ET
Energy Transfer LP Common Units representing limited partner interests
stock NYSE

Over the past 6 weeks we saw two simultaneous themes in the options market for seminconductors: institutions were aggressively SELLING long-dated puts (EOY), a structural bullish bet that any pullback would be a buying opportunity, while at the same time, traders were BUYING short-dated puts to lock in gains and hedge through earnings season. In the last 5 trading days, both flows have reversed: the hedging pressure has eased, and put selling has rotated from the back end to the front end, desks are now harvesting elevated IV around specific catalysts like NVDA earnings tomorrow, rather than positioning for the long haul. Call buying isn't broad-based, it's been selective, targeted at second-derivative semi names like AMD, QCOM, MRVL, ON, and INTC.

NVDA: Two large institutional traders sold puts on NVDA today, collecting a combined \~$3.1M in premium and $77.81M notional risk ahead of tomorrow's earnings Both expire next week.

They're harvesting elevated implied volatility. IV in NVDA is sitting at 58–60% heading into the print. The minute earnings hit, that IV will collapse, and these short put positions will benefit from that, even if the stock doesn't move.
Combined \~3,500 contracts and $3.1M in premium
Both strikes cluster near $222–225, which is essentially saying that level is where the institutional money sees support post-earnings.
Trade #1 — 9:42 AM ET

Sold 2,225 NVDA $225 Puts expiring 5/27 (8 days out)
Hit the bid at $9.55 → $2.12M premium collected = $50.06M notional
Stock was trading at $220.60 so this put is $4.40 in-the-money
Trade #2 — 11:07 AM ET

Sold 1,247 NVDA $222.50 Puts expiring 5/26 (7 days out)
Hit the bid at $8.00 → $997.6K premium collected = $27.75M notional
Stock was at $220.59 so this put is $1.91 in-the-money

DRAM has just been steady at the same price since noon ET today...

https://preview.redd.it/fmfgfgqx072h1.png?width=1407&format=png&auto=webp&s=e581b6b100eedc9d5f63228127d5d02fcb167078
**📊 Key U.S. Economic Data (ET)**
**2:00 PM** | FOMC Meeting Minutes
⚠️ For informational purposes only. Not financial advice.
📌 #FOMC #FederalReserve

I understand how that's frustrating.
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Please let us know if you run into something like this again.

Meiwu Technology (WNW) ran hard on Tuesday after a Form 4 insider ownership filing hit the tape, layered on top of an earlier AI-pivot financing and a brutal post-reverse-split float. Premarket was insane — tagged $12+ — and the regular-hours session opened the door for a more catchable continuation move off the morning flush.
\*\*The catalyst\*\*
A Form 4 filing showed a change in beneficial ownership by an insider/major shareholder, with the size and direction (buy vs sell) not disclosed in the public report. That ambiguity is exactly the kind of fuel micro-cap traders love — they front-run the assumption of an insider buy. Stacked on top: earlier this month Meiwu disclosed a \~$15.65M private placement (25M ordinary shares) tied to a new AI-powered skincare management platform pivot. Recent 1-for-100 reverse split left the float tiny and volatile.
\*\*Why WNW specifically\*\*
This is a textbook reverse-split micro-cap setup — a \~$3M market cap name with \~8.2M float trading 12x its average daily volume by 9:35 AM. Premarket already ripped to $12 (+398% vs prev close) so there was no real supply overhead left, and any positive-sounding filing in a name like this gets bid in seconds. Internet retail / China-domiciled micro-caps with AI rebrands have been a recurring momentum setup all spring.
\*\*The numbers\*\*
\- Market cap: \~$3.2M
\- Float: 8.2M shares
\- Day volume at signal: 12.3M (\~12x the 30-day avg of 1.02M)
\- Prev close: $2.41
\- Premarket high: $12.08 (+398% vs prev close)
\- Short ratio: 1.0 (short % of float \~11.5%)
\- 52-week range: $2.25 – $1,352 (post 1-for-100 reverse split, so 52w high is the pre-split adjusted number)
\- Beta: 1.70
Volume at the signal was already 12x the 30-day average — by the close it had traded multiples of that. Float turnover on a name this small is the entire story.
\*\*Signal timing\*\*
The Stock Pulse app sent me a push notification at 09:35 AM ET at $4.91 — right at the regular-hours opening after the premarket spike faded back. It peaked at $6.37 around 12:18 PM ET — about 2 hours 43 minutes later. +30%.
\*\*Bear case\*\*
\- Premarket already tagged $12 — anyone who got that fill is sitting on size and looking to exit into any green. The intraday peak ($6.37) is about half the premarket high, so this is technically a fade day from the opening.
\- Form 4 filings without disclosed direction are coin flips. If it turns out to be an insider sale, the narrative inverts overnight.
\- Reverse-split runners almost always bleed back. The setup that produced the original reverse split (compliance-driven, low price) doesn't go away just because the chart looks clean for a session.
\- $3M market cap China-domiciled micro-cap with an AI rebrand is the bingo card. Dilution risk is real — they just raised $15.65M in a private placement, and more share issuance is on the table.
\- Stock already closed well off the intraday peak (last print \~$5.17 in after-hours), so the continuation thesis is already weakening into tomorrow.
https://preview.redd.it/8hfvhq17b62h1.png?width=2779&format=png&auto=webp&s=82e8eba36df708ee5322731d6f04e1edfcb8c5ac

