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Old 01-03-2020, 10:46 PM   #13
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Join Date: Jul 2005
Posts: 6,465
hijack this thread to ask some questions on options trading....

recently (actually last friday), i held a few options (SPY PUT 287.5 expire 28feb2020) which had risen in value when it hit ITM for a short moment.

I saw the bid and ask price, and set to sell my options between the range. but it wasnt sold???

so i decided to just low ball myself by selling it dirt cheap but the order was cancelled immediately by IBKR for price out of range?

did i do it wrongly? or the only choice i had at that point was to exercise the option out right and immediately cash out by closing the positions?

i ended the day with 1 of that option unsold and expired worthless

any option traders can enlighten?
Maybe you miss out adding a minus symbol? Instead of a credit order, you made a debit order that's why the price was out of range?
I usually set the limit price at mid then adjust it more towards the bid/ask when I'm buying/selling before transmitting. if can't fill then I adjust until it until it fill.

Anyway if your long options expire in the money, ib would auto exercise it

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