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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: NateC who wrote (11146)	7/3/1999 6:07:00 PM
From: Mark Z	Respond to of 14162

I use Schwab's "real-time" quotes on their web site. "Real - time" is usually within 15-30 seconds. Since I have to phone in orders to get them routed to my exchange of choice, I'll have their order taker refresh the quotes for me right before placing the trade as her/his data feed is much quicker than the web site's. It costs a bit more in commissions this way but I generally make it up in better options pricing. And if I can't get better pricing, I'm not adverse to telling the broker "thank you but there's no advantage here, I'll place my order through the web" (I always have my trade set up on their web order entry screen before calling in). Preferred Trade offers a trading package called 'Delta Trader' that also has quotes by exchange. BTW, I've had extensive talks w/Schwab's options specialists. Despite their marketing rhetoric that the customer's interests come first, when it comes to auto-routing their options, their policy is to use a quasi-random method "so as not to show favoritism" to one exchange over the other. I'm pretty sure volume is a factor as well based on where some of my 'auto-routed' orders have gone. But 'customer's interest' definitely does not come first!!