I’m looking for feedback from futures/options traders who understand CME Globex execution mechanics, ES futures options, Market Protect orders (perhaps Rule 588 if done in 8 minutes time frame required?). I am a very experienced trader, a licenced fiduciary wealth manager and financial planner in my day job (Series 7 and 66 licenses. )
Yesterday I opened and closed 7 ES futures call options (1 day DTE) within three minutes:
**Product:** ES FOP / E3B
**Contract:** May 19, 2026 7405 Call
**Ticker:** E3BK6 C7405
**Exchange:** CME
**Platform/Broker:** Interactive Brokers TWS
**Internet: 1.5 Gig via 8 CAT Ethernet**
Here is the sequence:
I bought **7 CALL contracts at 15.90 STRIKE 7405** at approximately **15:01:20 ET, roughly 13 points OTM (Out-the-money)**.
I got very lucky (or did I? I saw unusual movement across my indicators, probably by the usual insider traders). About 45 seconds later Trump made a post about delaying his planned military strikes on IRAN. ES had moved sharply higher and the option premium was trading around the low/mid 30s. Bid/Ask is highly unstable/wide spreads when indices move that quickly. So I waited for it to stabalize at the usual spreads for about 20 seconds.  You can see from the attached Time & Sales screenshots that the bid/ask did stabalize like I say it did. I submitted a **Market Protect sell order** to close the position.
Instead, my closing fills were:
**15:03:15 — Sell 1 at 5.00**
**15:03:15 — Sell 1 at 4.50**
**15:03:15 — Sell 5 at 4.50**
Average sale price: **4.571429**
Multiplier is 50x, so if the fair exit was around 34, the economic difference is roughly:
**34.00 × 50 × 7 = $11,900 expected proceeds**
**4.571429 × 50 × 7 = \~$1,600 actual proceeds**
**Difference: about $10,300**
What makes this especially confusing is the Time & Sales / NBO data I pulled afterward. Around the exact time of my fills, the displayed market appears to show roughly **32.00 / 35.00** or similar. My 4.50 and 5.00 fills print at **15:03:15**, while nearby quote data still appears to show a bid/ask nowhere near 4.50.
Then shortly afterward, the quotes appear to flicker down to bizarre levels like **0.95 / 34.50**, **1.00 / 34.25**, etc.
I contacted IBKR immediately. The rep reviewed Time & Sales and said:
“the market right before your order went in was 0.95 bid at 34.75 then no bid at 34.75 then no bid at your 4.50 then 5 bid where you traded it”
That explanation doesn’t make sense to me because the screenshots seem to show the 4.50/5.00 prints occurring while the displayed market was still around 32/35, and the 0.95 bid quotes appear after or around the same second. Obviously milliseconds matter, but the visible sequence looks extremely questionable.
I filed a trade adjustment request with IBKR and separate complaints with CME and IBKR. I understand CME Rule 588 review windows are extremely short, and I was already outside the formal bust window – which is only 8 minutes and I did not know that you have to call CME within the eight minutes to have the trade bust considered (learned something new and valuable).
Anyone experienced enough rever experienced something similar, or have the expertise to give me their opinions? Please chime in.
My questions:
1. Can a CME Globex Market Protect sell order fill at 4.50 if there was a displayed bid around 32.00 at the same timestamp?
2. Is it possible the TWS quote display/Time & Sales is visually misleading because of quote sequencing within the same second?
3. Could this be a stale quote / pulled bid / no real liquidity situation? I doubt it considering ES E Mini contracts are the most liquid futures options contracts that exist.
4. Does this look like something that should have qualified for CME Rule 588 review?
5. What specific audit data should I demand from IBKR to reconcile the fill?
Attached Proof:
\-            Screenshots of the Time & Sales/NBO around and at the execution.
\-            The trade displayed from my entire day’s audit trail (redacted)
 
