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Strategies & Market Trends : How To Write Covered Calls - An Ongoing Real Case Study! -- Ignore unavailable to you. Want to Upgrade?

To: JimsJeeps who wrote (11117)	6/29/1999 10:51:00 PM
From: OX	Respond to of 14162

Pardon the intrusion, In my (limited) experience, what you were told is true for most brokers: they will charge only one commission as long as the order is executed on the same day (on the same side--buys or sells). Of course it depends on your broker's specific rules. I find that on options with some volume, more often than not, it can work in your favor to not specify AON. I'm more interested in squeezing that last teenie on an option; hoping for a good fill, albeit sometimes incomplete. Then I can modify the order for the remaining up/down, as appropriate, if I want to complete my order. Again, most brokers will not charge you full commissions on the modify order (it's considered part of the original order)... but your mileage may vary. I would be interested in hearing if this jives with others experiences. ps. I had this very thing happen to me today. Limit order to sell 10; filled 4; filled 5; long delay where I considered lowering my price but decided not to; then eventually filled 1. (after which, of course, the underlying shot up :-)

To: JimsJeeps who wrote (11117)	6/29/1999 11:39:00 PM
From: Jon Tara	Read Replies (1) \| Respond to of 14162

JimsJeeps, it is common for brokers to not charge multiple commissions when an order is broken-up and executed in a single day. It IS common to charge multiple commissions if they are not all done in the same day. (One commission per day.) Of course, you should ask your broker. Sounds like you did, and you should believe them. If it turns out not to be the case, just hold them to what you were told. That said, I'm not sure why you expected your order to be executed. With the bid/ask at 1/8 by 1/4, you weren't entitled to a fill at 3/16. You might have gotten one, out of the goodness of the specialist, but he certainly didn't owe it to you. The fact that there were trades at 1/8 doesn't mean you were owed one either, since those could have been (probably were) the specialist buying.

To: JimsJeeps who wrote (11117)	6/30/1999 3:53:00 PM
From: Herm	Read Replies (1) \| Respond to of 14162

The two other answers Jim is what I have experienced. Same day one charge rate. Overnight, and they charge a little bit more for the transaction. I only had one case this past year so far that the closing transaction was executed the following day. Otherwise, my sales are limit orders GTC. Check out IFMX! Finally, taking off again. Up +1 11/32s (+18.6%) today as of 3:45 pm. Volume is up more than 4X normal. Short squeeze baby! Love it! Making my day for sure! Hot two days! Just broke thru the $8.00 resistance. Should be clear shot to $11 to $12.

To: JimsJeeps who wrote (11117)	7/3/1999 11:13:00 AM
From: NateC	Respond to of 14162

Jim....yes I've had this scenario before with both Ameritrade and with National Discount. both of them do a lot of split fills for me (I've learned that "all or none" often doesn't work, just as it didn't for you). They charge either NOTHING extra for the split fills...or sometimes 4-5 dollars only...for the "extra fills". I've had instances where I split the bid ask for 10 contracts....and had them fill 2, 3, 3, 2...to get to 10.....and on occasion of course....only a fraction of the entire number of contracts gets filled. The other thing I've experienced relative to your post.....is one time I, like you, had a bid to buy in at what I thought was 1/16 over the ask....and I couldn't figure out why it hadn't filled. I called...and that particular option order...they had sent to the Pacific or American exchange......not to Chicago....and I was looking at quotes from the Chicago exchange. I'm not sure why they do this....(that one was with nat'l discount)....but they probably get a better rate from one exchange, than another I believe on the CBOE webpage....you get different quotes for the different exchanges...and you can enter your orders accordingly...but am not sure about this. but My best advice would be to avoid "all or none" whenever possible

To: JimsJeeps who wrote (11117)	7/6/1999 8:34:00 PM
From: JimsJeeps	Read Replies (2) \| Respond to of 14162

Thanks to you all who responded to my post regarding "all or none" option orders. The input from this forum is priceless. To bring you up to date, I put in an order to buy back my 5 BTGC July 7 1/2's calls to close at 3/16's on July 2 and got filled. This morning my order was to sell 7 BTGC October 7 1/2's to open covered at 1 1/2. Had a partial execution and got filled on 5. With the knowledge I gained from the responses to my post, Jon perhaps?, I am going to switch to a market order sometime tomorrow, which if I understand correctly, should be executed at the bid because it is done all electronically bypassing the MM. Again, thanks to all of you who time to respond. Nice Independence Day message Herm! Jim