# RFQ Is the Key to Pricing Complex Options Spreads like a Pro ▴ Guide

**Published:** 2025-08-06
**Categories:** Guide

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![A light blue sphere, representing a Liquidity Pool for Digital Asset Derivatives, balances a flat white object, signifying a Multi-Leg Spread Block Trade. This rests upon a cylindrical Prime Brokerage OS EMS, illustrating High-Fidelity Execution via RFQ Protocol for Price Discovery within Market Microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-prime-os-high-precision.jpg)

![Abstract composition features two intersecting, sharp-edged planes—one dark, one light—representing distinct liquidity pools or multi-leg spreads. Translucent spherical elements, symbolizing digital asset derivatives and price discovery, balance on this intersection, reflecting complex market microstructure and optimal RFQ protocol execution](https://options.greeks.live/wp-content/uploads/2025/07/precision-digital-asset-derivatives-rfq-execution-market-microstructure.jpg)

## The Professional Dialogue with the Market

The request-for-quote, or RFQ, mechanism is a formal method for traders to solicit firm, executable prices for a specific trade from a select group of [market makers](https://prime.greeks.live/area/market-makers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). It is a direct and private conversation about price and size. This process allows a trader to construct a complex, multi-leg options strategy and receive a single, unified price for the entire package. You are broadcasting a specific need to specialists who compete to provide the most favorable terms for your trade.

The system creates a unique, tradable instrument on the exchange based on your specific request, prompting market participants to respond with live bids and offers. This direct engagement is a foundational tool for any trader seeking to operate with institutional precision. The entire process maintains the anonymity of the initiator, shielding their intentions from the broader market while they gather actionable intelligence.

Modern markets are a complex web of different venues and liquidity pools. For a standard, small order in a popular stock, the public order book is sufficient. A trader’s order is matched with the best available bid or offer. When dealing with intricate [options spreads](https://prime.greeks.live/area/options-spreads/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) or substantial block trades, the visible liquidity on the central order book often represents only a fraction of the true market depth.

Attempting to execute a large, four-legged options strategy by hitting bids and lifting offers on each leg individually introduces significant operational challenges. This method, known as “legging in,” exposes the trader to the risk that the price of one leg will move adversely before the others can be executed. The initial pricing assumption for the spread can become invalid midway through execution, leading to an entirely different risk profile or cost basis than intended.

> The migration of options markets to electronic platforms has been substantial, with over 66% of options now traded this way, and the RFQ mechanism has been a key driver of this shift for complex strategies.

The [RFQ process](https://prime.greeks.live/area/rfq-process/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) directly addresses this structural market challenge. It transforms a disjointed, leg-by-leg execution risk into a single, cohesive transaction. You define the exact parameters of the spread ▴ the specific instruments, the quantities, the strikes, and expirations. You then send this package out as a single request.

In response, [liquidity providers](https://prime.greeks.live/area/liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) assess the entire spread as one unit and return a competitive, net price at which they are willing to take the other side of your trade. This creates a centralized point of [price discovery](https://prime.greeks.live/area/price-discovery/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) for your specific, and often unique, trading structure. It is a system designed for clarity, enabling you to secure a price for your entire strategy before committing any capital. This brings the efficiency and price discovery of a brokered market to the electronic trading environment.

This mechanism is particularly potent in markets that may appear illiquid on the surface. An options contract with low open interest or wide bid-ask spreads on the public screen may have significant latent liquidity available from professional market makers. These participants are waiting to be engaged with a specific request. The RFQ is the tool that summons this hidden liquidity.

By issuing a request, you are effectively asking the professionals, “What is the real price for this specific structure at this specific size?” The responses you receive form a competitive auction for your order flow, providing a true picture of the market’s capacity and appetite for your desired position. This dynamic empowers you to trade with confidence, even in instruments that other market participants might overlook.

![A sleek, domed control module, light green to deep blue, on a textured grey base, signifies precision. This represents a Principal's Prime RFQ for institutional digital asset derivatives, enabling high-fidelity execution via RFQ protocols, optimizing price discovery, and enhancing capital efficiency within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/precision-control-for-institutional-digital-asset-rfq-execution.jpg)

![Polished concentric metallic and glass components represent an advanced Prime RFQ for institutional digital asset derivatives. It visualizes high-fidelity execution, price discovery, and order book dynamics within market microstructure, enabling efficient RFQ protocols for block trades](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-prime-os-precision.jpg)

## Engineering Alpha through Precision Execution

The strategic application of the RFQ process is a direct route to enhancing your trading outcomes. It is about actively managing your execution costs and turning a procedural step into a source of tangible financial advantage. For sophisticated options traders, the goal is to secure the tightest possible pricing for complex spreads, as the net entry price is a critical determinant of the strategy’s ultimate return.

