Brokerage/platforms terrible in Oz
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wayneL
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CanOz
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Look closer mate.
Am i close thinking that 1 is a bullish position (call) and one is a totoally opposite bearish posi? (Put)
Cheers,
wayneL
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OK OK it is a bit hard to pick up, and I only know about it because Sails and I have been discussing it via PM:
Both screens are about calender spreads. a calender spread is when you buy an option of one expiry, and you sell an option of the same strike but a different expiry. So lets say that you are looking at the November ,07 and January 08 options.
You can do this two ways, Buy the Jan and sell the Nov, or the other way round, buy the Nov and sell the Jan.
Now you have to assign whether you "buy" the spread, or "sell" the spread. The convention in calender spreads is that it is dictated by the back month contract. If you are buying the back month and selling the front month (i.e. buy the Jan 08 and sell the Nov 07), you are "buying" the spread. Likewise, if you are selling the back month and buying the front month (ie Sell the Jan 08 and buy the Nov 07) you are "selling" the spread.
In sails' two screens, the left one is correct and the right one is incorrect, yet both come from the same platform.
WTF?
edit to add: One is a call spread and the other is a put spread, but they are synthetically equivalent, and makes no difference to the naming convention.
Both screens are about calender spreads. a calender spread is when you buy an option of one expiry, and you sell an option of the same strike but a different expiry. So lets say that you are looking at the November ,07 and January 08 options.
You can do this two ways, Buy the Jan and sell the Nov, or the other way round, buy the Nov and sell the Jan.
Now you have to assign whether you "buy" the spread, or "sell" the spread. The convention in calender spreads is that it is dictated by the back month contract. If you are buying the back month and selling the front month (i.e. buy the Jan 08 and sell the Nov 07), you are "buying" the spread. Likewise, if you are selling the back month and buying the front month (ie Sell the Jan 08 and buy the Nov 07) you are "selling" the spread.
In sails' two screens, the left one is correct and the right one is incorrect, yet both come from the same platform.
WTF?
edit to add: One is a call spread and the other is a put spread, but they are synthetically equivalent, and makes no difference to the naming convention.
wayneL
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hi Steve,
I noticed that IB place the overnight orders into the market around 9 `o clock am, while ozzie
brokers do this between 7-8 `o clock. could this also be done earlier?
also the brokerage is great. wouldn`t be surprised if I now pay only half my usual outlay, mainly because of the low minimum of $ 6 a trade.
thanks Steve.
yonnie, We have changed this. You should now see them go in around 07:05
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We should have all stocks on the ASX. If we are missing any symbols then please send a ticket (TWS>> Help>>Open Webticket)
I've requested these 2 symbols to be added to the database (not sure why they were missing) so they should be available within a day or two.
rub92me
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Hi Steve,
I tried to short ASX stock today at 3.15pm at market using Webtrader, but although the order was confirmed and accepted it wasn't executed
Also Webtrader was down today from 12:20 pm to 1:20 pm, in addition to the "normal' 30 minute outage from 2-2:30 pm.
I really hope that availability performance for Webtrader will improve soon; until that time I will not shift my main portfolio. I can't use TWS during the day, I still have a day job unfortunately...
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Hi Steve,
I tried to short ASX stock today at 3.15pm at market using Webtrader, but although the order was confirmed and accepted it wasn't executed
Also Webtrader was down today from 12:20 pm to 1:20 pm, in addition to the "normal' 30 minute outage from 2-2:30 pm.
I really hope that availability performance for Webtrader will improve soon; until that time I will not shift my main portfolio. I can't use TWS during the day, I still have a day job unfortunately...
Please don't use this forum for order issues. You need to contact the CS desk in real-time. They can easily diagnose the issue, and whether the order is at the exchange or not.
Regarding Webtrader availability. There is currently a long shut down period during the day for Webtrader. It is a viable alternactive during US hours, but not currently during Asian hours for real-time trading. We are looking to do a major upgrade on webtrader, so that we can promote as an alternative trading platform in it's own right. For now, the best you can do is use the telephone during the webtrader shutdown. You can place telephone orders for closing positions over the phone - we won't charge any extra if it's placed over the downtime.