I’d appreciate serious feedback from anyone who trades ES options or understands Globex order matching. I’m angry, obviously, but I’m mostly trying to figure out whether this was a legitimate thin-market disaster or an execution/data problem that should be challenged. I filed a complaint with CME and IBKR, which are pending.
[Opening Trade Audit Trail](https://preview.redd.it/r5o2ydmmq52h1.jpg?width=1240&format=pjpg&auto=webp&s=c1329850f59405ead910351ba0ede0ab3b4c6a53)
[Closing Trade Audit Trail](https://preview.redd.it/lieem4m0r52h1.jpg?width=1240&format=pjpg&auto=webp&s=a76248cf537d825bef5b619f7e897ccd5dab41d5)
[Time & Sales](https://preview.redd.it/1n97wp1jq52h1.png?width=952&format=png&auto=webp&s=2e2bb53e5ab4e206d0204d006e1ea9b5cef3e989)
[Time & Sales + Underlying Time & Sales](https://preview.redd.it/r2udlp7pq52h1.png?width=947&format=png&auto=webp&s=011d48a1e4c160ed1fca1dfe681ec1755cc52a2b)

I’m looking for feedback from futures/options traders who understand CME Globex execution mechanics, ES futures options, Market Protect orders (perhaps Rule 588 if done in 8 minutes time frame required?). I am a very experienced trader, a licensed fiduciary wealth manager and financial planner in my day job (Series 7 and 66 licenses. )
Yesterday I opened and closed 7 ES futures call options (1 day DTE) within three minutes:
**Product:** ES FOP / E3B
**Contract:** May 19, 2026 7405 Call
**Ticker:** E3BK6 C7405
**Exchange:** CME
**Platform/Broker:** Interactive Brokers TWS
INTERNET: 1.5 Gig Cat 8 Ethernet

Here is the sequence:
I bought **7 CALL contracts at 15.90 STRIKE 7405** at approximately **15:01:20 ET, roughly 13 points OTM (Out-the-money)**.
I got very lucky (or did I? I saw unusual movement across my indicators, probably by the usual insider traders). About 45 seconds later Trump made a post about delaying his planned military strikes on IRAN. ES had moved sharply higher and the option premium was trading around the low/mid 30s. Bid/Ask is highly unstable/wide spreads when indices move that quickly. So I waited for it to stabalize at the usual spreads for about 20 seconds.  You can see from the attached Time & Sales screenshots that the bid/ask did stabalize like I say it did. I submitted a **Market Protect sell order** to close the position.
Instead, my closing fills were:
**15:03:15 — Sell 1 at 5.00**
**15:03:15 — Sell 1 at 4.50**
**15:03:15 — Sell 5 at 4.50**
Average sale price: **4.571429**
Multiplier is 50x, so if the fair exit was around 34, the economic difference is roughly:
**34.00 × 50 × 7 = $11,900 expected proceeds**
**4.571429 × 50 × 7 = \~$1,600 actual proceeds**
**Difference: about $10,300**
What makes this especially confusing is the Time & Sales / NBO data I pulled afterward. Around the exact time of my fills, the displayed market appears to show roughly **32.00 / 35.00** or similar. My 4.50 and 5.00 fills print at **15:03:15**, while nearby quote data still appears to show a bid/ask nowhere near 4.50.
Then shortly afterward, the quotes appear to flicker down to bizarre levels like **0.95 / 34.50**, **1.00 / 34.25**, etc.
I contacted IBKR immediately. The rep reviewed Time & Sales and said:
“the market right before your order went in was 0.95 bid at 34.75 then no bid at 34.75 then no bid at your 4.50 then 5 bid where you traded it”
That explanation doesn’t make sense to me because the screenshots seem to show the 4.50/5.00 prints occurring while the displayed market was still around 32/35, and the 0.95 bid quotes appear after or around the same second. Obviously milliseconds matter, but the visible sequence looks extremely questionable.
I filed a trade adjustment request with IBKR and separate complaints with CME and IBKR. I understand CME Rule 588 review windows are extremely short, and I was already outside the formal bust window – which is only 8 minutes and I did not know that you have to call CME within the eight minutes to have the trade bust considered (learned something new and valuable).
Anyone experienced enough rever experienced something similar, or have the expertise to give me their opinions? Please chime in.
My questions:
1. Can a CME Globex Market Protect sell order fill at 4.50 if there was a displayed bid around 32.00 at the same timestamp?
2. Is it possible the TWS quote display/Time & Sales is visually misleading because of quote sequencing within the same second?
3. Could this be a stale quote / pulled bid / no real liquidity situation? I doubt it considering ES E Mini contracts are the most liquid futures options contracts that exist.
4. Does this look like something that should have qualified for CME Rule 588 review?
5. What specific audit data should I demand from IBKR to reconcile the fill?
Attached Proof:
\-            Screenshots of the Time & Sales/NBO around and at the execution.
\-            My trade confirmations
\-            The trade displayed in my entire day’s audit trail (redacted)
\-            The trade confirmation email
 