A few cents of price improvement on each unit of a large spread can substantially alter the risk-reward profile of the entire position. This is where the RFQ becomes a primary tool for profit and loss management.

![A layered, spherical structure reveals an inner metallic ring with intricate patterns, symbolizing market microstructure and RFQ protocol logic. A central teal dome represents a deep liquidity pool and precise price discovery, encased within robust institutional-grade infrastructure for high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-orchestrating-rfq-protocols-for-high-fidelity-execution-and-multi-asset-liquidity.jpg)

## A Practical Application the Iron Condor

Consider the case of an investor looking to implement an [iron condor](https://prime.greeks.live/area/iron-condor/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) on a major equity index ETF. This is a four-legged strategy, involving a bear call spread and a bull put spread, designed to profit from low volatility. The trader’s view is that the underlying ETF will remain within a specific price range through the options’ expiration.

Executing this on the open market would require four separate transactions. The RFQ process consolidates this into one event.

The trader constructs the desired spread within their trading platform, specifying the four distinct option legs. For instance, they might want to sell a 450-strike call, buy a 455-strike call, sell a 420-strike put, and buy a 415-strike put. They define the total size of the spread, perhaps for 500 units. This entire package is submitted as a single RFQ.

Multiple liquidity providers then receive this request anonymously. They analyze the entire structure as a single entity, pricing the relationships and risks between the legs internally. Within moments, the trader receives several competing bids and offers for the entire 500-unit condor spread.

> Executing a vertical spread on the iShares Russell 2000 ETF (IWM) through an RFQ has been shown to achieve price improvement over the national best bid/offer at a size substantially greater than what is displayed on public screens.

The trader now has a clear, actionable marketplace for their specific strategy. They can see the best bid and the best offer, and the depth available at those prices. This private auction frequently results in a net price that is better than the aggregated prices of the individual legs on the public order book. The competition among market makers for the order flow drives the price improvement.

The trader can choose to execute at the best available price, post their own desired price, or do nothing at all if the terms are unfavorable. The power resides with the initiator of the quote.

![A blue speckled marble, symbolizing a precise block trade, rests centrally on a translucent bar, representing a robust RFQ protocol. This structured geometric arrangement illustrates complex market microstructure, enabling high-fidelity execution, optimal price discovery, and efficient liquidity aggregation within a principal's operational framework for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/precision-institutional-rfq-execution-framework-optimizing-digital-asset-derivatives-liquidity-aggregation-across-complex-market-microstructure.jpg)

## The Execution Workflow a Disciplined Process

A systematic approach to using RFQs is essential for maximizing their benefits. The process can be broken down into a clear sequence of actions, each designed to build upon the last to secure the most favorable execution terms. This workflow transforms the act of trading from a simple click into a strategic engagement with market specialists.

- 
Strategy Construction ▴ First, you must define your exact trading structure with absolute precision. This includes the underlying asset, the type of options (calls or puts), the expiration dates, the strike prices, and the quantity for each leg of the spread. Every detail of your intended position is codified.

- 
Market Maker Selection ▴ Many platforms allow you to direct your RFQ to a specific list of liquidity providers or to broadcast it to the entire available pool. Building an understanding of which market makers are most active and competitive in your chosen asset class can be a source of edge. You are curating your own private auction.

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Request Submission and Anonymity ▴ You submit the request through your trading interface. Your identity as the initiator remains confidential throughout the process. The market makers see only the parameters of the desired trade, not who is asking. This prevents information leakage that could otherwise cause the market to move against your position before you have fully executed.

- 
Response Analysis and Price Discovery ▴ Within seconds, responses will begin to populate. You will see a list of firm bids and offers from the competing market makers. This is the critical price discovery phase. You now have hard data on the true market for your specific, large, and complex trade structure.

- 
Execution Decision ▴ With a clear view of the available liquidity and pricing, you can make an informed decision. You can “lift” an offer or “hit” a bid to execute your trade instantly at a firm price. There is no leg risk; the entire spread is transacted as one instrument.
Alternatively, you can place your own limit order within the spread, signaling your desired price to the market makers. Or you can walk away with valuable pricing information without having committed to a trade.

