OptionTrader is a robust trading tool that lets you view and trade options on an underlying. Display option chains on the underlying based on the criteria you define, including strike, expiry and exchange, and view the Greeks for each option. Use the Model Navigator to modify the values used to calculate option prices and the Greek risk dimensions. For real-time market risk management, use the IB Risk NavigatorSM.
To open OptionTrader
From within Mosaic, use the New Window dropdown to select More Advanced Tools at the bottom of the list, then OptionTrader.
From with Classic TWS, use the Trading
Tools menu and select OptionTrader.
The OptionTrader opens for the selected underlying. The toolbar,statistics panel and buttons panel can be hidden using the toggle buttons in the top right corner. Panels can also be contracted/expanded using the down/up arrows. The different sections are identified in the image below which corresponds to the following list:
The Quote Panel which shows the underlying asset. You can create orders on the underlying by clicking the Bid (sell) or Ask from the Quote Panel.
Set of toggle buttons to hide/show the toolbar, button panel and statistics panel.
The Statistics panel, which displays option-related statistical data.
The Buttons panel, which holds custom action buttons that you can use to initiate common actions. Once you arm the panel, any button that you had defined for instantaneous transmit in the button panel will be identified by an asterisk (*) next to the button name.
The Trading Panel which includes tabbed pages for orders, activity log, filled trades for the day on that underlying, the Portfolio for the underlying, and the Combo tab that lets you create a combination spread without leaving the OptionTrader.
Option chains for the underlying. Specify the strike(s), expiry(ies) and exchange(s).
For information on loading option chains and configuring buttons and panels, see the TWS Users' Guide topics.