I’d appreciate serious feedback from anyone who trades ES options or understands Globex order matching. I’m angry, obviously, but I’m mostly trying to figure out whether this was a legitimate thin-market disaster or an execution/data problem that should be challenged.
 
https://preview.redd.it/qu6zozsps52h1.jpg?width=1240&format=pjpg&auto=webp&s=f1c496dd254bec61eec9304266d4c4545106367f
https://preview.redd.it/duwkyzsps52h1.jpg?width=1240&format=pjpg&auto=webp&s=a574baa8eef62714beba5f845c9d561bc03caa50
https://preview.redd.it/tk8b80tps52h1.png?width=952&format=png&auto=webp&s=2e9eadd213fea0c3e74c80c0f5f47955f07c1fe9
https://preview.redd.it/6q23y5tps52h1.png?width=947&format=png&auto=webp&s=ea5bb9f40e1b0464553033226ee959ffa6a109b3

Hey, u/KaleidoscopeHumble42! Appreciate you being mindful when posting screenshots, and I'm always happy to help folks learn the ropes when they're testing new features. In short, the timing for your buy order(s) will depend on the types of investments in your plan.
As you may already know, mutual fund orders execute once per day after market close at 4 p.m. ET, so these are placed on your chosen investment date and will receive the next available price. Orders for stocks and exchange-traded funds (ETFs), on the other hand, are processed at random and may occur at any point during market hours on that day. You can monitor your "Activity & Orders" page on Fidelity.com to see when an order has gone through and to check your execution price, if needed.
[Check out our Recurring Investments FAQs here.](https://www.fidelity.com/trading/recurring-investments)
It looks like you're good to go when it comes to setting up a plan and where you can modify it, I do want to note that plans generally must be set up or changed at least two business days prior to when you want your first investment to occur, which is while you'll note that your next investment is set up two weeks from today. If you have any additional questions we can clarify, give us a shout!

2nd trade of week 3. Green. Got in a put at 9.58 ET with 3 contracts. No fancy options strategy. When I started, and still using simple EMAs, VWAP etc to see the trend and levels.
I took 50% take profit. The greed strikes again, however, I am in profit. Don't do that as a beginner.
Just an update: I tested my little app which uses TrastyTrade API yesterday, all good. Hopefully this will help decrease my greed when I set up my profit target 🐇
I've moved back some of my previous profit in this account and traded again 3 contracts today.
If you look at the screenshot, 1 contact was exected at 0.99, it is very extremenly rare to see the contracts executed at different prices when trading a few contracts (even 50 contracts), so I never waste my time thinking about slippage.
One and done: 3 contract = $162 total profit
Total options cost = $293
Time in trade: 12 min. Coming back closer to morning glory trade 🤤
Fib level is a helper I am using since January this year, on and off, it bring a little edge to the entries and sometime the exits. Following Fibonacci blindly will get you burnt. *If you are not profitable, or have good entries, exits without using Fib levels, don't bother much with it.*
On Trading View chart, starting from left
- **Red arrow** \- I wait for retracement or pullback to start
- **draw the Fib level** from low to high of day
- wait for it to retrace back to 78%, 61% or whatever levels it goes. It will do not same levels each time
- **blue arrow** \- once it goes back down towards 100%, I get back in. If you relay on only Fib, you may get burnt and cry that you lost money and it is a fake indicator - it is maths
- **First green arrow** \- it can go close to 100% or hit it and reverse - before it hits, I used to take some profit - due to green, I leave the trade open. I don't use take profit level 1, 2 etc as my strategy is one and done. simple.
- **Second green arrow**, if I see a change that it is breaking other levels/psychological numbers, I try to leave it open and today, I pushed it towards 1.2% and was out
Started with $300 and growing it to $60,000 with 1 trade a day, is still my goal.
Strategy is trading one trade a day, 2-5 times. I have been trading for a bit of time and can spot the psychological levels and how it is moving.
I only day trade options on ETFs. Timestamp on the broker is UK time. So, entry time of 2.58 is 9.58 ET.
If anyone is interested, I can make a small video with the Fib levels in a future post 🤷‍♂️

