Option Trades in Scottrader
To place an option trade using Scottrader, click the Trade button in the Quote Grid window or click any of the Buy or Sell links located in Trading columns throughout the account management windows. When you're placing an options order:
1. Using the drop-down menu in the upper left corner of the Trade window, select the account in which you want the order to be submitted.
2. From the Trade window, click the Options tab.
3. Using the Market Side drop-down menu, choose to Buy to Open, Buy to Close, Sell to Open or Sell to Close.
4. Click inside the Symbol and enter an underlying symbol in the field provided.
5. Choose whether you would like to view call or put option contracts.
6. Choose from the available expirations.
7. Select a strike price.
8. Enter the Quantity you would like to purchase. Remember, the standard contract multiplier for options is 100, so if you enter 2 in this field, your transaction will be 200 shares.
9. Select your order type. Your choices are market, limit, stop, stop limit or trailing stop. If applicable, enter a limit price, stop price, trail type (points or percent) and trail amount.
10. Select the duration for your order from the Time In Force drop-down menu. Choose Day, Good Until Canceled (GTC) or Good Until Date (GTD). Your trading session will be automatically displayed.
11. To submit your options order, click Place Order.
To modify or cancel an order before it has been executed, click Open Orders in the top left of the main Scottrader quotes screen. Next to the order you want to change, choose the Modify or Cancel link.
To configure your order entry fields with pre-set information, click the Configure link in the Trade window. Once you have configured your trading functionality, selected order entry fields will auto-fill according to your chosen default settings.
To Place an Advanced Options Trade Order:
1. From the Trade window, click the Advanced tab. Select Option from the Security Type drop-down menu.
2. Choose your order type: Conditional, One Cancels Other (OCO) or One Cancels All (OCA). Conditional orders are displayed one above the other, and OCO and OCA orders have tabs for each order.
Placing a Conditional Option Orders:
1. Complete the order information.
2. In the If The Following Event Occurs area, complete the condition for the order:
To add more than one condition, click the plus sign (+) next to Add Condition, and complete the next condition.
Placing One Cancels Other Option Orders:
1. On the Order 1 tab, complete the order information.
2. Click the Order 2 tab. Complete the order information.
3. To submit the One Cancels Other option order, click Place Order.
Placing a One Cancels All Option Orders:
1. On the Order 1 tab, complete the order information.
2. Click the Order 2 tab. Complete the order information.
3. Click the Order 3 tab. Complete the order information.
4. To submit the One Cancels Other option order, click Place Order.
To modify or cancel an order before it has been executed, click Open Orders in the top left of the main Scottrader quotes screen. Next to the order you want to change, choose the Modify or Cancel link.
To configure your order entry fields with pre-set information, click the Configure link in the Trade window and choose the Trade Configure tab. Once you have configured your trading functionality, selected order entry fields will auto-fill according to your chosen default settings.