![A spherical, eye-like structure, an Institutional Prime RFQ, projects a sharp, focused beam. This visualizes high-fidelity execution via RFQ protocols for digital asset derivatives, enabling block trades and multi-leg spreads with capital efficiency and best execution across market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-prime-os-rfq-protocol-digital-asset-derivatives-block-trade-execution.jpg)

## Quantifying the Advantage

The primary benefits of this disciplined process are measurable. The reduction of market impact is a key metric. Executing a large order on the public book can signal your intention to the market, causing prices to shift unfavorably. The private nature of the RFQ negotiation mitigates this risk.

Furthermore, the elimination of leg risk has a direct economic value, as it removes the possibility of a partial fill or a degraded entry price due to market movements during a piecemeal execution. Traders using RFQs for complex spreads are not just buying or selling options; they are actively managing their transaction costs and preserving the alpha of their trading ideas.

![A high-precision, dark metallic circular mechanism, representing an institutional-grade RFQ engine. Illuminated segments denote dynamic price discovery and multi-leg spread execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-7.jpg)

![A luminous, multi-faceted geometric structure, resembling interlocking star-like elements, glows from a circular base. This represents a Prime RFQ for Institutional Digital Asset Derivatives, symbolizing high-fidelity execution of block trades via RFQ protocols, optimizing market microstructure for price discovery and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-system.jpg)

## Systematizing Your Edge across the Portfolio

Mastery of the [RFQ mechanism](https://prime.greeks.live/area/rfq-mechanism/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) extends far beyond executing a single trade with precision. It becomes a foundational element of a sophisticated portfolio management system. When you can reliably price and execute complex options structures, you unlock a new tier of strategic possibilities.

This capability allows you to manage risk and generate returns with a level of control that is simply unavailable through standard order types. It is about viewing your portfolio not as a collection of individual positions, but as an integrated system where complex, [multi-leg strategies](https://prime.greeks.live/area/multi-leg-strategies/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) can be deployed efficiently to shape your overall market exposure.

This systemic approach begins by integrating RFQ-driven strategies into your core portfolio construction process. For example, a portfolio manager holding a concentrated position in a single stock can use the RFQ system to get a competitive price on a complex collar strategy. This might involve selling a call option against the stock, buying a put option for downside protection, and perhaps even selling a further out-of-the-money put to finance the structure.

Requesting a quote for this entire three-legged options package as a single unit ensures a firm, net cost for the entire hedging structure. This transforms a potentially costly and uncertain series of transactions into a single, clean, and efficient risk management operation.

![A precision metallic dial on a multi-layered interface embodies an institutional RFQ engine. The translucent panel suggests an intelligence layer for real-time price discovery and high-fidelity execution of digital asset derivatives, optimizing capital efficiency for block trades within complex market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-high-fidelity-execution-system.jpg)

## Advanced Applications for the Strategic Trader

The ability to source competitive liquidity for bespoke structures opens the door to more advanced trading concepts. These are strategies that are difficult to implement without a mechanism to price them as a single, coherent unit. The RFQ process makes them accessible and repeatable.

- 
Volatility Surface Arbitrage ▴ Advanced traders can identify relative value opportunities across an asset’s volatility surface. They might believe that implied volatility for 90-day options is too high relative to 30-day options. Using an RFQ, they can request a price for a calendar spread at a significant size, buying the 30-day option and selling the 90-day option in a single transaction to isolate this volatility exposure.

- 
Skew Trading ▴ A trader may have a view on the “skew,” or the difference in implied volatility between out-of-the-money puts and out-of-the-money calls. They can construct a risk reversal or a more complex three-way structure and use an RFQ to get a single net price for the entire package. This allows them to express a pure view on the shape of the volatility smile with one efficient execution.

- 
Customized Hedging Instruments ▴ A portfolio manager may have a unique risk exposure that does not perfectly align with any standard listed option. They can use an RFQ to request a quote for a custom-built options structure, perhaps with non-standard strike prices or expirations, creating a truly bespoke hedging instrument tailored to their specific portfolio needs.

Integrating these capabilities requires a shift in mindset. The RFQ is not merely an execution tool; it is a strategic enabler. It allows a trader or portfolio manager to think in terms of desired outcomes and risk profiles first, and then construct the precise options structure to achieve that goal. The confidence that you can get a fair, competitive, and executable price for that structure is what makes this proactive approach to portfolio management possible.