ET is pumping my greasy oil 🍆🍑⛽️

Thanks for following up with us.
To start, I can confirm that the "Feedback" tab on the right side of the Fidelity webpage is still there. Since it sounds like you've already tried some troubleshooting steps, I'd recommend contacting our Technical Support team to help resolve the issue. Associates are available Monday through Friday from 8:30 a.m. to 9:00 p.m. ET. Please say "technical support" when prompted by the automated system to be connected to the right group.
[Contact us](https://www.fidelity.com/customer-service/contact-us)
I appreciate the additional details you've shared about the date format and functionality. I'll be sure to include it as feedback to pass along to our development team.
We're always here to take user feedback, so don't hesitate to share it with us in the future.

We appreciate your interest in Fidelity, u/Longjumping_Emu325.
While we don't currently offer a bonus for transfers to new IRAs as you describe, you can stay up-to-date with our promotions as they become available by visiting the link below.
[Current special offers at Fidelity](https://www.fidelity.com/go/special-offer)
That said, in some cases, you may be eligible for offers specific to you based on your unique situation. You and your spouse can each review available offers with our Investment Solutions team. Associates are available Monday through Friday from 8:00 a.m. to 8:00 p.m. ET. When prompted by the automated system, say "investment solutions" to be routed to the correct group.
[Contact Fidelity](https://www.fidelity.com/customer-service/contact-us)
If an offer becomes available and you sign up, you can learn more about our rollover process below.
[How to roll over an old 401(k) to an IRA](https://www.fidelity.com/retirement-ira/401k-rollover-ira-steps)
We're here if you have any other questions. Have a great day.

ET with DRIP. Then set and forget.

Over the past 6 weeks we saw two simultaneous themes in the options market for seminconductors: institutions were aggressively SELLING long-dated puts (EOY), a structural bullish bet that any pullback would be a buying opportunity, while at the same time, traders were BUYING short-dated puts to lock in gains and hedge through earnings season. In the last 5 trading days, both flows have reversed: the hedging pressure has eased, and put selling has rotated from the back end to the front end, desks are now harvesting elevated IV around specific catalysts like NVDA earnings tomorrow, rather than positioning for the long haul. Call buying isn't broad-based, it's been selective, targeted at second-derivative semi names like AMD, QCOM, MRVL, ON, and INTC.

NVDA: Two large institutional traders sold puts on NVDA today, collecting a combined \~$3.1M in premium and $77.81M notional risk ahead of tomorrow's earnings Both expire next week.

They're harvesting elevated implied volatility. IV in NVDA is sitting at 58–60% heading into the print. The minute earnings hit, that IV will collapse, and these short put positions will benefit from that, even if the stock doesn't move.
Combined \~3,500 contracts and $3.1M in premium
Both strikes cluster near $222–225, which is essentially saying that level is where the institutional money sees support post-earnings.
Trade #1 — 9:42 AM ET

Sold 2,225 NVDA $225 Puts expiring 5/27 (8 days out)
Hit the bid at $9.55 → $2.12M premium collected = $50.06M notional
Stock was trading at $220.60 so this put is $4.40 in-the-money
Trade #2 — 11:07 AM ET

Sold 1,247 NVDA $222.50 Puts expiring 5/26 (7 days out)
Hit the bid at $8.00 → $997.6K premium collected = $27.75M notional
Stock was at $220.59 so this put is $1.91 in-the-money

DRAM has just been steady at the same price since noon ET today...

https://preview.redd.it/fmfgfgqx072h1.png?width=1407&format=png&auto=webp&s=e581b6b100eedc9d5f63228127d5d02fcb167078
**📊 Key U.S. Economic Data (ET)**
**2:00 PM** | FOMC Meeting Minutes
⚠️ For informational purposes only. Not financial advice.
📌 #FOMC #FederalReserve

I understand how that's frustrating.
We aren't receiving widespread reports of this search function not working. I recommend trying the troubleshooting steps I've listed below.
1. Clear your cache and cookies
2. Try a different network connection
3. Use a different browser
If the issue persists, we recommend that you contact our Technical Support team, so they can troubleshoot the issue further with you. Associates are available Monday through Friday from 8:30 a.m. to 9:00 p.m. ET. Please say "technical support" when prompted by the automated system to be connected to the right group.
[Contact Us](https://www.fidelity.com/customer-service/contact-us)
Please let us know if you run into something like this again.

