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Strategies & Market Trends : Options -- Ignore unavailable to you. Want to Upgrade?

To: RocketMan who wrote (871)	1/10/2000 8:45:00 AM
From: Jill	Read Replies (1) \| Respond to of 8096

Rocketman, my experience has been that if the MM doesn't want to play, he won't change the bid/ask--thus Poet and I had the odd experience a few weeks back, where I wanted to sell GMST May 45 and was willing to take his price, but he wouldn't give it to me. He just left my order open interminably, until Poet offered to buy them, and he made the spread $1 so he made money. But when an option IS actively trading, you can see your bid/ask change things. For instance suppose the bid is 24 and the ask is 25 and you put in a limit order to buy it for 24.5. You'll find a new bid for 24.5. At least that's how it's been in my experience.

To: RocketMan who wrote (871)	1/10/2000 12:40:00 PM
From: RoseCampion	Read Replies (1) \| Respond to of 8096

Also, the quotes brought up by most portfolio managers are last sale, which might be quite different than the b/a. Often very different, especially for thinly-traded options (like DIM QCOM calls!) Is there any way to update a portfolio for b/a without doing it manually? Not that I've found...I do it by hand every night to get my current market position, using (Bid+Ask)/2. It's a pain, but it does clue you into the current spreads on a daily basis. <g> Another formula I've heard of some programs using is (Bid10 + Ask10 + Last)/21. -Rose-