Never mind I figured it out. Basically, anyone who trades options should subscribe to OPRA for .50 cents more. Just that the average investor/trader has no clue or gives a rats ass where is options get executed alas ToS smart options routing. Unless you are writing an algo bot, I see no advantage in routing options to various eExchanges. I hope the options can have a bracket orders at IB st least.
If CBOE is not at NBBO (one of the Option exchange part of the CBOE family), you won't see the best price if you subscribe to the CBOE market data feed only. As far as routing orders to various exchanges, if you choose 'Smart Routing', IB will decide where to send your order, usually where the NBBO with the greater quantity is located.
This is one of "the" most important functions of a broker for me. Fills will differ for options on the various exchanges. Smart routing may take into account many things, which may or may not include which exchange you will get the best fill at.
I see it all the time, yesterday I was trying to unload several hundred highly liquid calls and all the Smart Route orders sat so I put 200 of those calls via routes Citadel buys from if their not internalizing orders. Part of my order gets hit quickly. 150 were filled off the routed Exchange while Smart just sits. The stock really starts to haul ass so I cancel the rest and pay extra for direct vs Smart as the calls go up higher. 350 calls left.
So CBOE one would suffice? I wish they had a little more use-friendly interface for these market data choices explaining what the user needs to trade.
If you have the cash its worth it to have the free option LL2 OPRA Etrade provides for members making 30 trades a Q. The same data I pay Esignal $500 a month your getting free. Thats for discretionary trading, if your going algo TWS seems fairly priced and its nice seeing the depth but thats not relevant for me because I plsy momo.