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I just wanted to mention something I recently observed about TOS and IB.  A daily chart on TOS when set to show extended hours trading session does not do so.  I even asked them, it doesn't even incorporate the after hours move into the chart so you would not see any after hours moves that were outside of the moves for the regular hours.  Since I have my IB account open now, I checked that and their charts incorporate the outside regular hours move into the chart.  To compare an example look at SURF, I've been in and out of this stock over the last couple of months and a couple of trades were made outside of regular hours when my GTC triggered.  But according to TOS, which is where the trades were made, that stock never reached those levels.  The differences are sufficient to mislead you in trading.

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12 minutes ago, Ringandpinion said:

...A daily chart on TOS when set to show extended hours trading session does not do so.  I even asked them, it doesn't even incorporate the after hours move into the chart so you would not see any after hours moves that were outside of the moves for the regular hours....

Can you clarify ? Are you referring to the normal daily price chart like the one below ?

image.png

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Sorry, I'm talking about a chart with daily candles but a 3, 6 or 12 month (or any) long term axis.  It won't show the highlighted after hours areas for good reason, there wouldn't be room but it does not incorporate those after hours price swings into the daily candle (or bar).  I only found out accidentally and then chatted them and the verdict was no, the after hours moves are not incorporated into the daily candle.  I was surprised.  I checked IB this morning just out of curiosity and the swings that I knew were there showed.  Not a real big deal but I don't like getting compromised data because of their programming.  I may submit a gripe at some point but with as many users as TOS has, I really doubt it will be the first one, so I'm not expecting any action on it.

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Has anybody tried Webull ? i saw the website, it says free options. wondering hows the actual fills are.

I have tradier and I notice that many times i don't get fills even on the ask price. As soon as i put in the order, price moves.

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19 hours ago, Harshtingo said:

Can someone suggest a good broker for my trading account I am looking to start trading intially with $5000 and then gradually increase it every year 

Suggest broker where I can get discounted rates

Assuming you want to trade options, i can say that etrade is better than charles schwab. I've also heard Fidelity is bad.

Lots of people here seem to use Interactive Broker and Think Or Swim (from TD Ameritrade which recently merged with Schwab) and my understanding is that these are good options trading platforms, but I don't have experience with them. 

I may open a TOS account to play around with one of these days. I currently mainly use eTrade for options and it's ok but not great. setting up and following trades is a little cumbersome, and the analysis tools are garbage. But in general the UX is ok, I don't seem to have as much trouble with fills as some people report in the forums here, and all the basic data you need is fairly easily accessible. 

 

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I didn't see Tradestation mentioned that much in here and figured Id chime in on the platform as it's what I am currently using. Been using TS for over a year. Part of the reason is that they have a special program for military and first responders. Basically, everything is almost free. Including all the futures data like ICE etc. They also dropped the futures contracts to 0.45 cents for that program. However, I will leave that special program out in my review below. 

  1. The execution has been great. The majority of my limits placed at midprice get filled with price improvements. For example, I rolled a Short Put IWM that was quoted 2.08 and they filled me 1.93. These extra profits add up.
  2. If you have a plan and don't need the options graphs. The web-platform and mobile app are really solid. You can easily select your strikes and build your spread manually without using the set strategy options. 
  3. Just web-platform and mobile app you can get a slightly cheaper commission. If you go the full platform route, slightly higher but competitive. 
  4. The full platform comes with lots of scanners and that includes scanning options. For example large volume outside of the average and ranked etc. I'm no expert here as I just use the Anchor Trades as I don't need scanning. 
  5. OptionStation Pro comes with the full platform. It's a nice tool and reminds me a lot of TOS. You can build your graphs with it. I'm sure it's not as powerful as TOS. I don't have much experience with TOS so can't comment.
  6. Note: TS/Web platform/mobile app quotes options PnL on last trade price. OptionStation pro will quote at MID price. 