Meiwu Technology (WNW) ran hard on Tuesday after a Form 4 insider ownership filing hit the tape, layered on top of an earlier AI-pivot financing and a brutal post-reverse-split float. Premarket was insane — tagged $12+ — and the regular-hours session opened the door for a more catchable continuation move off the morning flush.
\*\*The catalyst\*\*
A Form 4 filing showed a change in beneficial ownership by an insider/major shareholder, with the size and direction (buy vs sell) not disclosed in the public report. That ambiguity is exactly the kind of fuel micro-cap traders love — they front-run the assumption of an insider buy. Stacked on top: earlier this month Meiwu disclosed a \~$15.65M private placement (25M ordinary shares) tied to a new AI-powered skincare management platform pivot. Recent 1-for-100 reverse split left the float tiny and volatile.
\*\*Why WNW specifically\*\*
This is a textbook reverse-split micro-cap setup — a \~$3M market cap name with \~8.2M float trading 12x its average daily volume by 9:35 AM. Premarket already ripped to $12 (+398% vs prev close) so there was no real supply overhead left, and any positive-sounding filing in a name like this gets bid in seconds. Internet retail / China-domiciled micro-caps with AI rebrands have been a recurring momentum setup all spring.
\*\*The numbers\*\*
\- Market cap: \~$3.2M
\- Float: 8.2M shares
\- Day volume at signal: 12.3M (\~12x the 30-day avg of 1.02M)
\- Prev close: $2.41
\- Premarket high: $12.08 (+398% vs prev close)
\- Short ratio: 1.0 (short % of float \~11.5%)
\- 52-week range: $2.25 – $1,352 (post 1-for-100 reverse split, so 52w high is the pre-split adjusted number)
\- Beta: 1.70
Volume at the signal was already 12x the 30-day average — by the close it had traded multiples of that. Float turnover on a name this small is the entire story.
\*\*Signal timing\*\*
The Stock Pulse app sent me a push notification at 09:35 AM ET at $4.91 — right at the regular-hours opening after the premarket spike faded back. It peaked at $6.37 around 12:18 PM ET — about 2 hours 43 minutes later. +30%.
\*\*Bear case\*\*
\- Premarket already tagged $12 — anyone who got that fill is sitting on size and looking to exit into any green. The intraday peak ($6.37) is about half the premarket high, so this is technically a fade day from the opening.
\- Form 4 filings without disclosed direction are coin flips. If it turns out to be an insider sale, the narrative inverts overnight.
\- Reverse-split runners almost always bleed back. The setup that produced the original reverse split (compliance-driven, low price) doesn't go away just because the chart looks clean for a session.
\- $3M market cap China-domiciled micro-cap with an AI rebrand is the bingo card. Dilution risk is real — they just raised $15.65M in a private placement, and more share issuance is on the table.
\- Stock already closed well off the intraday peak (last print \~$5.17 in after-hours), so the continuation thesis is already weakening into tomorrow.
https://preview.redd.it/8hfvhq17b62h1.png?width=2779&format=png&auto=webp&s=82e8eba36df708ee5322731d6f04e1edfcb8c5ac

