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Options Order Entry & Research
Last month's transition to new, more descriptive option symbols brought with it a deluge of new options research and trading features for Scottrade customers. KnowHow News talked with Todd Hammer, Trading Web Site Manager at Scottrade, to get the scoop on the best new features. Here are Todd's top three picks:
1. Options Order Entry page
The Options Order Entry page has been completely redesigned to make order entry clear and easy. For complete instructions for using the new page, visit Placing Options Orders in the Knowledge Center.
Todd's Favorite Features:
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Access option chains for any symbol straight from the Order Entry page.
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Use the smart drop-downs to select the exact option contract of your choice. Once you've provided the symbol, our Expiry and Strike menus will adjust accordingly to show you exactly what contracts are available for that symbol.
2. Options Quotes & Research
When you pull up a Detailed Quote for a symbol, click the Options tab along the top for a whole new research experience. You'll see a chart with available call and put contracts for the current month, color coding to display what's in-the-money, educational mouse-over definitions on most words and at-a-glance details when you mouse-over bids and asks.
Todd's Favorite Features:
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When you click on a contract, you get a more detailed performance snapshot with a current quote, key Greeks and a chart showing exactly how the stock would need to perform for you to break even or make money on this contract.
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Holding your mouse over particular words to get their quick definition also gives you handy links to a full definition and to the Knowledge Center to learn more.
3. Reverse Lookup Tool
On the Options Order Entry page, look to the Advanced Help box on the right for the new Option Symbol Reverse Lookup tool. This tool can be used to find all available formats of an option symbol. For example, if you see a long, 21-character option symbol in the new industry (Options Clearing Corporation, or OCC) format, you can type it into the reverse lookup tool to see Scottrade's simplified symbol format.
Todd's Favorite Feature:
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If you have an option symbol in any form, you can plug it into the tool to see all its other forms. Option symbol types include the OPRA Code, OCC Converted, OCC Consolidated, CUSIP, Scottrade Converted Displayable and Scottrade Consolidated Displayable. For a handy reference guide explaining option symbols and the difference between conversion and consolidation, click here.
If you have any questions about the new features available in your account or the recent option symbol changes, please contact your local branch office.
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