Interactive Brokers

WebTrader 6.0 Release Notes

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WebTrader Release 6.0 includes the following enhancements:

Spread Orders

Beginning with this release, you can create spread orders in WebTrader. There are three ways to create a spread order:

  • Manually create a spread order from the Spread tab in the Order Management Panel (only if Custom is the selected strategy).
  • Select a strategy on the Spread tab in the Order Management Panel.
  • Directly from an option chain displayed on the Options page. You can also select a strategy when you use this method.

Manually Create a Spread Order from the Spread Tab in the Order Management Panel

  1. Expand the Order Management Panel, then click the Spread tab.
  2. Select Custom from the Strategy drop-down.
  3. Select an Action, then enter a symbol and click Go. From the drop-down, select the contract you want to use as the first leg of the spread order.
  4. Click the green Plus Sign on the right side of the first leg of your order to add a second leg.
    Click the red Minus Sign on the right side of a leg to remove that leg from the order.
  5. For the second leg, select an Action, then enter a symbol and click Go. From the drop-down, select the contract you want to use.
    The fields below the two legs (Action, Quantity, Net Price, etc.) will fill automatically.
  6. Click Preview Order, then submit your order from the preview window.
    If you have Expert Mode turned on, click Submit Order to submit your order without having to preview it.

Create a Spread Order with a Pre-selected Strategy from the Spread Tab in the Order Management Panel

  1. Expand the Order Management Panel, then click the Spread tab.
  2. Select a strategy from the Strategy drop-down menu. The following strategies are supported:
    • Add to Arbitrary - Select this strategy to add a leg to an existing spread order. If you choose this strategy, you will have to manually enter an Action (DEBIT or CREDIT) and a Net Price.
    • Box
    • Butterfly Call
    • Butterly Put
    • Buy Write
    • Calendar
    • Conversion/Reversal
    • Diagonal
    • Iron Condor
    • Risk Reversal
    • Straddle
    • Strangle
    • Synthetic Call
    • Synthetic Put
    • Vertical
  3. Enter a symbol and click Go. From the drop-down, select the contract you want to use as the first leg of the spread order.
  4. The legs of your spread order are entered for you. The first row represents the primary leg.
  5. Modify the spread order as necessary, then click Preview Order, then submit your order from the preview window.
    If you change the Expiry, Strike or Put/Call, WebTrader reloads the legs of your spread order accordingly.
    If you have Expert Mode turned on, click Submit Order to submit your order without having to preview it.

Create a Spread Order from an Option Chain

  1. Click the Options tab, then add a new tabbed page for each desired underlying.
  2. Click an expiry to view its option chains.
  3. Click the blue triangle symbol next to the Bid or Ask on the CALL or PUT side.
  4. Select a strategy from the drop-down menu that appears. The following strategies are supported:
    • Add to Arbitrary - Select this strategy to add a leg to an existing spread order. If you choose this strategy, you will have to manually enter an Action (DEBIT or CREDIT) and a Net Price.
    • Box
    • Butterfly Call
    • Butterfly Put
    • Buy Write
    • Calendar
    • Conversion/Reversal
    • Diagonal
    • Iron Condor
    • Risk Reversal
    • Straddle
    • Strangle
    • Synthetic Call
    • Synthetic Put
    • Vertical
  5. The Order Management Panel opens to the Spread tab and the legs of your spread order have already been entered for you. The first row represents the primary leg.
  6. Modify the spread order as necessary, then click Preview Order, then submit your order from the preview window.
    If you change the Expiry, Strike or Put/Call, WebTrader reloads the legs of your spread order accordingly.
    If you have Expert Mode turned on, click Submit Order to submit your order without having to preview it.

Note on pricing: If you buy a spread and you owe cash (debit spread), enter a positive limit price. If you buy a spread and you receive cash (a credit spread), you must enter a negative limit price. Conversely, if you sell a spread and receive cash, enter a positive limit price. If you sell a spread and owe cash, you must enter a negative limit price.


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