TC2000 Help SiteTrading Stocks & Options Trading OptionsHow to Use the On-Chart Order Ticket (Options)

How to Use the On-Chart Order Ticket (Options)

Trading directly from the chart is streamlined with the on-chart order ticket. This article will review each item on the order ticket to aid in using it effectively. (Each option strategy may have some unique characteristics in the order ticket, but generally they work as shown).

1. Click the Opt button on chart

2. Select the desired order type

For this review we will select the Short Put Spread.

3. The chart is populated with the order ticket, strike price line(s) and the appropriate P&L Zones.

This is called the "trade slider" because you can click and drag the strike price line(s) to set the price.

Note: the details for how this order is placed on the chart is based on your default order ticket settings. For more on how to set these defaults Click Here.

4. The order ticket contains all details for setting up/editing the order.

1. The contract(s) selected are at the top of the ticket. (Order type, expiration date, option class, strike price, premium.)

2. Current natural and far (bid/ask) prices are in the step to field and continue to update until the order is placed. 3. Estimated price for the order and whether it is a credit or debit position are also on the order ticket.

Expiration Date -- choose the desired date of expiration for the contract(s)

  1. Use the drop down menu for a specific date
  2. Click on the expiration date button
  3. Use the blue arrows to move forward or back through expirations

Strike Price -- select the strike price for the chosen expiration date

  1. Strike prices are seen as hash marks next to the P&L Zones.
  2. Simply click and drag the order lines to set/see different higher or lower strike prices.
  3. Strike prices will update in the order ticket.

Order Type-- click to set order type (Lmt is set because that was chosen when the order was selected). Order type can be changed from the drop down. For more on these order types, Click Here.

Limit Price--click to open the menu for setting the basis of the limit order

Select a specific price point from the list (the current Bid/Ask/Last prices are noted in the list. You might need to scroll to see them all.)

Set desired basis by clicking on the button

  1. Far the current best price for the opposite side of the trade (Buying options: Far is Ask; Selling options: Far is Bid).
  2. Midpoint -- middle price between natural and far
  3. Natural -- the current best price to complete the contract immediately (Buying options: Natural is Bid; Selling options: Natural is Ask).
  4. Market -- the current marketable price for the contract(s)

Set "Step to" order

  1. Step to Mid step from starting point
  2. Step to Nat step to natural from the starting point
  3. Step to Market step to market from the starting point
  4. Step from set the starting point for steps (either far or midpoint)

Alternately, use the slider in the order ticket step-to field to set the the beginning and end points of the step to order.

Quantity -- click to set the desired quantity for the order

Number of contracts --actual number of contracts desired. Use the spinner; type a specific amount or select from the fields.

Duration -- click to select. Day order (good only in current active session). Some types of option trades allow GTC (good til canceled; order stays in effect until filled or canceled by user)

FOR SIMPLE, SINGLE-LEGGED OPTIONS (OCA & Conditional Orders)

OCA (Once Cancels All) -- click to add the order to

  1. An existing OCA
  2. Create an OCA with any other single order.

Conditional Order -- click to create a condition on which the order is to be placed. (For more on conditional orders, Click Here.)

Delete -- click to delete order ticket and not place the order.

5. Click "Sell {sym}" (or Buy) to place the order as set up in the ticket

Confirmation screen will display order as set. Click Place Order to submit the order.

Confirmations can be disabled for one-click order. Click Here to learn how.

6. Order now exists on the chart until filled.

Right click on any field in the order line to modify the order. (Click Here for more on modifying orders.)

Click the delete icon (x) to cancel the order.