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Hi Kate,
If an option is liquid or trades on multiple exchanges you
can usually get a fill on a limit order somewhere between
bid and ask. In other cases you take what the market maker
wants to give, bid/ask/or offer and wait. Learning what
applies is a matter of experience, though the spread often
gives a good clue as to what to expect.
I've experienced cases where the market maker did not
honor the bid/ask. When I used a live broker he would call
the exchange and force a fill, never tried to get IB to do
this, if you succeed please let us know.
IB seems slow to report option fills, though I suspect it
is the exchange not them delaying things. But they have
never let me change an order if a fill has occurred. I've
used cancels to force a reliable status report. I've also
used this as a way to force the market maker to do
something when he was sitting on my order.
regards,
tbr
>
> Kate,
>
> I _hate_ market orders ... rarely use them except for a GET ME OUT NOW
> order. Experiment a bit and see what works for you ... each trading venue
> has its own character.
>
> Earl
>
> ----- Original Message -----
> From: "ketayun" <ketayun@xxxxxxxxxxxxx>
> To: <realtraders@xxxxxxxxxxxxxxx>
> Sent: Wednesday, June 11, 2003 11:23 AM
> Subject: Re: [RT] Option fills
>
>
>
>>Earl,
>>
>>Thanks. I will go back to market orders/smart routing
>>
>>Kate
>>
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