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If I want to put on a calendar spread as a limit order at interactive brokers, am I allowed to specify a limit price for the spread, or do I need to specify limit prices for each of the individual legs?

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I don't know about IB, but in general, and in my experience with Schwab, that's exactly how you'd enter such orders.

Bid/Ask spreads can be pretty crazy, you often see a strike showing Bid $2/ Ask $3 or a similar B/A. If the other leg of the trade is $1/$2, you might get filled as high as $2 or as low as $1. Best to enter a limit price to 'split the difference' on the spreads. If it doesn't fill as you hope you can inch up the price.

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  • Thanks. So if I put on the spread all at once, then I can specify a limit price for the spread. But if I put one leg at a time, I need to specify limit price for each leg. Correct?
    – Victor123
    Nov 19 '14 at 18:36
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    Yes, I'd highly recommend one spread limit price. Nov 19 '14 at 19:22

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