I’m looking for feedback from futures/options traders who understand CME Globex execution mechanics, ES futures options, Market Protect orders (perhaps Rule 588 if done in 8 minutes time frame required?). I am a very experienced trader, a licenced fiduciary wealth manager and financial planner in my day job (Series 7 and 66 licenses. )
Yesterday I opened and closed 7 ES futures call options (1 day DTE) within three minutes:
**Product:** ES FOP / E3B
**Contract:** May 19, 2026 7405 Call
**Ticker:** E3BK6 C7405
**Exchange:** CME
**Platform/Broker:** Interactive Brokers TWS
**Internet: 1.5 Gig via 8 CAT Ethernet**
Here is the sequence:
I bought **7 CALL contracts at 15.90 STRIKE 7405** at approximately **15:01:20 ET, roughly 13 points OTM (Out-the-money)**.
I got very lucky (or did I? I saw unusual movement across my indicators, probably by the usual insider traders). About 45 seconds later Trump made a post about delaying his planned military strikes on IRAN. ES had moved sharply higher and the option premium was trading around the low/mid 30s. Bid/Ask is highly unstable/wide spreads when indices move that quickly. So I waited for it to stabalize at the usual spreads for about 20 seconds.  You can see from the attached Time & Sales screenshots that the bid/ask did stabalize like I say it did. I submitted a **Market Protect sell order** to close the position.
Instead, my closing fills were:
**15:03:15 — Sell 1 at 5.00**
**15:03:15 — Sell 1 at 4.50**
**15:03:15 — Sell 5 at 4.50**
Average sale price: **4.571429**
Multiplier is 50x, so if the fair exit was around 34, the economic difference is roughly:
**34.00 × 50 × 7 = $11,900 expected proceeds**
**4.571429 × 50 × 7 = \~$1,600 actual proceeds**
**Difference: about $10,300**
What makes this especially confusing is the Time & Sales / NBO data I pulled afterward. Around the exact time of my fills, the displayed market appears to show roughly **32.00 / 35.00** or similar. My 4.50 and 5.00 fills print at **15:03:15**, while nearby quote data still appears to show a bid/ask nowhere near 4.50.
Then shortly afterward, the quotes appear to flicker down to bizarre levels like **0.95 / 34.50**, **1.00 / 34.25**, etc.
I contacted IBKR immediately. The rep reviewed Time & Sales and said:
“the market right before your order went in was 0.95 bid at 34.75 then no bid at 34.75 then no bid at your 4.50 then 5 bid where you traded it”
That explanation doesn’t make sense to me because the screenshots seem to show the 4.50/5.00 prints occurring while the displayed market was still around 32/35, and the 0.95 bid quotes appear after or around the same second. Obviously milliseconds matter, but the visible sequence looks extremely questionable.
I filed a trade adjustment request with IBKR and separate complaints with CME and IBKR. I understand CME Rule 588 review windows are extremely short, and I was already outside the formal bust window – which is only 8 minutes and I did not know that you have to call CME within the eight minutes to have the trade bust considered (learned something new and valuable).
Anyone experienced enough rever experienced something similar, or have the expertise to give me their opinions? Please chime in.
My questions:
1. Can a CME Globex Market Protect sell order fill at 4.50 if there was a displayed bid around 32.00 at the same timestamp?
2. Is it possible the TWS quote display/Time & Sales is visually misleading because of quote sequencing within the same second?
3. Could this be a stale quote / pulled bid / no real liquidity situation? I doubt it considering ES E Mini contracts are the most liquid futures options contracts that exist.
4. Does this look like something that should have qualified for CME Rule 588 review?
5. What specific audit data should I demand from IBKR to reconcile the fill?
Attached Proof:
\-            Screenshots of the Time & Sales/NBO around and at the execution.
\-            The trade displayed from my entire day’s audit trail (redacted)
 
I’d appreciate serious feedback from anyone who trades ES options or understands Globex order matching. I’m angry, obviously, but I’m mostly trying to figure out whether this was a legitimate thin-market disaster or an execution/data problem that should be challenged. I filed a complaint with CME and IBKR, which are pending.
[Opening Trade Audit Trail](https://preview.redd.it/r5o2ydmmq52h1.jpg?width=1240&format=pjpg&auto=webp&s=c1329850f59405ead910351ba0ede0ab3b4c6a53)
[Closing Trade Audit Trail](https://preview.redd.it/lieem4m0r52h1.jpg?width=1240&format=pjpg&auto=webp&s=a76248cf537d825bef5b619f7e897ccd5dab41d5)
[Time & Sales](https://preview.redd.it/1n97wp1jq52h1.png?width=952&format=png&auto=webp&s=2e2bb53e5ab4e206d0204d006e1ea9b5cef3e989)
[Time & Sales + Underlying Time & Sales](https://preview.redd.it/r2udlp7pq52h1.png?width=947&format=png&auto=webp&s=011d48a1e4c160ed1fca1dfe681ec1755cc52a2b)

I’m looking for feedback from futures/options traders who understand CME Globex execution mechanics, ES futures options, Market Protect orders (perhaps Rule 588 if done in 8 minutes time frame required?). I am a very experienced trader, a licensed fiduciary wealth manager and financial planner in my day job (Series 7 and 66 licenses. )
Yesterday I opened and closed 7 ES futures call options (1 day DTE) within three minutes:
**Product:** ES FOP / E3B
**Contract:** May 19, 2026 7405 Call
**Ticker:** E3BK6 C7405
**Exchange:** CME
**Platform/Broker:** Interactive Brokers TWS
INTERNET: 1.5 Gig Cat 8 Ethernet