You are no longer constrained by the liquidity visible on the screen. You are empowered to command liquidity for the specific structures your strategy demands.

> By allowing liquidity providers to compete for large orders, the RFQ mechanism ensures that traders receive competitive prices without disrupting the broader market.

This level of operation also introduces new dimensions of risk management. While the RFQ process secures execution, the strategic risks of the complex positions themselves remain. A trader deploying these strategies must have a robust framework for analyzing and stress-testing the Greeks (Delta, Gamma, Vega, Theta) of these multi-leg positions. The advantage gained from superior execution must be paired with a deep understanding of how these positions will behave under various market conditions.

The professional trader uses the efficiency of the RFQ to get into the position cleanly, so they can focus their mental capital on managing the risks of the position itself. It is the fusion of execution alpha and strategic insight that defines the highest level of trading proficiency.

![A slender metallic probe extends between two curved surfaces. This abstractly illustrates high-fidelity execution for institutional digital asset derivatives, driving price discovery within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/precision-instrument-navigating-institutional-digital-asset-derivatives-rfq-protocols-for-optimal-price-discovery-and-high-fidelity-execution.jpg)

## The Trader You Are Becoming

Adopting a professional-grade execution methodology is a declaration of intent. It signals a move from passively accepting market prices to actively shaping your own trading outcomes. The principles of direct price negotiation, liquidity aggregation, and risk consolidation are not just techniques; they are components of a new mental model for market engagement. This framework provides the clarity and control required to operate at a higher strategic level.

Your focus shifts from the mechanics of placing an order to the art of constructing a position. The market becomes a system of opportunities that you can now address with purpose-built instruments. This is the foundation upon which consistent, long-term performance is built.

![Precision-engineered modular components display a central control, data input panel, and numerical values on cylindrical elements. This signifies an institutional Prime RFQ for digital asset derivatives, enabling RFQ protocol aggregation, high-fidelity execution, algorithmic price discovery, and volatility surface calibration for portfolio margin](https://options.greeks.live/wp-content/uploads/2025/07/firm-fx-options-rfq-trade-system-key-microstructure-data-flow-core-engine.jpg)

## Glossary

<a href="https://prime.greeks.live/area/market-makers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Translucent geometric planes, speckled with micro-droplets, converge at a central nexus, emitting precise illuminated lines. This embodies Institutional Digital Asset Derivatives Market Microstructure, detailing RFQ protocol efficiency, High-Fidelity Execution pathways, and granular Atomic Settlement within a transparent Liquidity Pool](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-market-microstructure.jpg)

## Market Makers

Meaning ▴ Market Makers are financial entities that provide liquidity to a market by continuously quoting both a bid price (to buy) and an ask price (to sell) for a given financial instrument. </a><a href="https://prime.greeks.live/area/options-spreads/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Precision-engineered modular components, with teal accents, align at a central interface. This visually embodies an RFQ protocol for institutional digital asset derivatives, facilitating principal liquidity aggregation and high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-institutional-digital-asset-derivatives-rfq-execution-interface-for-atomic-settlement.jpg)

## Options Spreads

Meaning ▴ Options spreads involve the simultaneous purchase and sale of two or more different options contracts on the same underlying asset, but typically with varying strike prices, expiration dates, or both. </a><a href="https://prime.greeks.live/area/rfq-process/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precise mechanism interacts with a reflective platter, symbolizing high-fidelity execution for institutional digital asset derivatives. It depicts advanced RFQ protocols, optimizing dark pool liquidity, managing market microstructure, and ensuring best execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-system-prime-os-1.jpg)

## Rfq Process

Meaning ▴ The RFQ Process, or Request for Quote Process, is a formalized electronic protocol utilized by institutional participants to solicit executable price quotations for a specific financial instrument and quantity from a select group of liquidity providers. </a><a href="https://prime.greeks.live/area/liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![The image depicts an advanced intelligent agent, representing a principal's algorithmic trading system, navigating a structured RFQ protocol channel. This signifies high-fidelity execution within complex market microstructure, optimizing price discovery for institutional digital asset derivatives while minimizing latency and slippage across order book dynamics](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-optimizing-market-microstructure-for-principal-trading-intelligence-layer.jpg)

