Need advice on Level 2 Options data for low-volume options on AMEX (selling after catalyst)
Hi everyone,
I’m currently buying call options on a stock that has a major upcoming catalyst (Phase III clinical trial results for a drug). The problem is that these options have very wide bid/ask spreads and relatively low volume.
My plan is: once the catalyst hits (if positive), I want to sell my calls as quickly and efficiently as possible at the best available price, without having to constantly place and modify limit orders while watching the order book.
What I ideally want is to be able to easily see:
* The current best bid price
* The number of contracts available at that bid
This would allow me to adjust my selling price realistically and execute fast.
I already have the OPRA (US Options Exchanges) subscription. Since these options are trading on AMEX (or so it shows in my position), I understand I need the NYSE AMEX Options Level 2 package.
However, I’m struggling to find any information or screenshots of how Level 2 options data actually looks in the IBKR Web platform (not TWS). I’ve searched YouTube, Reddit, and Google Images but can’t find any clear examples.
So I have two main questions:
1. Is my approach correct? (Getting AMEX Options L2 to see depth on the bid side for fast exits)
2. Could someone who has this subscription show me or describe how the Level 2 data is displayed in IBKR Web? (Especially the bid side for options)
Any help, screenshots, or advice would be greatly appreciated. Thank you!