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In this video, we take a look at the common problem of not being able to get a filled order when trading options. The core of this issue revolves around the bid-ask spread and option liquidity, although we discuss getting cheaper fills by using basic technical analysis and the VWAP (Volume-Weighted Average Price).
The typical error is by not buying close enough to the ask and not selling close enough to the bid. The ask is where the sellers are at and the bid is where the buyers are located. That said, you want to sell where the buyers are and buy where the seller are. You can set an order somewhere in the middle and hope that someone meets you there, but this can take longer to get your option trade filled. A common problem new traders find themselves doing is not checking the bid-ask spread. If the bid-ask is wide, it can be costly and difficult to get in and out of a trade.
It’s also important to use technical analysis to determine if it might be possible to get a cheaper fill. By setting a limit order below the bid-ask, or at least waiting for the ask to move down to you, you will be getting into the trade for an overall cheaper premium.
If you’ve read this far have a good day and I love you.