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Strategies & Market Trends : Option Spreads, Credit my Debit
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To: OX who wrote (1372)4/16/2000 5:15:00 PM
From: Mark Z  Read Replies (3) of 2317
 
Actually, OX, its still quicker if they have the strikes in their system as the hold times for a broker have become very mediocre. I'm assigned to the 'Platinum Options Team', specialists in options trading, and 3-8 minutes to get to a broker is becoming the norm. Plus if you place the order online you 'save a buck or two' with an extra 20% discount.

You want a story? I'm long INSP, long INSP puts and short INSP calls in my retirement acct (a synthetic short if you will; no other way to short anything in a retirement acct). I wanted to roll down the calls on Friday from 55 to 45 with about 14 minutes to go. The web didn't recognize the 45 strike so I had to phone in. I got to a broker with 3 minutes left & to try to place & get filled on 2 option trades in 3 minutes just wasn't worth it (no way any exchange is filling spreads at this point unless you put them in at market which is a not-so-wise thing to do IMO). Especially considering the guy had to set up the YHOO 100 call in the system which in itself takes a few minutes. So now I keep my fingers crossed that INSP doesn't gap down too much on Monday because Schwab couldn't handle my selling a INSP 45 call.

Note: ALWAYS check for the possibility of trading both strikes if you plan to roll options. Otherwise you risk that their system knows about the 1st strike but not the second.
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