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Strategies & Market Trends : Options for Newbies -(Help Me Obi-Wan-Kenobe)
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To: Eye who wrote (1490)7/6/1999 11:52:00 AM
From: ----------  Read Replies (2) of 2241
 
Hello:

By rule, the option specialist must honor up to 5 contracts
at the current posted bid/ask price. IMO, if you are seeing
NO daily activity, what you are seeing is the specialist posting both the bid & the ask. In my own personal experience, you are FAR
more likely to get filled at the bid if you place a market order than
place a limit order.

On a limit order, the specialist can then make you the bid, and not fill you. It sounds weird, but the specialist basically posts a bid
and ask to maintain a market "in the absence of a bona fide public
bid and/or ask". Thus, when you show up with a limit order, YOU
let him/her off the hook on one side.

I'm not saying it will work for you, but I am saying, in my experience
I've had MUCH better success with market orders....unless doing
a large number of options.... say more than 10 -15.

Regards,

Doug
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