Select a stock or index, then choose the Trade or Options button. From the Options menu, select the strategy you want. Single Option Strategy Note: Single options can only be bought, not sold. Naked short positions are not supported. - Select Single Options.
- Choose Call or Put from the drop-down menu next to the strategy selector.
- Choose the Bid or Ask price.
- A new window will open where you can set the order type, price, number of contracts, and Time-in-Force.
Multi-leg Strategies
Available strategies: Covered Option (protective put only), Long Straddle, Long Strangle, and Collar (with stock). - Tap the strategy you want to trade.
- Select the expiration date, strike price(s), and bid/ask price.
- Set the order type, price, and number of contracts.
- Tap Buy or Sell.
Note: Selling an option strategy is only available once the corresponding order has been filled, i.e., you're closing an existing position, not opening a short.
Mobile App - Open the mobile app.
- Tap Markets.
- Tap the Search bar.
- Enter the Equity or Index you want to trade.
- The Equity or Index will open under the Chart header.
- Tap the green Options button, or select Options from the top bar.
- The order book screen will appear.
- Depending on the underlying Equity or Index, the drop-down menu at the bottom of the screen will display the available trading options strategies. These may include single options or multi-leg strategies such as Covered Option, Long Straddle, Long Strangle, and Collar (with stock).
Desktop App - Open the desktop app.
- Click the Search bar.
- Enter the Equity or Index.
- The chart header will appear.
- Click on the Options button in the top bar, next to Chart.
- The order book screen will appear. Below it are three tabs: Orders, Positions, and Order Entry.
- Choose your options strategy from the drop-down menu below the top bar (default: Single).
- The construction of the selected strategy will be displayed under Order Entry.
- In Order Entry, adjust Quantity, Side (buy/sell), Order Type (market/limit), and Limit Price (if applicable).
- Once the strategy, strike price(s), legs, and other parameters are set, place the order.
For both mobile and desktop Before confirming any trade, a confirmation window will display the full details of the contract or strategy: its construction and legs, estimated transaction fees, total debit and the underlying price range required to realize a profit. It will also clearly state the maximum loss.
Review this screen carefully before confirming, it's your last checkpoint before execution.
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