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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: Jeff Meek who wrote (10203)	4/1/1999 8:25:00 PM
From: Spots	Read Replies (3) \| Respond to of 14162

>>Different option exchanges: There is no central authority for the exchanges, so where your order gets sent can have an impact on the fill you receive. Ain't it the truth. You practically have to have real-time OPRA quotes to figure out where to direct an order, or at least how to set a limit order. Especially if you like to go in the spread. Of course, "in the spread" on one exchange can be hitting the bid or ask on another. I've sometimes successfully gotten fills based on smacking the inside market on one exchange even though they were in the spread on the exchange my broker routed the order to. Gotta yell, though. I've had every story I can imagine, though there are probably lots I can't imagine <ggg>. >> Option limit orders: The MM is legally obligated to sell up to 10 contracts when an order comes in AT THE ASK. Yeah. But you have to be willing to call them on it. On many occasions I've smacked the ask on a buy and have had the ^&&* move the market away from me. That's when you really need a good options broker or lots of phone time. In short, though true legally, don't count on it. You've got to be willing to pick up the phone and bitch a lot unless your broker is really working for you. Regards, Spots ----- PS to Herm: Hi, Herm, long time no see. Boy, you've got lotsa guts keeping this thread going! I'm only 3000 posts behind <ggg>. Just like it used to be. Great job! I have the highest regard for what you're doing. Your energy and contributions are rare on SI, or anywhere else for that matter. Dunno how you keep it up. Hoo!