Use the Strategy Builder tab within OptionTrader to define and submit complex multi-leg orders that use stock and option legs, based on the current OptionTrader underlying:
- Select Strategy Builder from the Trading tab
- Add legs by clicking the Bid price (to add a Sell leg) or the Ask price (to add a Buy leg) of the desired option in the Option Chains area
- You can pick a named strategy from the Strategies list (Box, Butterfly, Calendar Spread, Iron Condor, Straddle, Strangle, Vertical Spread, etc.) to automatically create a strategy when you select the first leg
- Modify the order legs by clicking in any of the fields of the Strategy Builder tab: Action, Ratio, Last Trading Day, Strike or Type
- Please note the "D" or "C" sign next to the price that indicates if it is a debit spread or a credit spread. A credit spread (negative price) implies receiving a net payment upon execution
- Click Transmit, review the Order Confirmation with the "D" debit or the "C" credit next to the previewed Limit Price and Transmit.
Use the optional feature buttons as needed:
- Click Add Stock to add a stock leg
- Click Make Delta Neutral to add a stock leg with the delta quantity based on the system generated delta
- Click Add to Quote Panel to set up the quote line for transmission at a later time.
Find out more about the Strategy Builder in the TWS Users' Guide.