Options Spread Trade Bar

Orders for options spreads can be placed directly from the Options tab of the Trade Bar once your TradeStation account has been enabled for trading equities, options, and index options. The Options Spread Trade Bar also is available by clicking on a cell in the Bid or Ask column of an Option Chain page in RadarScreen when the Option Chain page is displaying prices of an options spread.

 Access from the Trade Bar and click Spreads, or use the shortcut menu and select Place Order.

 Access from an Option Chain page in RadarScreen by selecting a spread type from the Spread dropdown on the Option Chain page and then clicking on cell in either the Bid or Ask column.

Name  

Displays the selected spread's name.

  • To add a name or change a name, type the name in the Name box.

Symbol  

Displays the symbol of the underlying stock or index.

  • Symbol - Verify that the desired symbol is displayed. Enter the equity or index symbol of the underlying of the base leg of your option spread.
  • Lookup button (magnifying glass icon) - Launches the Symbol Lookup dialog.
  • Last, Net Chg, Net Chg %, Bid, and Ask - These values are displayed for the underlying symbol.
  • Lock Quantity - Check this box to force the quantities of legs of a spread to be incremented or decremented in lockstep when the quantity of any leg is changed. This maintains the ratios of the quantities of the legs of the spread.
  • Activation Rule - Check this box and ciick the ellipsis button to set an activation rule for the order.
  • Add Leg button - Click this button to add a row to the Spread Trade Bar's grid. Use the symbol lookup (magnifying glass) button to look for an option symbol. After the option symbol has been added to the row then the Action, Expiration, Strike, and Type of the option can be modified. Use the red "X" at the end of the row to remove a leg, as necessary.

Column Headings  

Contains the various columns that support the legs of the spread.

  • Symbol - Displays the option's symbol for each leg of the spread. The symbol updates automatically when the fields described below are modified.
  • Action - Select the trading action for the leg.
  • Quantity - Select the number of contracts of the leg.
  • Expiration - Select the expiration date for the option. W, M, and Q (for Weekly, Monthly and Quarterly) signify the option term of each expiration date.
  • Term - Displays the term of the option.
  • Strike - Select the strike price for each leg of the spread using the drop-down list.
  • Type - Select the option type (Call or Put) for each leg of the spread using the drop-down list.
  • X - Click the red X at the end of a row to remove the leg on that row.

Note: Any row in the Spread Trade Bar may be highlighted with a red background if an invalid combination of expiration date, strike price, and option type is selected. An "Invalid Option" message will appear near the lower left-hand corner of the Spread Trade Bar. Modify your selected expiration date, strike, and/or option type so as to select a valid option for trading.

Order Settings  

  • Order Type - Select the type of order for the spread using the drop-down list.
  • Limit Price - For limit and stop-limit orders, you can enter the limit price directly by typing in the Limit price box, or click the Natural or Mid button, or select the limit price using the or   arrows ("spinner buttons").
  • Stop Price - For stop and stop-limit orders, you can enter the stop price directly by typing in the Stop price box, or click the Natural or Mid button, or select the stop price using the or   arrows ("spinner buttons").
  • Natural (button) - Click this button to automatically populate the limit price box or stop price box, whichever is active. The natural price is the bid price for option sales and the ask price for option purchases.
  • Mid (button) - Click this button to automatically populate the limit price box or stop price box, whichever is active. The natural price is the bid price for option sales and the ask price for option purchases. The mid price is the price halfway between the bid price and the ask price.
  • Route - Select the route for the spread order using the drop-down list.
  • Duration - Select the time in force (TIF) for the spread order using the drop-down list.
  • Account No. - Select the desired account number using the drop-down list.

  • Place Order - Places the spread order.
  • Stage Order - Stages the spread order.

 Click Cancel to exit without placing or staging the order.