Strange how there are still new instruments for me to try trading :) I traded my first futures option - deliberately throwing away $A22.50 to check that it works on Interactive Brokers. I bought a 6800 June SPI Call for 1 point ($25) and then sold it for 0.5 points ($A12.50). No problems - market orders don't work though, only limit orders, but IB appears not to present the market makers bids and asks, only their own customers on the TWS screen. Though spreads should be usually very tight like this it is a bit scary without seeing the quotes, and the SFE website is no help either. All it gives is the previous settlement price the same as IB does. If I can't see current quotes, it's hard to know what limits to put in...
I think I have a solution! The ASX has an options price calculator. And you can input any strike price and date you like! This is still a little tricky to use as you have to take the implied volatility from a recent options trade. I e-mailed IB to see if they can look into getting the bid-ask - but given that SFE's site doesn't have it, I'm not hopeful.
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