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Order Types
What Is a Mid-Price Order? Splitting the Spread
On options, the spread is one of your biggest costs. The mid-price order is the simplest tool for paying less of it.
NoVo Options Trading · 2026
A mid-price order tries to fill at the midpoint of the bid-ask spread rather than crossing it — saving you roughly half the spread on every trade when it works. On options, where the spread is a major cost, that adds up.
How it works
Instead of buying at the ask, you place a limit at the mid (between bid and ask). If a counterparty meets you there, you fill at a better price than crossing the spread. Market makers often will fill at or near the mid on liquid options, because they still profit — so working the mid is a real, repeatable saving.
The tradeoff
A mid order may not fill if no one meets your price, or may fill slower — a problem if the market’s moving and you need in/out now. So it’s best when you have a moment to work the order, and less ideal when speed is critical (use a marketable limit then). Over many scalps, the spread saved by working the mid is significant.
Crossing the spread is the convenience tax; the mid order is how you stop paying full price on every fill — if you’re willing to wait a beat.
The takeaway
Mid-price orders save the spread — a big deal for frequent scalpers — at the cost of fill certainty. Trade liquid strikes where the mid is achievable. Reducing spread cost is exactly what NoVo’s adaptive routing aims at, because in scalping the spread you save goes straight to your bottom line (the real cost of scalping).
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NoVo is a software tool for market analysis and for executing trades you initiate, not financial advice. This article is general education, not investment advice. Options trading involves substantial risk of loss, up to and including your entire capital. NoVo makes no guarantee of profit, win rate, or performance, and past results do not predict future outcomes. You are responsible for your own broker account, configuration, and trading decisions.