Backspreads

[damnu812]

I did the backspread on the vxx friday. Just a quick question. I entered as 10 contracts on the oct 14 call and 5 contracts on the oct 12 call. OX shows it as a 5/5 spread then a seperate 5 contract option call on the oct 14 calls. Is that right the way they set it up or did OX screw up again? Thanks for your patience.

[Marco]

seems they don't recognise it as a strategy. So when you close it you may have to set it up as a custom strategy. I don't know OX but seems you could enter it as a strategy when opening it.

The trade however is the one that Kim put on.

[Xfanman]

I placed this order as a Spread on my OX Virtual Account and it shows it as a 10/5 Call Spread which I can close as one order. How are you entering these?

[damnu812]

Xfanman I just talked to OX rep, he said when entering this order as a backspead the oct 14 calls 5 were entered as a long call and the other 5 were entered into a spread with oct12 calls. I entered it as 10 oct 14 calls and 5 oct 12 calls. So dont know for sure if i did it right...

[Xfanman]

Well I just looked at the "Trade" I did to close this position and I had opened up the identical position. I then STC the 5 - 12 Calls and BTC the 10 - 14 Calls and it closed my position with one order. So it does appear it can be done. My guess is you didn't open it correctly? Are you using their Xspread function?

[damnu812]

No all in one trade ticket.....so the X spread make it possible to do the backspread, is that what you enter all your speads thru Xfanman on the ox platform?

[Xfanman]

Yes, their Xspread is what I've been using on these virtual trades and its allowed me to make all the trades you were having issues with. I don't trade with OX, I had just set up an account to look at them some months ago so I was trying to help you out I use IB and OptionsHouse to trade with currently.

[damnu812]

I appreciate the helping hand Xfanman.