The trader tool layout at the top of this window includes multiple panels to monitor the price of an underlying, display option chains, Greek risk measures as well as create and manage option and spread orders, all on a single customizable window. time quotes allow you monitor price movement of the underlying. Customize with select market data fields. tab to add multiple new tabs for separate underlyings. On a blank tab title bar, the underlying field retains previous symbols accessed in the dropdown list.
hiding the toolbar, statistics and button panels. in information that can play a role in understanding market sentiment with information such as Volatility Change, Option Volume change, Put Call ratios and Open Interest. icon above the quote panel. configuration wrench to find all available fields. click access to trade actions with customizable buttons.
for instantaneous order transmission. for example if you have no position, the Close Position button appears inactive. transmit orders, view executions and current market value for held positions in the underlying and its derivatives. Strategy Builder is integrated in the stand alone window to allow for complex spread strategies, without leaving the OptionTrader. Tabs across the top of the panel show upcoming expiries. Monthly contracts show white text, available weekly contracts display yellow text.
Click More to display all available expirations, including weekly, monthly and quarterly expirations when available. Both views show Calls on the left and puts on the right and both display the color coded strike price in the center column. You can easily toggle between layouts using the View dropdown list.
The Tabbed View shows LTD and days to expiry information in each individual tab. The List View shows the contract LTD and days to expiration in the center column. Hold your cursor over the strike price to reveal a popup box detailing Standard Deviation relating to the required movement from the prevailing price of the underlying to reach the strike price.
Note: Standard Deviations can also be plotted on the TWS Charts using the Estimated Price Range in Chart Parameters box. The Implied Volatility reading for the selected expiry is displayed. Volatility and Analytics you can simply hover your cursor over the Bid or Ask price of contracts in the option chains to view the premium price in volatility terms.
instead of the option prices. for example customize the option chains with the Greek risk measures Delta, Gamma, Vega, Theta, etc. tab and defining the underlying.
When created, an order row appears on the Orders tab with default values. Edit order criteria then Transmit. Order remains visible until filled. Executions can be viewed on the Trades tab. Trade in terms of volatility rather than option premium prices. order type lets you specify desired volatility and TWS calculates the limit price.
View filled orders for current trading session. For Spreads use the plus icon to expand and view individual fill prices for each leg. for the underlying and any of its derivatives.
leg spreads from the option chain display. Click on the bid or ask price in the option chain panel to add a call or put as a leg in creating the spread strategy. Options used in the spread are highlighted in the Option Chain. Strategy graph is drawn to the right as you specify each leg. Call designation with the drop down selections.
As you make adjustments the Order line in the Strategy Builder updates. Click Add Stock to insert a stock leg for the current underlying. Make Delta Neutral insert a stock leg for the current underlying. Make Delta Neutral will automatically add a hedging stock leg to the combo for a delta amount of the underlying.
Use the system calculated delta or specify your own. Add to Quote Panel button creates an implied price line in the Quote panel, with optional rows for each leg of the spread. ask price to create the spread order or transmit directly from the Strategy Builder. This implied quote line can be added to any TWS Quote monitor or watchlist. You can Transmit the order directly from the Strategy Builder tab or choose to add to the Quote Panel.
Always check your trade before transmitting. Hold your mouse over the Contract field to verify which option contracts will be sold and which will be purchased. use a positive limit price.
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.
collects a credit from the other side of the trade. Credit or Debit spreads are identified in the Strategy Builder, order row and on the Order Confirmation window. Right click on the complex spread line and select Close button. Note color of close button indicates whether you will buy or sell to close. Spread remains marketable when all legs are marketable at the same time. missing bid or ask price in the spread implied price indicates one or more of the legs have become unmarketable.
click on the order row and select Check Risk to monitor the potential change in your risk profile. For a more complete risk profile, use the IB Risk Navigator. before you submit the trade. also a check box to open the Performance Profile. This integrated performance profile, allows you to quickly and efficiently compare, analyze, and modify these strategies before placing your trades. to any of the Greeks or select a future date between now and the last trading date.
the Greeks, and the volatility of a position. price move and expiration date for various scenarios.