Hi all,
Really so impressed with WL9 (and especially the MCP integration). Nice work on the platform.
Is there a way to close out a vertical options trade as a unit (close both a long and short at the same time)? When I manually open or close these verticals (such as a put credit spread or a call debit spread) on the broker platform, it gives me one price to close both legs for a combined price.
This is important for a few reasons:
1) In a limited margin situation (like an IRA with Level II options or if there's no excess available buying power), you can't close your long leg before your short leg.
2) My understanding is that it improves order execution, since market makers will accept the vertical trade more readily than individual legs.
3) "Legging out" is generally frowned upon as increased risk (which can happen if there are 2 individual orders, and as mentioned, there are times when this creates problems if the wrong leg executes first).
On the straddle example on the website, it's only 2 long options, and they're closed with individual orders. I have code that can recognize linked options pairs in my positions, but would rather not have to close them in a piecemeal fashion (and if they could be opened as a pair, that would be great also).
(For reference, I'm using Schwab primarily, IBKR available but not my primary broker)
Thanks,
-bd
#FeatureRequest
Really so impressed with WL9 (and especially the MCP integration). Nice work on the platform.
Is there a way to close out a vertical options trade as a unit (close both a long and short at the same time)? When I manually open or close these verticals (such as a put credit spread or a call debit spread) on the broker platform, it gives me one price to close both legs for a combined price.
This is important for a few reasons:
1) In a limited margin situation (like an IRA with Level II options or if there's no excess available buying power), you can't close your long leg before your short leg.
2) My understanding is that it improves order execution, since market makers will accept the vertical trade more readily than individual legs.
3) "Legging out" is generally frowned upon as increased risk (which can happen if there are 2 individual orders, and as mentioned, there are times when this creates problems if the wrong leg executes first).
On the straddle example on the website, it's only 2 long options, and they're closed with individual orders. I have code that can recognize linked options pairs in my positions, but would rather not have to close them in a piecemeal fashion (and if they could be opened as a pair, that would be great also).
(For reference, I'm using Schwab primarily, IBKR available but not my primary broker)
Thanks,
-bd
#FeatureRequest
Rename
For Schwab, you need to use either a 'NET_DEBIT' or 'NET_CREDIT' order type.
For IB, you need to create a COMBO contract for the order.
For WealthLab, either one, you need to create a BarHistory object that can be traded.
Is there a way?
- There is always a way.
Is it currently supported?
- No. (Although years ago I had added some sort of Combo Bag support to the IB Provider.)
Options:
1. Request a feature and wait for the popular vote (but you're the only one ever to have requested this type of options trading support for WealthLab)
2. Get an estimate from Support > Concierge Service
For IB, you need to create a COMBO contract for the order.
For WealthLab, either one, you need to create a BarHistory object that can be traded.
Is there a way?
- There is always a way.
Is it currently supported?
- No. (Although years ago I had added some sort of Combo Bag support to the IB Provider.)
Options:
1. Request a feature and wait for the popular vote (but you're the only one ever to have requested this type of options trading support for WealthLab)
2. Get an estimate from Support > Concierge Service
Thanks Cone, as always!
Love the "there is always a way".
I will make the feature request and contemplate the combo order (try to exercise those problem solving muscles), and if nothing then great to always have the concierge as an option too.
Have a great rest of the weekend. Hopefully others will see the value in this "feature" and vote for it.
Love the "there is always a way".
I will make the feature request and contemplate the combo order (try to exercise those problem solving muscles), and if nothing then great to always have the concierge as an option too.
Have a great rest of the weekend. Hopefully others will see the value in this "feature" and vote for it.
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