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Advisors can use the Write Options tool to quickly see all of their sub-account’s long and short positions and to write options orders against their uncovered stock.
Open the Write Options tool
- From Mosaic: Use the New Window drop down and select More Advanced Tools and then select Write Options.
- From Classic TWS: From the Trading Tools menu, scroll to the Options Focus section and select Write Options.
Advisors will see the Select Account dropdown that lists all of their Account Groups and individual sub-accounts.
To use the Write Options tool
- Select an Account Group, an individual sub-account, a Model or All accounts.
- Describe the options to buy and sell:
- If you are writing covered calls on your long stock positions, note that you can also choose to buy protective puts to create a collar combo.
- If you are writing covered puts on short positions, you can also elect to buy protective calls to create a collar combo.
- Confirm or modify any conditions on the options and click Refresh to update the list of options to write.
- The Review Options to Write list includes any positions for the account(s) you selected, the quantity of the position that is uncovered (has no options written against it) and the options that meet the criteria specified. Note that all options are selected by default. Click a check box to deselect the option for any account.
- Click the pencil icon next to the option to open the Option Chains and select a different option to buy or sell.
- Review or change the Order Type and price information and click Create Orders.
- Orders will display in the Orders panel; click Transmit All to submit, or submit one order at a time using the Transmit button in the Status field.