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Guide

What happens when only some legs of an option spread fill?

Some legs of a multi-leg order can fill while others do not, which leaves the spread unbalanced. Nyria tracks the legs that filled and exits them on the next exit alert. Partial fills are most likely on thinly traded options with wide bid-ask spreads. Check which legs filled on your broker's positions page, and close what you do not want to hold there.

Official documentation

Handle a partial fill on a spread

  1. 1

    Open your broker

    Open the positions page at your broker. It shows which legs filled, and the broker is the record of what is open.

  2. 2

    Read the bot log

    Open the bot's Logs tab and find the entry for the spread. It shows what Nyria sent and what the broker reported.

  3. 3

    Leave the exit to the alert

    Nyria tracks the legs that filled. The next exit alert for that strategy exits them, so the position does not need a new entry.

  4. 4

    Close by hand if needed

    If you do not want to hold the unbalanced position until then, close the filled legs at your broker.

  5. 5

    Change the order type

    Switch the strategy to market orders, which fill more often than limits. On a limit spread, set the target to Ask for a debit spread or Bid for a credit spread.

Why legs fill unevenly

  • Thinly traded options have wide bid-ask spreads, so one leg can find a buyer while another does not.
  • A limit price that sits away from the market can fill one leg and leave the other open.
  • Market orders fill more often, at the cost of more slippage.

What Nyria does next

  • It tracks the legs that filled.
  • It exits them on the next exit alert.
  • It does not retry the legs that did not fill.

How to lower the odds

  • Trade the more liquid strikes and expirations.
  • Use market orders if slippage is acceptable to you.
  • Set a limit target of Ask for a debit spread and Bid for a credit spread.
  • Run the strategy on paper first, then go live with a small budget.

Questions

Does Nyria retry the legs that did not fill?
No. Nyria does not retry an order. The filled legs are tracked and exit on the next exit alert.
Where do I see which legs filled?
On your broker's positions page. The bot's Logs tab also shows what Nyria sent.
Which spreads are most likely to fill partly?
Spreads on thinly traded options with wide bid-ask spreads.
Do market orders help?
They fill more often than limits, at the cost of more slippage.
Which limit target should I use?
Ask for a debit spread and Bid for a credit spread.
What does it cost?
Paper is free. Live trading from $15 a month.

Next

Try a paper bot first

No card required. Paper is free. Live trading from $15 a month.