With this new pad you can send option-orders very easily to your broker. The pad is accessible from the ChartToolbar and also directly from the ActionBar:
CHOOSE AN OPTION (MANUALLY)
The „Instrument“ field in the „Order General Settings“ is a read-only field, so you cannot change it directly. This field will get updated according to the changes you are doing below. So you can select the order quantity, if you want a Put or Call option. In addition, for the expiry if you open the drop-down menu, you will see all expiries available for this underlying. Same logic applies to the Strike-selection.
CHOOSE AN OPTION (SYNC FROM OPTION CHAIN)
To choose a specific option you want to trade, you can select the instrument you want directly in the OptionChain (described in 2.c) – then Expiry and Strike will be immidiately passed to the OptionTradingPad. All you need to choose is the Quantity how many of these options you want to trade.
REALTIME OPTION DATA
If your datafeed is providing realtime information about the option you chose in the „Order General Settings“, current Bid and Ask price is shown in this field, so you quickly can see the latest price of the selected option.
ORDER TYPES AND ORDER EXPIRY
These settings are the same as for any other order in stocks, futures, etc. – you can place Market, Stop, Limit and StopLimit orders for options. They will be triggered, if the option-price reaches the specified level (so they are not triggered by the underlying price, but by the price of the actual option for which you are creating an order). The order expiry simply manages, how long your order should be valid:
- Gtc = Good Till Cancel
- Day = Valid until end of day
- Gtd = Good Till Date
- Ioc = Immidiate or Cancel
BUY / SELL
Click the Buy / Sell buttons, to transmit your order to the broker. If you activate the „Out RTH“ checkbox, your order is allowed to be filled outside of regular trading hours – your broker is responsible for these executions.
TRADE OPTION COMBINATIONS
This button currently is without any function, in future with this button you will be able to open the advanced option trading pad, with which you will be able to easily and efficiently trade option combinations like straddles, strangles, spreads, butterflies, etc.