PROS:

  1. The applications and platforms are really good. Easy to put on spreads on the mobile app or even roll your options. 
  2. Currently, real time market data is free. Including futures
  3. Tradingview is linked with Tradestation. Once you log in it activates the futures data to realtime.
  4. Execution is great.
  5. Never once have I had uptime issues. Always been able to log in. I think their site mentioned the 99% uptime. 

CONS:

  1. Support has really slowed since COVID started. I think they went to a telework status. You can always reach the trade desk, but customer support may have some wait times. TS likes the account representative approach. It's nice I can just email mine directly and they see things get done. I think depending on priority I can get responses quickly or a day later. 
  2. I don't think they offer portfolio margining. I never asked as I am just not at that point. 
  3. Accounts are segregated between products. Equity/options is one account number, Futures is another etc. You'll have to xfer funds between the accounts in the back office. No fee for that, but it's not instant either. 
  4. Assignment / exercise cost is $14.95. That one surprised me when I let some get assigned at expiration. Early assignment is 1.50 per contract (5.95 min)

 

Hope that helps anyone whose curious about TS. Cheers

Edited by R.Kinman

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Here is latest update on IB commissions:

First, there official commissions structure is now down to 0.65/contract. But from what I can see, the average commissions are now consistently under 0.50/contract - that includes rebates. IB is getting even better now.

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I was Interactive Brokers user when first was with SO.

Now, when about to open an account for Simple Sperads, I see that IB offers Ligth and Pro plans. Pro obviously has acceess to SmartRoutingSM

What do you, guys, use/suggest? 

Edited by IgorK

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1 hour ago, IgorK said:

I was Interactive Brokers user when first was with SO.

Now, when about to open an account for Simple Sperads, I see that IB offers Ligth and Pro plans. Pro obviously has acceess to SmartRoutingSM

What do you, guys, use/suggest? 

Sorry, lite... Search didn't bring results because of misspeling. Found some info.

Edited by IgorK

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I just noticed that on ToS, the symbol "COMP", which used to refer to the Nasdaq Composite Index, now belongs to a company called Compass.

Apparently, Compass went public earlier in April, and took that symbol. ToS now uses COMP:GIDS to refer to the Nasdaq.

What's even more confusing is that Nasdaq's own site lists COMP as the symbol for both, the Nasdaq as well as Compass.

🙄

Edited by rasar
Corrected symbol. Replaced dot with colon.

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Hey guys, as I’m about to jump back into the SO game since I decided to take a year off from work and now have the time, I just wanted ask an opinion. I’ve looked at various option trading platform rankings and rarely see Fidelity mentioned. I used Fidelity before and I do like the platform. Especially because I can use them for my comprehensive banking needs (credit card, retirement account management that I rolled over, banking, research). I know their commission structure is a little higher than some that give volume discounts, but I’m curious what the other drawbacks are to using Fidelity for the bundle service. Appreciate any responses. Thanks. 
Matt

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On 1/30/2021 at 2:31 PM, R.Kinman said:

I didn't see Tradestation mentioned that much in here and figured Id chime in on the platform as it's what I am currently using. Been using TS for over a year. Part of the reason is that they have a special program for military and first responders. Basically, everything is almost free. Including all the futures data like ICE etc. They also dropped the futures contracts to 0.45 cents for that program. However, I will leave that special program out in my review below. 

  1. The execution has been great. The majority of my limits placed at midprice get filled with price improvements. For example, I rolled a Short Put IWM that was quoted 2.08 and they filled me 1.93. These extra profits add up.
  2. If you have a plan and don't need the options graphs. The web-platform and mobile app are really solid. You can easily select your strikes and build your spread manually without using the set strategy options. 
  3. Just web-platform and mobile app you can get a slightly cheaper commission. If you go the full platform route, slightly higher but competitive. 
  4. The full platform comes with lots of scanners and that includes scanning options. For example large volume outside of the average and ranked etc. I'm no expert here as I just use the Anchor Trades as I don't need scanning. 
  5. OptionStation Pro comes with the full platform. It's a nice tool and reminds me a lot of TOS. You can build your graphs with it. I'm sure it's not as powerful as TOS. I don't have much experience with TOS so can't comment.
  6. Note: TS/Web platform/mobile app quotes options PnL on last trade price. OptionStation pro will quote at MID price. 

