Etrade XJO puts question

[Sujie]

Hi all, Sorry for the noob question but I was wondering if someone can help me with buying XJO puts on Etrade. When I try and preview order for XJOJI8 I get an error that says.

* Stock is not a CHESS stock
* XJOJI8: GetQuote call for underlying last-price failed
* The product XJOJI8 is not a valid Option

I also get the same message for whatever XJO code I put in. My account is activated for options so I'm not sure what the problem is?

 

[NeuromanceR]

You'll have to contact ETrade and ask them why you can't trade the XJO.

I'd be interested in their response.

 

[Sujie]

Thanks for the reply. I just rang E-trade and apparently they don't offer trading in index options....... I guess I shoulda been more careful when looking. The obvious question now becomes does anyone know a simple to use platform in which I can buy puts on the XJO? I know IB will be recommended but I'm not going to be trading options, just looking for a leveraged bet against the s&p200. Plus IB has a monthly fee unless u trade a certain times a month which as someone who isn't going to trade will be expensive.

 

[skyQuake]

Thanks for the reply. I just rang E-trade and apparently they don't offer trading in index options....... I guess I shoulda been more careful when looking. The obvious question now becomes does anyone know a simple to use platform in which I can buy puts on the XJO? I know IB will be recommended but I'm not going to be trading options, just looking for a leveraged bet against the s&p200. Plus IB has a monthly fee unless u trade a certain times a month which as someone who isn't going to trade will be expensive.

Look at bell direct. They're cheap and accessable.

Also from memory, IB's monthly fees is like $10? if your commission is >$10 then its free.
Compare that $10 fee to the PREM on brokerage on Etrade.

 

[Sujie]

So I decided to setup a commsec account and when i was playing around but it seems that either i'm completely off about options pricing or they've got the number wrong?

Estimate
Type:
Buy to Open
ASX Options code:
XJOL37
Description:
XJO S&P/ASX 200 JN10P4300 Contact Size: 10
Quantity:
1 Contract(s)
Limit Price:
$8.000

Subtotal:
$8,000.00

Brokerage (inc GST):
$34.95
ACH Fee:
$0.39

Is it just me or should that only be $800 and not $8000.

 

[Sujie]

nobody can help me?

 

[cutz]

nobody can help me?

XJO Jun10 4300 Puts last traded at 22 points, comsec iress quotes this correctly at 22, if you are not using iress the comsec website represents this as 0.22, don't ask me why but it's just how they do it.

BTW, why were you intending of paying $800 per contract ? Sounds like you mean't to set a lowball price of 8 points (0.08 on the commsec website) face value of $80 dollars just to find your legs.

After all XJO Jun10's last traded at $220 per contract.


DYOR, general stuff only, i'm not an expert.