If you legged into an option combo, it is not possible in TWS to group the legs into a complex position. However, TWS offers the ability to create a combo spread order to close multiple, independent options positions (on the same underlying) as a single, complex, multi-leg order.
Use the Mosaic or Classic TWS Portfolio to select up to six independent options positions to use as legs of a new, complex, multi-leg order. Once the legs are selected, use the right-click menu and choose the “CLOSE AS STRATEGY” trading button. The Strategy Builder will open with the option’s underlying loaded in the Option Chain and the selected position “legs” highlighted. The complex position will open in the Strategy Builder Order Entry fields where you can modify as needed.
Note that you will only see the CLOSE AS STRATEGY button if:
- Option legs are on the same underlying and use the same primary exchange or multiplier.
- Futures options legs are on the same underlying contract and use the same primary exchange or multiplier.
- You select independent positions as legs. If you want to include all or part of an existing complex position in your selection, expand the position and select each leg one by one.
This feature is designed to create an order that will completely close the selected positions and calculates the order quantity accordingly based on the leg ratio. For example, if you elect to close two positions where position A has a quantity of 3 and position B of 6, the ratio is simplified to 1:2 and the position quantity is set to 3. You can modify the quantity if you prefer to close only a portion of the selected positions.
Currently this feature is only offered for individual accounts. For multiple account structures, this feature can be used if a single account is selected.