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Use the Strategy Builder tab within OptionTrader to define and submit complex multi-leg orders that use stock and option legs, based on the current OptionTrader underlying.
To create a combo order
1. Select Strategy Builder from the Trading tabset.
2. Add legs by clicking the desired option in the Option Chains area.
Click the Bid price to add a Sell leg; click the Ask price to add a Buy leg.
Note: You can quickly modify the Action, Last Trading Day, Strike or Put/Call designation using the drop-down arrow in the Combo window.
3. Use the optional feature buttons as needed:
To make the combo delta neutral
1. Click Make Delta Neutral at the top of the Strategy Builder window.
Note: The stock leg is added at the bottom of the window, and the hedging quantity is generated automatically using the system calculated delta. If you modify the delta the stock leg quantity will change, and if you modify the stock leg quantity the delta value will update.
2. Modify the prices if needed. The Net Option Price is the limit price for the combo's option legs only. The Stock Price is displayed separately.
3. Choose to Transmit the delta neutral combo, or add the combo line to the Quote Panel.