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Zecco.com » General Investing » Options Trading » Why is my options LIMIT order getti...
Last post 05-13-2008, 4:32 PM by SeanK. 2 replies.
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  •  05-13-2008, 11:24 AM 28990

    Why is my options LIMIT order getting "Rejected"

    Reply Quote

     I want to purchase an option,

     

     its bid price is $0.60 and Ask is $0.83.

     

     However, when I place the LIMIT order for $0.83 I get this in order status:

     

    05/13/2008 11:21 AM XXXX 1 Buy to Open
    $0.83
    		 Rejected

     How can it get rejected if its the ask price? - am I doing it wrong? Should the limit be $0.83 x 100 ??


    Thanks

  •  05-13-2008, 3:38 PM 29007 in reply to 28990

    Re: Why is my options LIMIT order getting "Rejected"

    Reply Quote

    For people new to options like me.

    The answer is, you need to bid in 0.05 increments.


     Say the Ask price is $0.83 you bid $0.85 and the order goes through.

  •  05-13-2008, 4:32 PM 29011 in reply to 28990

    Re: Why is my options LIMIT order getting "Rejected"

    Reply Quote
    gmazzeo:

     I want to purchase an option,

     

     its bid price is $0.60 and Ask is $0.83.

     

     However, when I place the LIMIT order for $0.83 I get this in order status:

     

    05/13/2008 11:21 AM XXXX 1 Buy to Open
    $0.83
    		 Rejected

     How can it get rejected if its the ask price? - am I doing it wrong? Should the limit be $0.83 x 100 ??


    Thanks



    What is the stock and the option you are buying?  You should not have to bid in .05 increments - .01 increments should be just fine.   Likely it was for something else.  If you want a little more detail on the problem, click on the Messages tab on the left side on the trading screen and find the trade you were rejected.  There will be a Notes: portion giving a little more explanation.   However, this may not be enough info in which case you should call the trading desk for help.


    -Sean
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