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:
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. The same logic applies to the Strike-selection.
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 immediately passed to the OptionTradingPad. All you need to choose is the Quantity of how many of these options you want to trade.
If your datafeed is providing real-time information about the option you chose in the „Order General Settings“, the current Bid and Ask price is shown in this field, so you quickly can see the latest price of the selected option.
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
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.
This button currently is without any function, in the future with this button you will be able to open the advanced options trading pad, with which you will be able to easily and efficiently trade option combinations like straddles, strangles, spreads, butterflies, etc.