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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.

In the Historical Earnings Announcement section I have added a bar chart to compare the implied against the actual earnings move (intraday in lighter color, and at day end in stronger color graphically, and for a longer history in a table). The blue dots represent VIX values, should help to see in one glance how the overall market IV may have influenced the implied move. The pink numbers represent the remaining life of the options used to calculate the implied move at the time of the earnings announcement (TTM = time to maturity. If the TTM is further out, the implied move (IM) might be inflated). So in the CCL example, you see in the top table that weekly options started trading in February 2017, which corresponds with the longer TTM values prior to 2017-03 in the chart above. The pink numbers have caused some confusion, and I agree one needs to get used to it. I tried to add a '?' with tooltips everywhere. But if you still have a better idea please let me know.