Difficulty In Trading Combo Order for K200 and N225

There is one big Order Execution difficulty in trading Combo Order in K200 and N225 using Interactive Brokers.

The 2-legs combo trade (Spread trade) is non-guarantee.  The 4-legs (Iron Condo) is not possible.  I didn't feel so bad until I started trading RUT.  Not only 2-legs combo in RUT are guarantee, so is 4-legs combo trade in RUT.

This becomes very frustrated and difficult when you want to close your Iron Condo or Vertical Spread that is only a few pennies. Assuming you have a sold a Call Bear Spread 267.5/270 (ie, Sold 267.5 & Bought 270), you want to close it by buying it back (ie Buy 267.5 & Sell 270).

You can see the spread is having a Bid/Ask spread of -0.03/-0.01 (above table).  If you submit a bid of -0.02 (mid-point), you will never see it jump in the queue.  That is to say, you will never see the Spread Bid/Ask narrow to -0.02/-0.01.  In order to guarantee your spread got filled, you got no choice but to buy back at the higher price -0.03.

Another way is to trade single leg separately, ie:  Buy 267.5 Call and Sell 270 Call.  So, you queue to buy 267.5 Call at 0.05 and Sell 270 Call at 0.04.

Best scenario: If both got filled, you got the best deal at closing the spread at -0.01.  This is very unlikely as the bid/ask size is usually very big when the option is only a few pennies.

Worst scenario: Say, the Sell 270 Call got filled at 0.04, the 267.5 Call price rallied to bid/ask of 0.07/0.08 or higher.  Firstly, your margin jump up immediately because your Long 270 Call contract in your spread is sold, leaving you having a naked Short contract 267.5 Call.  You have to quickly close this naked Short contract by buying 267.5 Call at 0.08.  You close the spread at -0.04, higher than simply buy at the market then.

Likely scenario: Say, the Sell 270 Call got filled at 0.04, you immediately buy 267.5 Call at the Ask price of 0.06.  You close the spread at -0.02, at mid price of the original spread bid/ask price.

Trading single leg separately is possible, not without risk.  And you need to stare at the screen when order got executed, else high chance you will end up in worst scenario.  Most of the time, I will just buy at the higher price spread to close it immediately, losing out to the bid/ask spread.

If there is any other broker that can offer guarantee combo trade (2-legs or even better, 4-legs) for K200 and N225, please let me know.  Thanks in advance.




Interactive Brokers Note on pricing: 
If you buy a spread and you owe cash (debit spread), enter a positive limit price. If you buy a spread and you receive cash (a credit spread), you must enter a negative limit price. Conversely, if you sell a spread and receive cash, enter a positive limit price. If you sell a spread and owe cash, you must enter a negative limit price.
For example, an April 20.0 xyz call shows a BID price of 6.60 and an ASK price of 6.70. An April 30 xyz call shows a BID price of 0.15 and an ASK price of 0.20.

If you buy a "debit" call vertical spread with the following legs:
Buy 1 OPT APR02 20.0 CALL (6.70),
Sell 1 OPT APR02 30.0 CALL (0.15)
For this transaction you pay: 6.55 (a debit transaction)

If you invert the legs and buy a "credit" call vertical spread with the following legs:
Sell 1 OPT APR02 20.0 CALL (6.60)
Buy 1 OPT APR02 30.0 CALL (0.20)
For this transaction you receive 6.40 (a credit transaction, enter a negative price)

But for RUT, I can see it immediately.