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I'm guessing this may have been the problem with that incorrect calendar spread description - see the image below.
I put the order into Combo Trader exactly as I wanted it executed - Buy Nov and Sell Jan (= reverse calendar to exit the position). Couldn't find instructions anywhere that explained that one should only put the long calendar in (if that is the case). Even went to chat for help and explained I needed to do the reverse calendar to exit out of the position, but it was never explained that it shouldn't be done that way to exit a long calendar. They simply told me to put what I needed into Combo Trader - which is what I did...
Very frustrating...
I put the order into Combo Trader exactly as I wanted it executed - Buy Nov and Sell Jan (= reverse calendar to exit the position). Couldn't find instructions anywhere that explained that one should only put the long calendar in (if that is the case). Even went to chat for help and explained I needed to do the reverse calendar to exit out of the position, but it was never explained that it shouldn't be done that way to exit a long calendar. They simply told me to put what I needed into Combo Trader - which is what I did...
Very frustrating...
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wayneL
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That's a bit gay isn't it? Options can be confusing enough without googlies being bowled at you.
rub92me
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Will do, but you did ask as part of your original message that this was fixed to tell you whether shorting after 2 pm was now working. I can't say that it does (flawlessly).
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That's a bit gay isn't it? Options can be confusing enough without googlies being bowled at you.
That screenshot is a generic spread. This allows customers to make up whatever type of spread they want in any format they want.
On the default spread page, there are pre-defined templates for the spreads used at the exchange, including calendar spreads, which puts the format in conventional mode. The user guide also explains the set-up in detail, along with the limit order price convention.
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Will do, but you did ask as part of your original message that this was fixed to tell you whether shorting after 2 pm was now working. I can't say that it does (flawlessly).
True! At that time we were switching off availability in the afternoon for all shorts - which was widespread and has since been fixed. I haven't received any problem feedback about shorts since, so I believe your issue, if there is one, is just specific to that particular order or stock, so we'd need to pull the audit trails and check. Hope that clarifies.
wayneL
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Hi Steve,
Just trying to clear this up a bit
If you look at the screenshot below (which was posted earlier): On the left is from my platform which is for a BHP NYSE calender. On the right is from sails' platform which is for a BHP ASX calender. Note that both say they are "calender" orders and not a generic construction.
Yet, the sell/buy configuration is opposite.
BTW Been a satisfied customer for 4 or 5 years, not bagging at all, it just seems strange.
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Hi Steve,
Just trying to clear this up a bit
If you look at the screenshot below (which was posted earlier): On the left is from my platform which is for a BHP NYSE calender. On the right is from sails' platform which is for a BHP ASX calender. Note that both say they are "calender" orders and not a generic construction.
Yet, the sell/buy configuration is opposite.
BTW Been a satisfied customer for 4 or 5 years, not bagging at all, it just seems strange.
Wayne,
Easiest way is to use the TWS to check.
As you know - input BHP in the underlying, enter, select COMB, select ASX.
Now your Combo Selection Window should pop up. There are 3 tabs: Single, Multiple and Generic.
Single and Multiple come with pre-defined templates - i.e. you can choose "Calendar Spread" and then it will guide you to put in the data the correct way.
However, the Generic Tab allows you to put in any leg you want in any combination you want - it's purely user defined. However, in the contract description box, it will still tell you what the spread actually is.
As all native exchange spreads have a template the general rule, is use the template, and use the limit price convention explained in the user guide, (i.e. negative prices are credits)
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Steve,
How do you remove expired Futures contracts from the Book Trader Underlying drop down menu. Its driving me mad. Have removed the old contracts from TWS but they still show up in the quote panel and I can not get the new ones.
You can't at the moment. I have recommended to the developers that we offer this functionality, and they will implement shortly in one of the upcoming releases.
