{"id":225138,"date":"2025-06-05T09:30:00","date_gmt":"2025-06-05T13:30:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=225138"},"modified":"2025-06-06T03:39:52","modified_gmt":"2025-06-06T07:39:52","slug":"ibkr-toolbox-using-the-option-strategy-lab-in-tws","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/options\/ibkr-toolbox-using-the-option-strategy-lab-in-tws\/","title":{"rendered":"IBKR Toolbox: Using the Option Strategy Lab in TWS"},"content":{"rendered":"\n<p>The Interactive Brokers Option Strategy Lab is a sophisticated analytical tool the analyzes the investor\u2019s market predictions and identifies potentially profitable option strategies based on those predictions. The Option Strategy lab can be accessed on the Trader Workstation (TWS) by going to the \u201cNew Window\u201d icon in the top left of the screen, scrolling down to the Option Tools area, highlighting Option Analysis and clicking on \u201cOption Strategy Lab\u201d.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"644\" height=\"384\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/option-strategy-lab.png\" alt=\"option strategy lab\" class=\"wp-image-225139 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/option-strategy-lab.png 644w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/option-strategy-lab-300x179.png 300w\" data-sizes=\"(max-width: 644px) 100vw, 644px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 644px; aspect-ratio: 644\/384;\" \/><\/figure>\n\n\n\n<p>The strategy scanner will appear where the investor can set up their forecast by entering the symbol, then defining their market view by choosing the forecast timeframe (expiration), selecting either price or volatility, then selecting the predicted action. For price the investor can choose between drop, rise, be rangebound, or move at least and then enter the amount in percentage or dollar format. If the investor chooses volatility they choose between drop or rise.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"590\" height=\"632\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/strategy-scanner.png\" alt=\"strategy scanner\" class=\"wp-image-225140 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/strategy-scanner.png 590w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/strategy-scanner-300x321.png 300w\" data-sizes=\"(max-width: 590px) 100vw, 590px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 590px; aspect-ratio: 590\/632;\" \/><\/figure>\n\n\n\n<p>The results can be filtered by premium, delta, strike, and expiration. Once ready the investor clicks on the Done button at the bottom of the screen and the Option Strategy Lab Screen will populate with recommended strategies.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"936\" height=\"624\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/option-strategy-lab-scanner.png\" alt=\"option strategy lab scanner\" class=\"wp-image-225141 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/option-strategy-lab-scanner.png 936w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/option-strategy-lab-scanner-700x467.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/option-strategy-lab-scanner-300x200.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/option-strategy-lab-scanner-768x512.png 768w\" data-sizes=\"(max-width: 936px) 100vw, 936px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 936px; aspect-ratio: 936\/624;\" \/><\/figure>\n\n\n\n<p>The Option Strategy Lab consists of six areas. At the top is a table of the strategies that may be suitable given the investors predictions. The investor can check off up to five strategies they would like displayed on the Strategic Performance Comparison chart. The table also shows several data points such as expected profit, probability of profit, maximum loss, and maximum gain. The probabilities can be adjusted to see either market implied or based on the investors forecast. It\u2019s important to note that the investor can always edit the scanner by clicking on the edit scanner button in the top left-hand side.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1000\" height=\"200\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/edit-scanner.png\" alt=\"edit scanner\" class=\"wp-image-225142 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/edit-scanner.png 1000w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/edit-scanner-700x140.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/edit-scanner-300x60.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/edit-scanner-768x154.png 768w\" data-sizes=\"(max-width: 1000px) 100vw, 1000px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1000px; aspect-ratio: 1000\/200;\" \/><\/figure>\n\n\n\n<p>The next area consists of the Strategy Adjustment\/Order Entry Panel on the left and the Price Target Chart on the right.<\/p>\n\n\n\n<p>The Strategy Adjustment\/Order entry panel will automatically populate with the last strategy that the investor clicks on. It allows the investor to adjust the action, ratio, expiration, strike, and right of the strategy legs as well as delete a leg and adjust the order size and price. When they are ready the investor clicks the \u201cSubmit Order\u201d to send the order.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"936\" height=\"302\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/strategy-adjustment-order-entry.png\" alt=\"strategy adjustment\/ order entry\" class=\"wp-image-225143 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/strategy-adjustment-order-entry.png 936w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/strategy-adjustment-order-entry-700x226.