## Liquidity Providers

Meaning ▴ Liquidity Providers are market participants, typically institutional entities or sophisticated trading firms, that facilitate efficient market operations by continuously quoting bid and offer prices for financial instruments. </a><a href="https://prime.greeks.live/area/price-discovery/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Sleek, modular infrastructure for institutional digital asset derivatives trading. Its intersecting elements symbolize integrated RFQ protocols, facilitating high-fidelity execution and precise price discovery across complex multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-system-optimizing-high-fidelity-block-trade-liquidity-and-multi-leg-spread-precision.jpg)

## Price Discovery

Meaning ▴ Price discovery is the continuous, dynamic process by which the market determines the fair value of an asset through the collective interaction of supply and demand. </a><a href="https://prime.greeks.live/area/iron-condor/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A macro view of a precision-engineered metallic component, representing the robust core of an Institutional Grade Prime RFQ. Its intricate Market Microstructure design facilitates Digital Asset Derivatives RFQ Protocols, enabling High-Fidelity Execution and Algorithmic Trading for Block Trades, ensuring Capital Efficiency and Best Execution](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-core-system-for-institutional-digital-asset-derivatives-rfq-protocol-execution-and-advanced-market-microstructure-optimization.jpg)

## Iron Condor

Meaning ▴ The Iron Condor represents a non-directional, limited-risk, limited-profit options strategy designed to capitalize on an underlying asset's price remaining within a specified range until expiration. </a><a href="https://prime.greeks.live/area/rfq-mechanism/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision probe, symbolizing Smart Order Routing, penetrates a multi-faceted teal crystal, representing Digital Asset Derivatives multi-leg spreads and volatility surface. Mounted on a Prime RFQ base, it illustrates RFQ protocols for high-fidelity execution within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-digital-asset-derivatives-high-fidelity-execution-probe.jpg)

## Rfq Mechanism

Meaning ▴ The Request for Quote (RFQ) Mechanism is a structured electronic protocol designed to facilitate bilateral or multilateral price discovery for specific financial instruments, particularly block trades in illiquid or over-the-counter digital asset derivatives. </a><a href="https://prime.greeks.live/area/multi-leg-strategies/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, multi-layered device, possibly a control knob, with cream, navy, and metallic accents, against a dark background. This represents a Prime RFQ interface for Institutional Digital Asset Derivatives](https://options.greeks.live/wp-content/uploads/2025/07/precision-control-interface-for-institutional-digital-asset-derivatives-rfq-protocols-and-prime-os.jpg)

## Multi-Leg Strategies

Meaning ▴ Multi-leg strategies involve the simultaneous execution of two or more distinct derivative contracts, typically options or futures, to achieve a specific risk-reward profile or market exposure that cannot be replicated with a single instrument. </a>

**Tags:** [Volatility Trading](https://options.greeks.live/area/volatility-trading/), [Request for Quote](https://options.greeks.live/area/request-for-quote/), [Multi-Leg Strategies](https://options.greeks.live/area/multi-leg-strategies/), [Market Microstructure](https://options.greeks.live/area/market-microstructure/), [Block Trading](https://options.greeks.live/area/block-trading/), [Options Spreads](https://options.greeks.live/area/options-spreads/)	

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![Abstract bisected spheres, reflective grey and textured teal, forming an infinity, symbolize institutional digital asset derivatives. Grey represents high-fidelity execution and market microstructure teal, deep liquidity pools and volatility surface data. This visualizes optimized RFQ protocols for multi-leg spread and atomic settlement within a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocols-for-digital-asset-derivatives-execution.jpg)

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- 
### [How to Use Options RFQ to Secure Better Prices on Large Trades](https://options.greeks.live/guide/how-to-use-options-rfq-to-secure-better-prices-on-large-trades/)
![Abstract structure combines opaque curved components with translucent blue blades, a Prime RFQ for institutional digital asset derivatives. It represents market microstructure optimization, high-fidelity execution of multi-leg spreads via RFQ protocols, ensuring best execution and capital efficiency across liquidity pools.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-optimizing-market-microstructure-for-high-fidelity-execution-best-execution-price-discovery-across-liquidity-pools-and-prime-os.jpg)

Command institutional liquidity and execute large options trades at superior prices with the strategic power of RFQ.

---

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---

**Original URL:** https://options.greeks.live/guide/rfq-is-the-key-to-pricing-complex-options-spreads-like-a-pro/
