vharges, IB gives me the message that I cant have two open orders , Is this right? Why is so?

Please explain. I cant believe this. Thanks so much

 

If you put your order as combo order using combo feature of TWS, you can cancel it any time and you will not be charged any cancellation fee because your order has not actually hit the exchanges and it is conditioned. So you left your first combo order unchanged and uncancelled and put a new combo order? So in that case, IB is right. You have two open orders. If my answer does not answer your confusion, please explain it in detail using fake stock and strike price (if you prefer that) so I can help you better

 

The exact message from IB :

This account canot have open orders (including combo) on both sides of the same US option contract in related accounts.

The wording is confusing and honestly I donot know what it means

 

You can't make two sided markets as "customer" on most option exchanges. (You can open/close, but not open/open) That does not sound like what your were doing.

Bob

 

Thanks

The symbol is TNA. I have set up a sell vertical spread at price 48 sell and 45 buy.(Put)

Now I am setting up another verical spread order 51 sell and 48 buy (put). This order is being rejected.

 

So you are saying I cant have two orders simultaneously with different strike prices? There is no clash as first one is 48/45 and second one is 51/48

 

Yes that exactly makes sense. Because in your first order you are selling 48 PUT and in your second order you are buying 48. So you are putting order on both sides of 48 PUT. You cannot do that.
Just cancel the first order. You won't be charged any cancellation fee as it is a combo order.

 

No, I was responding to your comment about what they said. You can as long as they are not the same option or spread, according to the exchanges. I can't speak for your broker.

 

I've run into that. Don't know why as I have the buying power to handle the separate trades. You basically have to buy to close your 48 put and then you end up with a 51/45 spread.

 

The first order is not going to get filled. I am asking more money so a day order will expire at the end of day.