Here is the sequence:
I bought **7 CALL contracts at 15.90 STRIKE 7405** at approximately **15:01:20 ET, roughly 13 points OTM (Out-the-money)**.
I got very lucky (or did I? I saw unusual movement across my indicators, probably by the usual insider traders). About 45 seconds later Trump made a post about delaying his planned military strikes on IRAN. ES had moved sharply higher and the option premium was trading around the low/mid 30s. Bid/Ask is highly unstable/wide spreads when indices move that quickly. So I waited for it to stabalize at the usual spreads for about 20 seconds.  You can see from the attached Time & Sales screenshots that the bid/ask did stabalize like I say it did. I submitted a **Market Protect sell order** to close the position.
Instead, my closing fills were:
**15:03:15 — Sell 1 at 5.00**
**15:03:15 — Sell 1 at 4.50**
**15:03:15 — Sell 5 at 4.50**
Average sale price: **4.571429**
Multiplier is 50x, so if the fair exit was around 34, the economic difference is roughly:
**34.00 × 50 × 7 = $11,900 expected proceeds**
**4.571429 × 50 × 7 = \~$1,600 actual proceeds**
**Difference: about $10,300**
What makes this especially confusing is the Time & Sales / NBO data I pulled afterward. Around the exact time of my fills, the displayed market appears to show roughly **32.00 / 35.00** or similar. My 4.50 and 5.00 fills print at **15:03:15**, while nearby quote data still appears to show a bid/ask nowhere near 4.50.
Then shortly afterward, the quotes appear to flicker down to bizarre levels like **0.95 / 34.50**, **1.00 / 34.25**, etc.
I contacted IBKR immediately. The rep reviewed Time & Sales and said:
“the market right before your order went in was 0.95 bid at 34.75 then no bid at 34.75 then no bid at your 4.50 then 5 bid where you traded it”
That explanation doesn’t make sense to me because the screenshots seem to show the 4.50/5.00 prints occurring while the displayed market was still around 32/35, and the 0.95 bid quotes appear after or around the same second. Obviously milliseconds matter, but the visible sequence looks extremely questionable.
I filed a trade adjustment request with IBKR and separate complaints with CME and IBKR. I understand CME Rule 588 review windows are extremely short, and I was already outside the formal bust window – which is only 8 minutes and I did not know that you have to call CME within the eight minutes to have the trade bust considered (learned something new and valuable).
Anyone experienced enough rever experienced something similar, or have the expertise to give me their opinions? Please chime in.
My questions:
1. Can a CME Globex Market Protect sell order fill at 4.50 if there was a displayed bid around 32.00 at the same timestamp?
2. Is it possible the TWS quote display/Time & Sales is visually misleading because of quote sequencing within the same second?
3. Could this be a stale quote / pulled bid / no real liquidity situation? I doubt it considering ES E Mini contracts are the most liquid futures options contracts that exist.
4. Does this look like something that should have qualified for CME Rule 588 review?
5. What specific audit data should I demand from IBKR to reconcile the fill?
Attached Proof:
\-            Screenshots of the Time & Sales/NBO around and at the execution.
\-            My trade confirmations
\-            The trade displayed in my entire day’s audit trail (redacted)
\-            The trade confirmation email
 
I’d appreciate serious feedback from anyone who trades ES options or understands Globex order matching. I’m angry, obviously, but I’m mostly trying to figure out whether this was a legitimate thin-market disaster or an execution/data problem that should be challenged.
 
https://preview.redd.it/qu6zozsps52h1.jpg?width=1240&format=pjpg&auto=webp&s=f1c496dd254bec61eec9304266d4c4545106367f
https://preview.redd.it/duwkyzsps52h1.jpg?width=1240&format=pjpg&auto=webp&s=a574baa8eef62714beba5f845c9d561bc03caa50
https://preview.redd.it/tk8b80tps52h1.png?width=952&format=png&auto=webp&s=2e9eadd213fea0c3e74c80c0f5f47955f07c1fe9
https://preview.redd.it/6q23y5tps52h1.png?width=947&format=png&auto=webp&s=ea5bb9f40e1b0464553033226ee959ffa6a109b3