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Hi...This info pertains to the Philly and the Amex..I don't know about the
CBOE.... The bid -ask is changed by the specialist in most cases with the
spread difference automatically put in by computer. This market can then be
tightened by a customer order or market makers who want to post a market.
Legging into a spread can be profitable if the market wiggles a bit so both
your sides get done at good prices. More often then not, you just end up
paying up. At least ask for the market in your spread as a spread....as the
risk is less for the market makers ( and specialist) the price will be better
than the two outrights and may approach where you wanted to leg in anyway.
Good luck.
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