OptionStation Pro

SpreadMaster

In OptionStation Pro, SpreadMaster refers to the ability to reconstruct two or more filled option legs into named spreads so that you can manage your Real Positions. You can view your Real Positions in the 2D and 3D analyzer to display a fully customizable risk graph of your real position legs and can combine them with theoretical positions allowing you to evaluate the potential of a modified or expanded position.

Why SpreadMaster

When theoretical positions are filled in the market they are stripped of their position name (identity) and single legs are returned to the Real Positions panel. You, the options trader, became responsible for manually tracking the individual legs and trying to make sense of how each combination related to the original theoretical position they were based on. With OptionStation Pro, you can easily combine filled leg positions into real position spreads making it easier to manage your leg positions.

Overview of SpreadMaster Features

• Automatic naming of spreads using Standard Spread Recognition Logic (SSRL)
• The ability to close all legs in a real position spread with a single spread order (with four or less legs)
• The ability to split an option leg into two separate legs and independently adjust the quantity of each leg
• The ability to merge spread legs that are identical, except leg quantity
• The ability to monitor all of your real positions across all of your accounts all of the time
• The ability to drop a spread into an existing spread and break it back down into singles

Creating a new position

Step 1: Create a new and empty real position.

1. Click the Actions button to the right of a position row.
2. Select Create New Position from the pop-up menu.
3. A spread named Custom will appear.

   

Step 2: Add legs to the new position.

1. Drag legs onto the new Custom position title row one at a time.
2. A + sign will appear to the left of the Custom position row indicating where the leg will be added.

   

For each leg added, the spread will automatically be renamed as determined by the combination of leg sides, prices, and expirations. For example, the name of the Custom spread will change to Single when the first option leg is added.

Managing your positions

You can monitor all of your real positions across all of your accounts all of the time. The positions can be grouped according to Underlying, Account, spread Type, or any combination of the three. Positions will be grouped by the Underlying symbol by default.

To group a portfolio of positions, drag the Underlying, Account, or spread Type columns into the top area of the Real Positions panel. For example:

1. To group the Type column under the Underlying column, drag the Type column underneath the Underlying column.

   

2. The Type column is now grouped under the Underlying column.

   

When you drag a column to the top area to change the grouping, the rows below will update to show the new grouping.

If two columns are dragged up to the top, the Real Positions panel will be grouped by the top column first and then sub-grouped by the second column.

You can click the arrows next to the column names to change the grouping.

Dragging and dropping positions inside of positions

You can drop a position into an existing position so you don’t have to drag individual option legs to combine positions.

OptionStation Pro automatically deletes the empty position for you.

Sending an order to Close a real position

1. Click the Actions button to the right of a position row.
2. Select Close this Position from the pop-up menu.
   
3. The Order Bar will open with the position information displayed.
4. From the Order Bar, click the Place Order button.
5. Review the order shown in the Confirm dialog. When you are ready, click Yes to send the order to the market.

Rolling a real position

• Click the Actions button for the desired position, then select Roll this Position.
  
  The Order Bar will appear with your order to roll the entire position. Your order will be automatically filled in and ready to trade.

Resetting a real position

• Click the Actions button to the right of a position row and select Reset Position from the pop-up menu. This will reduce a multi-leg Real Position to single positions for recombination at a later time.

Merging common legs within a real position

• Click the Actions button to the right of a position row and select Merge Common Legs from the pop-up menu.
  
  Individual common legs within the real position (i.e., those that represent the same side, type, price, and expiration) will have their quantities added together into a single leg.

Splitting legs within a real position

• Use the button on the right side of each leg row to split the leg into additional legs, remove a leg, send an order to close the leg, or roll the leg.

Locking a real position

• Click the Actions button to the right of a position row and select Lock Position from the pop-up menu.
  
  A lock icon will appear to the left of the position row indicating that the real position and its legs are locked and cannot be accidentally added to or removed without first unlocking.