Get the best fills on options orders by automatically bidding limit orders at attractive prices, waiting, updating the order price, and repeating until filled. Leg into options spreads in one click.
Through patience and not taking instant liquidity, we can get better pricing by letting more market participants compete for our order over longer periods of time. Due to the intense adverse selection in markets, getting filled often means the counterparty (who probably knows more than us) filled us at an unfavorable price.
To mitigate this, Helium Trader will automatically:
- Start bidding with limit orders below the bid price (at very favorable prices) where we probably won’t get filled
- Wait a customizable number of minutes for potential sellers/buyers
- Replace order with a slightly higher price
- Repeat until filled, or until we hit a customizable maximum price
By slowly moving up our bid, we can be patient and get filled at the best price the market is willing to sell at across a customizable time window. Users can link their TD account to have their orders automatically placed with Helium Trader. Helium takes no responsibility in any way and is for informational purposes only.
For options spreads, Helium will leg in first with the long option(s), then with the short option(s). For the short leg, everything is exactly the same, except the direction is reversed (eg we start by placing sell limit orders above the asking price and adjust downwards).
Bidding end: This is the maximum proportion of the bid-ask spread that you are willing to pay. A Long Option Max Bid value of 0.5 means bidding will stop at the mid price, and a value of 1 means that bidding will stop at the ask price (bid price for selling options). Higher values will result in a higher likelihood of getting filled, but at potentially less attractive prices.
Sizing: Easily scale the number of options contracts for each leg of the trade.
Minutes between orders: The number of minutes to wait for an order to fill before replacing it with a new price.
Early profit taking percent: Increase the likelihood of success by opportunistically taking profits. For long options, this is the percent of the initial debit payed. For short options, this is the percent of the inital credit received. After opening the trade, Helium will execute a good-till-filled order to close the position at the desired profit target.
Helium users will receive a summary email once submission is complete:
On the day before (earliest) options expiration, Helium will send a reminder email to close out any options that might expire in-the-money.
By automatically waiting and making small price adjustments, Helium Trader helps you get options positions filled at market-best prices in one click.
- Getting filled quickly, but at a bad price
- Not getting filled and missing out on a potentially profitable trade