PROS:

  1. The applications and platforms are really good. Easy to put on spreads on the mobile app or even roll your options. 
  2. Currently, real time market data is free. Including futures
  3. Tradingview is linked with Tradestation. Once you log in it activates the futures data to realtime.
  4. Execution is great.
  5. Never once have I had uptime issues. Always been able to log in. I think their site mentioned the 99% uptime. 

CONS:

  1. Support has really slowed since COVID started. I think they went to a telework status. You can always reach the trade desk, but customer support may have some wait times. TS likes the account representative approach. It's nice I can just email mine directly and they see things get done. I think depending on priority I can get responses quickly or a day later. 
  2. I don't think they offer portfolio margining. I never asked as I am just not at that point. 
  3. Accounts are segregated between products. Equity/options is one account number, Futures is another etc. You'll have to xfer funds between the accounts in the back office. No fee for that, but it's not instant either. 
  4. Assignment / exercise cost is $14.95. That one surprised me when I let some get assigned at expiration. Early assignment is 1.50 per contract (5.95 min)

 

Hope that helps anyone whose curious about TS. Cheers

Thanks for the Tradestation review, wasn't aware of the discount.  If I read the fine print correctly options trades are completely commission free up to 50 contracts a trade.  Has that been the case with your account?  Also, is that 50 contracts to open and close or 50 free to open and 50 free to close?

 

Thanks.

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On 5/17/2021 at 6:01 PM, dho99 said:

Thanks for the Tradestation review, wasn't aware of the discount.  If I read the fine print correctly options trades are completely commission free up to 50 contracts a trade.  Has that been the case with your account?  Also, is that 50 contracts to open and close or 50 free to open and 50 free to close?

 

Thanks.

Sorry for the late reply, I missed the notification on the post  I'm only getting charged exchange fees. I have never opened or closed anything larger then 20 contracts really. If you ever contact them and they say it's just orders of 50 contracts. Then I'd say you can submit multiple orders of 50 and never get charged. 

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On 5/26/2021 at 7:46 AM, R.Kinman said:

Sorry for the late reply, I missed the notification on the post  I'm only getting charged exchange fees. I have never opened or closed anything larger then 20 contracts really. If you ever contact them and they say it's just orders of 50 contracts. Then I'd say you can submit multiple orders of 50 and never get charged. 

Awesome thank you

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Not sure if this is rigth place to post, but...

Is there an option in IB TWS to see what was the underlaying price when an order got filled? I don't see this option in Trade Log. 

Thanks in advance.

Edited by IgorK

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Email from IB:

image.png

 

This obviously was never an issue for SO members due to our high volume activity, but still nice to see IB adapting to industry standards. Hopefully commissions will continue drifting lower as well.

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In reading all the discussion of fills - can someone offer a thought on IB how often they're outright missing a trade?  If I go to put on the trade as soon as I get the alert and don't chase and just leave it for the rest of day and through next how often are you just never getting the price? 

In my experience here I feel that's happening way more to me than the general chatter suggests so trying to get a frame of reference for my expectations

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I want to talk today about commissions.

Lets assume that you buy a straddle for $2 ($1 each option). I have an account with IB (Interactive Brokers) and pay 0.70 per contract. So for me to do a round trip trade is 2.80. This is 1.4% of the cost of the trade. So if my gain is 10%, then I keep 8.6% after commissions.

If you pay $1.5 per contract, then your total cost is $6. That's 3%. You need 3% gain just to break even.

Yes the charges are high always, one should look for discount broker

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