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Strategies & Market Trends : Options for Newbies -(Help Me Obi-Wan-Kenobe) -- Ignore unavailable to you. Want to Upgrade?

To: MJR who wrote (555)	1/14/1998 3:12:00 PM
From: Carl Fritch	Respond to of 2241

Hi, I'll try to give you a practical answer. As long as there is a Bid price for the option you shouldn't have trouble selling it at or near that price. If you hold a large number of contracts (more than the Bid size) you may have trouble selling all of your contracts. Hope this helps, Carl Fritch

To: MJR who wrote (555)	1/15/1998 12:01:00 AM
From: Madpinto	Respond to of 2241

With very little time and almost no chance the stock will trade up, you will almost certainly have a difficult time selling them. Usually these options are said to be "no bid". If you want to sell them for a 1/16, the best way is to offer them at the market and GTC(good till cancelled). Some brokers might tell you this cannot be done, but insist they do it this way. Market orders have priority over limit orders even if the limit order is in sooner and is effectively at the same price. The second day you have your GTC order in, you will have priority over any day orders entered. Still, someone needs to buy them from you. The best you can do is attempt to get to the head of the line.