Hi, I want to know if there is any limitation on submitting an option spread order to close an existing position and also to submit a separate spread order to open a new position on the same spread at the same time. For example, closing long XYZ vertical call spread 30/40 (which is a position that I already have in my account) and also opening long XYZ vertical call spread 30/40. I'm asking it because I heard somewhere that there are limitations on a retail customer to have an order for both sides of the market in options, so I just want to understand if it applies also to spread orders or only to single orders. Another issue: I understand that IB has a limitation which is called "Securities Gross Positions Value to Net Liquidation Value", according to which the ratio of the GPV to Net Liq. should not exceed 50 at any time and if so, they start their automatic liquidation procedure (so in this regard it receives the same treatment as a margin deficiency). They calculate the GPV basically by adding the current market value of both long and short positions in absolute values (so that regarding a short 40/30 put vertical spread, when the short leg is 9.275 and the long leg is 3.675 and considering 440 cash in the account before opening the 1 contract position, then after the position is opened although the net liq. vlaue will be 440 (cash (440+560) minues 927.5 plus 367.5) the GPV will be 1295 (927.5+367.5) at current prices). I just found out about this limitation and I want to understand whether it is required by any regulatory rule or it is just IB's policy and if it is a customary limitation imposed by brokers? Also, what is exactly the logic behind such limitation? Isn't the maximum margin requirement should provide enough security for both the broker and the customer to cover the obligations arising from short positions? This limitation seems to me very arbitrary, since option market values can flactuate dramatically (especially in volatile markets) and therefore the GPV can flactuate dramatically, but if the customer has enough funds in this account to cover the maximum possible loss (as implied by spread orders margin requirements) why does its positions should be liquidated if the option market values reach a certain point, when the risk of the positions did not increase at all (also, why is the max. GPV ratio determined to be 50? why not 75? or 15? or 100? I assume you understand my point). Appreciate your help.