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I forgot to mention a couple things:
>5.  Also, place a "conditional order" to buy a put (if I sold
>a call) or buy a call (if I sold a put) in the event step 4 is
>executed.  Steps 4 and 5 must occur as near to simultaneously as
>possible.
The strike price and month in this case would be the same as that of
the option previously sold.
>This is an EOD system, but the loss management part (when the
>underlying approaches the strike price) requires real-time
>monitoring of arbitrary options contracts, not some fixed contract
>assigned to data1.
>
>Any advice?
I am not averse to writing my own custom software to do this.
However, in order to do this I would need my own data feed and
complete documentation on how to interpret the data stream.
Suggestions are appreciated for a real-time data feed suitable for a
guy with a $30K account.
-- 
  ,|___    Alex Matulich -- alex@xxxxxxxxxxxxxx
 // +__>   Director of Research and Development
 //  \ 
 // __)    Unicorn Research Corporation -- http://unicorn.us.com
 
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