OptionStation Pro

Real Positions Panel

The Real Positions panel is where your live trades will be listed for your entire portfolio of positions. When new single legs arrive in the Real Positions panel, each is placed in a separate single spread. You can combine leg positions into named real spreads and group your portfolio of positions (your positions will be grouped by the Underlying symbol by default; see SpreadMaster for details).

Loading the Underlying Symbol

You can load the underlying option chain in the Symbol box. From the Real Positions panel, right-click anywhere on the desired position row or leg row, and select Load Underlying Option Chain from the shortcut menu.

Viewing Real Positions in the Risk Graph

OptionStation Pro will automatically turn on the check boxes on the left of the Real Positions panel for all option root symbols that match the underlying symbol. This allows you to view positions in the 2D Graph or 3D Graph as a single leg or any combination of them.

Check to display the selected position or leg in the graph.

Any positions checked in the Real Positions panel will also show in the Graph, combined with any Theoretical Positions you have checked. This feature can be very helpful to see how a position would be affected if you added or subtracted one or more legs to the spread, and allows you to view how any potential trade adjustments would affect your position.

Real Position Columns

Real positions spread heading columns can be added, removed, sorted, repositioned, copied to your clipboard, and exported to Microsoft Excel.

VIDEO - Real Positions - Customizing and Formatting Columns
Learn how to format columns in the Real Positions panel. For more information, see Formatting Columns.

You can drag the Underlying, Account, or spread Type columns into the top area of the Real Positions panel to group a portfolio of positions.

VIDEO - Real Positions - Grouping Positions by Underlying, Account and Spread Type
Learn how to group positions by the Underlying, Account, and spread Type columns. For more information, see SpreadMaster.

Default columns (in alphabetical order)

Account - The TradeStation account number for each real position. You can drag this column to the top area of the Real Positions panel to group your positions by account number.
Description - Describes the spread by the direction, symbol, option term, strikes, and option type (put or call) that it contains. Mini option spreads will display a (10) in the description field following the underlying asset, while standard-sized option spreads do not have the size listed.
Est Closing Cost - The estimated cost of closing the real position.
Est Closing P/L - The estimated profit or loss (P/L) of closing the real position.
Expiration - The expiration date of the position. If the position contains options with different expiration dates, the earliest date is displayed. You can sort positions from earliest to latest or from latest to earliest.
Trade Cost - The real position's aggregate trade cost.
Type (in the Leg row) - The name of the leg type (Equity, Put, Call).
Type (in the Position row) - The name of the position type (Equity, Single, or the spread name).
Underlying - The symbol of the underlying asset. It displays in the top area of the Real Positions panel by default, allowing you to group your positions by the underlying symbol. Group subtotals are displayed in the underlying group row.
Underlying Last - The real-time underlying last price.

Other available columns (in alphabetical order)

Ask - The current ask (offer or sale price) of the call or put option for the spread.
Bid - The current bid price of the call or put option for the spread.
Custom Name - The custom name you define.
Days to Exp - The number of days to expiration an option has left. Blanks are displayed for equity positions.
Delta - The Delta option sensitivity of the real position.
Est Closing P/L % - The estimated closing P/L in percentage format. N/A is displayed if the trade cost is zero, which avoids a divide by zero condition.
Est Closing Price - The estimated price of closing the real position.
Gamma - The Gamma option sensitivity of the real position.
ITM - Displays ITM when at least one option within an underlying group is In-The-Money (ITM).
Max Reward - The maximum potential gain of the real position.
Max Risk - The maximum potential loss of the real position.
Mid - The mid price is the average of the bid and ask prices.
Mkt Price - The current market price/premium of the position. See Displaying Market Price.
Mkt Value - The current market value of the real spread position. For options: (spread price * number of spreads in position * number of shares per contract). For equities: (stock price * number of shares).
Pos Delta - The total Deltas of a position (single spread Delta * number of spreads in position * number of shares per contract).
Pos Gamma - The total Gammas of a position (single spread Gamma * number of spreads in position * number of shares per contract).
Pos Rho - The total Rho of a position (single spread Rho * number of spreads in position * number of shares per contract).
Pos Theta - The total Thetas of a position (single spread Theta * number of spreads in position * number of shares per contract).
Pos Vega - The total Vega of a position (single spread Vega * number of spreads in position * number of shares per contract).
Pos Volatility - The value of the volatility calculation being used as the source to the options pricing model.
Reward/Risk Ratio - The ratio of the max reward divided by the max risk.
Rho - The Rho option sensitivity of the real position.
Risk/Reward Ratio - The ratio of the max risk divided by the max reward values.
Theta - The Theta option sensitivity of the real position.
Trade Price - The aggregate trade price for the position (on a per spread basis).
Vega - The Vega option sensitivity of the real position.
Volatility Mode - The type of the volatility calculation being used as the source to the options pricing model.

Real Position Rows

Beneath the position spread headings are the legs that make up your option holdings for the current underlying symbol.

To show or hide leg column headers:

Right-click on a leg row and select Show Column Headers from the shortcut menu.

Leg columns include the following values from left to right:

Side – Shows the side (long or short) of each leg.
Qty - Shows the number of contracts in each leg.
Expiration - Shows the expiration term of each leg.
Strike - The Strike column shows the strike price of each position leg. For equity positions, this column is blank.
Type - Indicates whether the options in the leg are Calls or Puts.
Symbol - The symbol for each position leg. Refer to OSI Symbology in the glossary for full symbol definitions.
- Underlying Asset - The symbol; for example, AAAA. Note that a 7 at the end of the asset indicates a mini option.
- Expiration Date - The date format is YYMMDD; for example 160701 is July 1, 2016.
- Option Type - Displays C for call or P for put.
- Strike Price - 180
ITM Amount - Shows how much, in points, an In-The-Money option is In-The-Money. This is also referred to as an option’s intrinsic value.
ITM % - Shows an option’s In-The-Money amount in percentage format.
Exercise Value - Shows the exercise value of each option leg.
SPC - The Shares Per Contract (SPC) column displays the contract specific deliverable. Most equity options have 100 shares per contract. For mini options, the shares per contract will be 10.

Leg Controls

VIDEO - Real Positions - Closing and Rolling Positions
Learn how to close and roll positions and option legs. For more information, see SpreadMaster.

Click the on the right side of each leg row for the leg controls:

Split
1. Click on the desired leg and select Split. This will split a leg with a quantity of two of more into two separate legs.
2. Adjust each spread independently to any quantity that sums to the original leg quantity.
Remove
Click on the desired leg and select Remove Leg. This takes the leg out of the spread and puts it back into its own single spread.
Close
1. Click on the desired leg and select Send to Order Bar - To Close this Leg. This will send your closing order for the leg to the Order Bar.
2. From the OptionStation Pro Order Bar, select your order criteria. The Confirmation dialog displays with the order details of your closing trade.
Roll
1. Click on the desired leg and select Roll Leg. This will send your rolling order for the leg to the Order Bar.
2. From the OptionStation Pro Order Bar, select your order criteria. The Confirmation dialog displays with the order details of your closing trade.

Real Spread Controls

You can re-combine legs into real positions using OptionStation Pro's SpreadMaster feature. For example, you can create named spreads from existing legs to make it easier to keep track of your positions and close or roll them with a single order. You can also drop a position into an existing position so you don't have to drag individual option legs to combine positions.