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Strategies & Market Trends : The Covered Calls for Dummies Thread
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To: JohnM who wrote (3735)5/8/2002 2:13:15 PM
From: Kayaker  Read Replies (1) of 5205
 
No guarantee I've got it right, but that's my understanding of options. On the spread, it helps greatly if you have real time 'Time & Sales' data so you can see the exchange that is posting the bid/ask. The amex and pacific exchanges typically have horrible spreads and prices. For example, on the QCOM Jan 04 20 call, the amex just posted the bid/ask at 12.20 x 13.60. The CBOE (which is much better) just posted 12.80 x 13.30. So, if you are sitting there watching just a single real time quote on a particular option, you will see it bounce around, often several times a minute, sometimes a large spread, then a small one, price up, price down. etc. This is because the posted prices are coming from the different exchanges. It also helps to know how your brokerage routes your order. I often get stuck with the Pacific Exchange and get screwed.
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