NBBO (National Best Bid/Offer) Spread Quote reflects the best quotes printed from participating exchanges on each leg of the spread combined. For a long leg, the NBBO single leg “ask” quote is used, while short leg quotes use the NBBO “bid” quote to combine for a synthetic NBBO combination trade quote. Please note that there are no spread markets in securities that are subject to benchmarks such as “time and sales” or “NBBO” and therefore the “market” cannot be “held” to a price. There are risks associated with trading spreads. Multi-leg option strategies may also be subject to multiple commissions. Profits may be eroded by the commission expended to open and close the positions and other risks apply. Please read “Spread Risk Disclosure”.
Execution is not guaranteed with a Walk Limit order – particularly in a fast moving market which may result in no executed transaction. Walk Limit orders will only be accepted during the hours of 9:35 AM ET and 3:55 PM ET on official market trading days, and will not be applied to extended hours trading. There are risks associated with using advanced orders that you should understand. Learn more.
Options involve risk and are not suitable for all investors. Please read Characteristics and Risks of Standardized Options prior to opening an account. There are risks associated with trading spreads. Multi-leg option strategies may be subject to multiple commissions. Profits may be eroded by the commission expended to open and close the positions and other risks apply. For more information on spreads please read Spread Trade Risk Disclosure. Covered calls provide downside protection only to the extent of the premium received and limit upside potential to the strike price plus premium received.
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Online trading has inherent risk. System response and access times that may vary due to market conditions, system performance, volume and other factors. Options and futures involve risk and are not suitable for all investors. Please read Characteristics and Risks of Standardized Options and Risk Disclosure Statement for Futures and Options prior to trading, which is also available by calling 888.280.8020 or 312.629.5455. An investor should understand these and additional risks before trading.
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