How I close spreads in TWS is pretty simple. When I create the order under spread builder on the options chains page, as soon as the spread is ready, there is a pop up button 'Add to Quote Panel?', and when you click on that you have the option to add the legs. When you do all this the option to enter the order from the spread builder disappears. I then do actual order entry from the quote panel by clicking on ask and adjusting the price and volume. With the order filled and the spread listed on my quote panel, clicking on the spread gives me the option to close position. If you want to get in a very quick order, then by all means enter the order from the spread builder. After you are filled, recreate the spread in spread builder, then add to quote panel. The order entry will disappear and you will see the current position listed against the spread in the quote panel.
What you describe is is not the way IB routing works. Smart router routes both marketable and non marketable orders immediately and directly to the exchanges.
I was told that COB orders only go to the exchange when marketable. I found that out when I was charged for adding liquidity 2 hours after I entered an order. 1245
You're still an idiot. Seemingly impossible, but your argument has become even more absurd. I was explaining that the offer on the IC represents the "long" natural condor (all calls or all puts) and is short gamma. NO, you do create another quote or order line. You hit the offer to buy and the bid to sell. YOU DO NOT have to replicate the quote/order line in the opposing position. You're ridiculous. The AAPL IC in the pic shows both the long and short IC.... it's the only method by which you can quote the IC: The bid is short wings/long body... the offer is long wings/short body. You buy it to get short vol and sell it to get long vol. I know you're some consanguineous type who only trades these moronic dime ICs, but really there are people out there who have being trading vol for years, and on TWS! Yes, it's exactly that... a simple click of the bid or offer and then hitting transmit.
It's a credit. The offer represents the lesser credit when executing the synthetic condor (long the natural condor). I don't know why anyone has a problem with that. You would see a positive number if trading the call or put condor as it's a debit position. I do find it weird how IB expresses the position in the "description" column. I'd prefer if it represented the vertical/ascending strikes in the description, but it's simply an aesthetic.
Ibsoft, can you confirm the treatment of spreads? I too was under the impression that IB will only route a spread to the exchanges cob when they feel it is marketable. This is one of the reasons that I have stayed away from IB. If I see a spread trading through time and sales I want to put it on the COB in case the customer hits the bid. It may appear to be away from the market, but has a chance to be filled if it is residing on the exchanges cob.
Well I don't know for certain that there is a route to IB's pool, be it algo or human, but I can attest that COB orders originating from TWS do appear on other front-ends, namely Wedbush/Lime (in my experience).
Well, we just added MultiCharts to the beta TWS, to fill that missing gap. You are able to backtest strategies, although the data doesn't go back too far - that can create a problem.