Option Trading
The Options Order Entry page is where you begin the option order process. Click the Trade tab at the top, then click Options from the menu bar on the left.
Placing an Order
1. In the Buy/Sell field, choose whether you would like to Buy to Open, Buy to Close, Sell to Open or Sell to Close.
2. In the Contracts field, type the number of contracts you would like to purchase. Keep in mind, options contracts have a standard multiplier of 100. This means that if you type "1" in the Contracts field, your contract will be on 100 shares of the underlying security.
3. Type the symbol of the underlying security. Use the Find Symbol tool to the right of the Underlying Symbol field if you'd like to see all available contracts on a particular underlying.
In the Symbol Lookup tool, enter the symbol you'd like to trade. A list of all available options contracts will come up. Mouse over a contract to see more information, including a link to trade that contract. If you click trade, you will return to the Options Order Entry screen, where the information for your contract will be populated for you.
In addition, when you've chosen your contract in the Symbol Locator, you'll see price and bid/ask information for your selected symbol back on the Options Order Entry screen.
4. The next three fields are Call/Put, Expiry and Strike. Make sure you input your underlying symbol before you complete these fields. Different symbols will offer different expiry dates and strike prices, and the drop-down menus will only show you contracts that are available for your chosen symbol.
5. Next, choose your Order Type. Your choices are Market, Limit, Stop and Stop Limit. If you select Limit or Stop, a field will appear below the Order Type drop-down so you can enter your price. If you choose Stop Limit, you will be able to enter both a Stop price and a Limit price. For more information about what these order types mean, visit the Basic Orders section of the Knowledge Center.
6. Choose your order duration, and mark whether you would like this order to place as AON, or All or Nothing. AON means that unless your order can be filled in its entirety at the same time, it will not be filled at all.
Reviewing Your Order
When you've completed the Options Order Entry page, click Review Order to review your order before placing it.
You will see the full order written out, in addition to your estimated commission and total order cost. From this screen, you have the option of placing the order, making further changes, or cancelling the order.
Printing the Order Confirmation Page
To print the details of an order from the Options Order Confirmation page, click the Print button on the page. Your browser's Print dialog box is shown.
The Check Order Status link will take you to the Order Status page so that you can check on the status of the order.
The Place Another Trade link will take you back to the Options Order Entry page so you can place additional orders.
Research - Option Chains
You can do some quick research right from the Options Order Entry page with the Option Chains tool. Simply click the Option Chains link to the right of the Underlying Symbol field to get started.
Type the symbol of the underlying security you would like to view and click Go. You will see a current quote followed by a listing of the option chain for that security. An option chain is a way of quoting options that lists all possible contracts for a given security and shows whether they are currently in-the-money, at-the-money or out-of-the-money if purchased as a call or put.
To change the expiration date, use the drop-down menu under the quote and click Go. If you would like to trade one of the options contracts listed, click the Trade link next to your selected contract (use the link on the right if you'd like to buy a call; use the link on the left to buy a put). Once you click Trade, the Options Order Entry screen will be populated with the information for the contract you selected.
Other Resources
Don't forget, many of our order entry screens have convenient links allowing you to view your open orders, positions and alerts.
Simply click the double arrows next to each header to expand the section of your choice. Also note that below the Open Orders, Positions and Alerts links, you'll find an Advanced Help box with useful tools such as the Options Expiration Calendar.
Options involve risk and are not suitable for all investors. Detailed information on our policies and the risks associated with options can be found in Scottrade's Options Application and Agreement, Brokerage Account Agreement, and Characteristics and Risks of Standardized Options (available at your local Scottrade branch office or from the Options Clearing Corporation at 1-888-OPTIONS or by visiting www.888options.com). All option accounts require prior approval by Scottrade. Market volatility, volume, and system availability may impact account access and trade execution. Supporting documentation for any claims will be supplied upon request.
| Primary Bond Market |
| Short Calls |
| Tax Information for Retirement Accounts |
| Tax Information for Brokerage Accounts |
| Trading Web Site | 1/30/10 |
| ScottradeELITE | 1/30/10 |
| Trading Web Site | 2/20/10 |
With more than 400 branch offices nationwide, Scottrade offers live events in neighborhoods all over the country. Visit your local Scottrade office for a cozy small-group Branch Seminar, or get together with Scottrade customers from your area at our popular User Summits.
Browse All Live Events >Education meets interaction in the Scottrade Community. Join Scottrade customers from all over the country as you exchange information, ideas and trading strategies in a comfortable online learning environment.
Interact with Scottrade customers and product specialists. Share your thoughts and learn from others. Grow as an investor. Join our community today!
Learn More About the Community >Brokerage Products and Services offered by Scottrade, Inc. - Member FINRA and SIPC
Online market and limit stock trades are just $7 for stocks priced $1 and above.
Any specific securities, or types of securities, used as examples are for demonstration purposes only. No information on this Web site should be considered a recommendation or None of the information provided should be considered a recommendation or solicitation to invest in, or liquidate, a particular security or type of security.
Investors should consider the investment objectives, risks, and charges and expenses of a mutual fund carefully before investing. A mutual fund's prospectus contains this and other information about the mutual fund. Prospectuses are available through our trading site or through a Scottrade branch office. The prospectus should be read carefully before investing. No transaction fee (NTF) funds are subject to the terms and conditions of the NTF funds program. Scottrade is compensated by the funds participating in the NTF program through recordkeeping, shareholder, or SEC 12b-1 fees.
Investors should consider the investment objectives, charges, expense, and unique risk profile of an Exchange Traded Fund (ETF) carefully before investing. Leveraged and Inverse ETFs may not be suitable for long-term investors and may increase exposure to volatility through the use of leverage, short sales of securities, derivatives and other complex investment strategies. A prospectus contains this and other information about the ETF and should be obtained from the issuer. The prospectus should be read carefully before investing.
Margin trading involves interest charges and risks, including the potential to lose more than deposited, or the need to deposit additional collateral in a falling market. Margin Disclosure Statement (PDF) is available for download, or it is available at one of our branch offices. It contains information on our lending policies, interest charges, and the risks associated with margin accounts.
Options involve risk and are not suitable for all investors. Detailed information on our policies and the risks associated with options can be found in the Scottrade Options Application and Agreement, Brokerage Account Agreement, and by downloading the Characteristics and Risks of Standardized Options and Supplements (PDF) from The Options Clearing Corporation, or by requesting a copy from your local branch office. Supporting documentation for any claims will be supplied upon request.
Market volatility, volume, and system availability may impact account access and trade execution.
Testimonials may not be representative of the experience of other clients and are no guarantee of future performance or success.