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Bull3t007

Bid and ask TWS IB - Own order not showing up

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This only happens with combos. I was wondering if anyone has the same issue as me which does not show my order in the bid & ask. I haven't traded for a while but I have been putting some orders in. In the past, whenever I put an order above the bid, my bid would replace the existing one.

 

For example.

 

4.0 x 6.0

 

Put order in for 4.5

 

Now 4.5 x 6.0

 

Now its:

 

4.0 x 6.0

 

Put order in for 4.5

 

Now 4.0 x 6.0

 

No orders have filled but I don't want to increase my price just to test it. Anyone have the same or have the time to test this for me? (With very wide bid and ask so your order does not fill)

 

Maybe IB changed the way it works with combos so that the mid stays correct and is not influenced by combo buyers?

 

Edited by Bull3t007

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3 hours ago, Bull3t007 said:

This only happens with combos. I was wondering if anyone has the same issue as me which does not show my order in the bid & ask. I haven't traded for a while but I have been putting some orders in. In the past, whenever I put an order above the bid, my bid would replace the existing one.

 

For example.

 

4.0 x 6.0

 

Put order in for 4.5

 

Now 4.5 x 6.0

 

Now its:

 

4.0 x 6.0

 

Put order in for 4.5

 

Now 4.0 x 6.0

 

No orders have filled but I don't want to increase my price just to test it. Anyone have the same or have the time to test this for me? (With very wide bid and ask so your order does not fill)

 

Maybe IB changed the way it works with combos so that the mid stays correct and is not influenced by combo buyers?

 

 

I've seen the exact same thing happen with IB... twice in the past two weeks. I have no idea why. I checked the COB and I don't see my orders either. 

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4 hours ago, Bull3t007 said:

This only happens with combos. I was wondering if anyone has the same issue as me which does not show my order in the bid & ask. I haven't traded for a while but I have been putting some orders in. In the past, whenever I put an order above the bid, my bid would replace the existing one.

I also noticed this behavior in TWS lately, no idea what causes it.

Quote

Maybe IB changed the way it works with combos so that the mid stays correct and is not influenced by combo buyers? 

As of today, I still see combos which show bid/ask prices that are tighter than the bid/ask calculated using each leg's bid/ask, so the combo mid seems to be still affected by the combo limit orders. I'm totally confused.

 

And during the past few weeks it happened to me several times that my order not only did not seem to alter combo bid/ask but also was shown in blue (Your order is being held and monitored) and not in green (Active on SMART). I had some doubts at that time that my order is really being taken into account. But then things got to normal after a few hours. Before that, I only noticed this behavior as I was playing with some OCA orders (they were shown in blue and their limit price did not alter combo's bid/ask even though they were clearly active => one of those OCA orders filled at some point while being shown in blue, but I had some doubts that it was a fill as good as it would have been if the order were shown in green - maybe I'm biased here). Then I stopped using OCA orders and reverted to regular ones. I added this in the hope that others can confirm whether it happened to them, too.

Edited by BlackBat

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Thanks for the replies, at least I know its not specifically to my case. If it doesn't affect fill prices its fine otherwise it is a big issue. Il contact TWS and let you know what they say.

 

 

19 hours ago, BlackBat said:

I also noticed this behavior in TWS lately, no idea what causes it.

As of today, I still see combos which show bid/ask prices that are tighter than the bid/ask calculated using each leg's bid/ask, so the combo mid seems to be still affected by the combo limit orders. I'm totally confused.

  

And during the past few weeks it happened to me several times that my order not only did not seem to alter combo bid/ask but also was shown in blue (Your order is being held and monitored) and not in green (Active on SMART). I had some doubts at that time that my order is really being taken into account. But then things got to normal after a few hours. Before that, I only noticed this behavior as I was playing with some OCA orders (they were shown in blue and their limit price did not alter combo's bid/ask even though they were clearly active => one of those OCA orders filled at some point while being shown in blue, but I had some doubts that it was a fill as good as it would have been if the order were shown in green - maybe I'm biased here). Then I stopped using OCA orders and reverted to regular ones. I added this in the hope that others can confirm whether it happened to them, too.

 

The blue thing happened to me sometimes but after a restart the problem went away. The bid not showing up is something new though...

 

 

 

 

 

 

Edited by Bull3t007

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Update on reaction of IB:

 

 

Combination orders will not always improve the bid/ask. SMART routed orders can be sent to the exchange or it can be held on IB's servers until they are marketable. As a result, a combo order that improves the bid/ask will not always reflect in the market data for the combo quote. Additionally, not all combinations or options legs are created at exchanges, and therefore are not eligible to be displayed in the quote.
 

Seems vague as this was not the case in the past. And I don't fully understand what he means with marketable, does IB decide when it should show up on markets? 

 

I noticed that when I increase the combo quantity suddenly it shows up in the bid, if the combo is not marketable I can't imagine that changes just because I put an order in for more. The bid size does not reflect my quantity as well, it changes to 50% of what my order quantity is, they are mine since it instantly changes when I increase my quantity.

 

Order quanity to bid size:

 

1=0 and no bid change

3=1 Bid changes

5=2

10=5

 

Not sure if im being picky here but I don't fully trust IB and I have the feeling it affects fill prices but that can off course be placebo as well.

 

Edit: Seems its just coincidence that it suddenly does not show up in the bid since IB always does this according to the website so in theory it should not affect fill prices. 

Edited by Bull3t007

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On 3/28/2019 at 5:57 PM, Bull3t007 said:

The bid size does not reflect my quantity as well, it changes to 50% of what my order quantity is, they are mine since it instantly changes when I increase my quantity.

I noticed the exact same thing, in case my buying order does change the bid, the bid size is less than my actual order quantity.

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