How do I use the OptionTrader?

Question

Accepted Answer

Use the OptionTrader to view and trade options on an underlying.

To create an options order:

Open the OptionTrader from the New Window button in Mosaic, or the Trading Tools menu in Classic TWS.
The OptionTrader opens displaying the linked/selected underlying. To enter or change the underlying type the symbol in the box in the top-left of the window, hit Enter and select the product.
Use the settings along the top of the Option Chains to view a different expiration date, include or exclude weeklies/quarterlies, change the view (between Tabbed view and List view), or change the number of strikes, exchange and trading class as desired.
Click the Bid price (to create a Sell order) or the Ask price (to create a Buy order) from the Calls or Puts side of the Option Chain.
In the Order Ticket, modify the option price, quantity, and order type as desired and click Transmit to transmit the order.

Display option chains on the underlying based on the criteria you define including strike, expiry and exchange, and view the Greeks for each option. Use the Strategy Builder to create multi-leg combination orders by clicking on the displayed option chains.

Use the "T", "B" and "S" toggle buttons in the top-right corner to display/hide the toolbar, statistics panel and buttons panels
Quote Panel shows the underlying asset. Create orders on the underlying by clicking the Bid (sell) or Ask (buy) from the Quote Panel. New orders will be displayed in the Orders tab of the Trading panel
Statistics panel displays option-related statistical data
Buttons panel holds custom action buttons that you can use to initiate common actions. Once you arm the panel, any button that you define for instantaneous transmission in the panel will be identified by an asterisk (*) next to the button name
Trading panel includes tabbed pages for Orders, activity Log, filled Trades for the day on that underlying, the Portfolio for the underlying, and the Strategy Builder
Strategy Builder lets you create multi-leg complex spread orders without leaving the OptionTrader
Option Chains for the underlying can be loaded using Tabbed View or List View
Click "Load My Chains" to load option chains for positions in your portfolio.

Note

MIFID II rules require that Interactive Brokers in Europe and the UK provide its retail clients with a reasonable estimate of the costs and charges related to products and services offered. Since it is mandatory, IBKR has implemented it in all IBKR trading platforms to show the option for the clients to see Ex-ante Costs and Charges disclosure. Clients can see this prompt as a hyperlink named “Cost Impact” at the time of placing orders and will not be able to transmit an order instantaneously.

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