Multi-legged combos can only have 3 or less contracts per leg. Those combo orders with 3 or less contracts per leg can rest in the Option exchange's electronic order book. A multi-legged combo spread, with 4 or more contracts on a leg, must be represented in person and traded on the exchange floor in a trading crowd. IBKR routes multi-legged combo orders to the electronic book. Therefore, any multi-legged combo strategy, with 4 or more contracts on a leg, would not be accepted by the IBKR order routing system.
You may break such order into separate combos or change the ratio.
Iron Condors and Butterfly strategies must have contracts with the same expiry, distance between the strikes and number of contracts per leg as defined by the strategy.
Please Note
- You may create a closing multi-legged combo with more than 3 legs by using the "CLOSE AS STRATEGY" feature in TWS/Mosaic.