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Using the OptionTrader
OptionTrader is a robust trading tool that lets you view and trade options on an underlying. Display option chains on the underlying based on the criteria you define, including strike, expiry and exchange, and view the Greeks for each option. Use the Strategy Builder to create multi-leg combination orders by clicking displayed option chains.
To open OptionTrader
By default, the OptionTrader tool (and all other tools that allow windows grouping) is linked to Group 4 (the green chain link icon). When you open the tool, it will default to the selected underlying that is currently active in that group.
- From within Mosaic, use the New Window dropdown to select More Advanced Tools at the bottom of the list, then OptionTrader.
- From with Classic TWS, use the Trading
Tools menu and select OptionTrader.
The OptionTrader opens displaying the linked/selected underlying. The toolbar,statistics panel and buttons panel can be hidden using the toggle buttons in the top right corner. Panels can also be contracted/expanded using the down/up arrows. The different sections are identified in the image above which corresponds to the following list:
- The toolbar. Hide by clicking the "T" in the toggle set.
- The toggle set. Display and hide features by clicking the buttons. "T" controls the toolbar. "B" controls the Buttons panel, and "S" controls the Statistics panel.
- The Quote Panel which shows the underlying asset. You can create orders on the underlying by clicking the Bid (sell) or Ask from the Quote Panel. New orders will be displayed in the Orders tab of the Trading panel.
- The Statistics panel, which displays option-related statistical data.
- The Buttons panel, which holds custom action buttons that you can use to initiate common actions. Once you arm the panel, any button that you had defined for instantaneous transmit in the button panel will be identified by an asterisk (*) next to the button name.
- The Trading Panel which includes tabbed pages for orders, activity log, filled trades for the day on that underlying, the Portfolio for the underlying, and the Strategy Builder.
- The Strategy Builder, which lets you create multi-leg complex spread orders without leaving the OptionTrader.
- Option chains for the underlying. These can be loaded using Tabbed View (shown) or List View, which shows all Last Trading Days in a list rather than as tabbed section.
- Load My Chains will load option chains for positions in your portfolio.
For information on loading option chains and configuring buttons and panels, see the TWS Users' Guide topics.