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/strategy-adjustment-order-entry-300x97.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/strategy-adjustment-order-entry-768x248.png 768w\" data-sizes=\"(max-width: 936px) 100vw, 936px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 936px; aspect-ratio: 936\/302;\" \/><\/figure>\n\n\n\n<p>The Price Target Chart is a visual representation of the price forecast with three key indicators: yellow showing the current price, red showing the target price(s) based on the investors forecast, and the blue shaded area representing the estimated price range based on one standard deviation. The vertical line can be dragged to show the range at different dates.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"868\" height=\"498\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/spy-price-target.png\" alt=\"spy price target\" class=\"wp-image-225144 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/spy-price-target.png 868w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/spy-price-target-700x402.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/spy-price-target-300x172.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/spy-price-target-768x441.png 768w\" data-sizes=\"(max-width: 868px) 100vw, 868px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 868px; aspect-ratio: 868\/498;\" \/><\/figure>\n\n\n\n<p>The bottom third of the Strategy Lab consist of the Strategy Performance Comparison Chart and the Strategy Performance Detail charts. The Strategy Performance Comparison supports comparison of up to five strategies simultaneously (selected in the table) and can be adjusted for different metrics including P&amp;L, Delta, Gamma, Vega, Theta, and Rho.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"936\" height=\"568\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/strategy-performance-comparison.png\" alt=\"strategy performance comparison\" class=\"wp-image-225145 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/strategy-performance-comparison.png 936w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/strategy-performance-comparison-700x425.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/strategy-performance-comparison-300x182.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/strategy-performance-comparison-768x466.png 768w\" data-sizes=\"(max-width: 936px) 100vw, 936px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 936px; aspect-ratio: 936\/568;\" \/><\/figure>\n\n\n\n<p>The Strategy Performance Detail Charts provide a close-up view of the selected strategy in which the investor can choose from the seven metrics and see a comparison between today and expiration day values.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"936\" height=\"590\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/strategy-performance-detail.png\" alt=\"strategy performance detail\" class=\"wp-image-225146 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/strategy-performance-detail.png 936w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/strategy-performance-detail-700x441.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/strategy-performance-detail-300x189.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/strategy-performance-detail-768x484.png 768w\" data-sizes=\"(max-width: 936px) 100vw, 936px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 936px; aspect-ratio: 936\/590;\" \/><\/figure>\n\n\n\n<p>The IBKR Option Strategy Lab is a comprehensive trading tool that helps traders identify and analyze options strategies based on their market forecasts, providing detailed metrics and visualizations to evaluate potential trades. Through its integrated interface, traders can define their market outlook, generate matching strategies, compare up to five different approaches simultaneously, and execute trades directly from the platform. The platform offers customizable performance comparisons, detailed charts, and advanced analytics, enabling traders to thoroughly evaluate strategies before execution while considering factors such as profit\/loss potential, Greeks, and time decay.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Interactive Brokers Option Strategy Lab is a sophisticated analytical tool the analyzes the investor\u2019s market predictions and identifies potentially profitable option strategies based on those predictions. <\/p>\n","protected":false},"author":914,"featured_media":225278,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[18613,6,19,8,9,26,3],"tags":[19599,19600,3456],"contributors-categories":[13576],"class_list":{"0":"post-225138","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ibkr-toolbox","8":"category-north-america","9":"category-options","10":"category-region","11":"category-securities","12":"category-text-articles","13":"category-traders-insight","14":"tag-option-strategy-lab","15":"tag-strategy-scanner","16":"tag-trader-workstation","17":"contributors-categories-interactive-brokers"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.5) - 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strategies based on those predictions.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/options\/ibkr-toolbox-using-the-option-strategy-lab-in-tws\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2025-06-05T13:30:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-06-06T07:39:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/crossroads-options-featured-img.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"563\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jeff Praissman\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta 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