How to Use the Standard Order Ticket (Options)
Trading with a standard, more traditional, order ticket is available for options in TC2000. 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).
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.
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)
- Use the drop down menu for a specific date
- Click on the expiration date button
- Use the blue arrows to move forward or back through expirations
Strike Price -- select the strike price for the chosen expiration date
Strike prices are seen in leg information. Click the spinners to move up or down to the next strikes.
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
- Far the current best price for the opposite side of the trade (Buying options: Far is Ask; Selling options: Far is Bid).
- Midpoint -- middle price between natural and far
- Natural -- the current best price to complete the contract immediately (Buying options: Natural is Bid; Selling options: Natural is Ask).
- Market -- the current marketable price for the contract(s)
Set "Step to" order
- Step to Mid step from starting point
- Step to Nat step to natural from the starting point
- Step to Market step to market from the starting point
- 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)
Delete -- click Cancel to delete order ticket and not place the order.
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.
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.
The trading tools work on either a LIVE brokerage account or a PAPER (simulated) trading account. Live market trading requires an account with TC2000 Brokerage. Click Here for more.