Problems Getting Your Option Order Filled? Try These 3 Quick Adjustments

option order fills

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In today's market, we're all so damn needy. We want our orders to go in just as fast as possible.

Even on this blog, I get a lot of emails from members as soon as we put out the alert at 9:31AM in the morning asking about fill reports. Fill reports after one minute of trading? "Come on man!"

But even still, we want these orders to go into the market quickly, fast and at the right price. So if you're having trouble, try these three quick adjustments below, and let me know what you think. Add your comments at the end of the post, and let me know what else has worked for you besides these three.

1. Wait, For God's Sake

Why are we all in a rush to enter orders when prices are moving dramatically? Today's price could be higher or lower than what the price could be in 30 minutes or an hour from now.

Why not wait until lunchtime when the market's a little bit slower? There's no need to rush into the market either in the morning or the afternoon before the close. Typically, I find that I get a lot of good fills during lunchtime when most of the bigger traders have already placed their trades and are out to lunch.

2. Adjust The Quantity

I see a lot of people, when I do my coaching, that have general order quantities like 5, 10, 15 and 20. You have to understand that there are a lot of other people out there that are trading at those quantities too, but it may not always be a good thing.

Try adjusting your quantities down to odd numbers like 3, 7, 9 and 11. Those orders have a higher chance of getting routed because they're one-off orders that can be placed and bundled with other contracts. If you have a trader who has four contracts and you're trying to trade six contracts instead of five, then you might be bundled into a pack of 10.

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3. Avoid Round-Number Pricing

Again just with the point from above, you want to avoid round number pricing like $200, $150, $25, etc. These are easily going to be targets for market makers and institutional traders. Try using non-round number pricing like $23, $103 and $156. These tend to be routed and placed through other individuals that are at that price, and you'll actually probably get better and quicker fills.

So what else has worked for you to get your orders filled faster? Again, add your comments to the blog post below, and share what you've learned in all of your years of trading.

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About The Author

Kirk Du Plessis

Kirk founded Option Alpha in early 2007 and currently serves as the Head Trader. In 2018, Option Alpha hit the Inc. 500 list at #215 as one of the fastest growing private companies in the US. Formerly an Investment Banker in the Mergers and Acquisitions Group for Deutsche Bank in New York and REIT Analyst for BB&T Capital Markets in Washington D.C., he's a Full-time Options Trader and Real Estate Investor. He's been interviewed on dozens of investing websites/podcasts and he's been seen in Barron’s Magazine, SmartMoney, and various other financial publications. Kirk currently lives in Pennsylvania (USA) with his beautiful wife and three children.