Posted by on April 24, 2014

Did you know?

I sometimes receive comments from customers who ask for a bit of functionality on the platform which already exists. They perhaps are on the standard platform or they have not discovered everything the OptionsHouse platform can do, occasionally I should call out a couple of the powerful features found in your trading application.

In this blog I will highlight a basic feature and additionally, a more complex aspect to help you get more out of OptionsHouse every day.

Did you know?
You can customize your option chain?

In addition to the 5 templates available by the Format pull down the last choice is Custom which puts you in control of the columns you see on your chain.

Option Chain

Additionally, when you click on the Set Chain Preferences icon, a Settings / Chain window appears from which traders can select a multitude of preferences for their custom chain view.
Option Chain

 

 

 

1. You can set your preferences for all the linked accounts you may have with OptionsHouse or have specific settings for individual accounts.

Option Chain

2. You can choose how many Near The Money (NTM) option strikes you see by default. Remember this can be set specifically to a symbol as well for low dollar stock options you may choose 2 strikes up and down from At The Money (5 total) and a higher number for a higher priced stock like NFLX to see more strikes Near The Money.

3. Show: Here traders choose whether their chain will display more than the monthly options. Quarterly and Weekly options, Mini-Options (10 share deliverable options) on SPY GLD AMZN AAPL and old GOOGL options. And speaking of old GOOGL options, which are non-standard delivering 100 shares each of GOOG and GOOGL, selecting to view all non-standard deliverables will show options which have a deliverable due to a corporate action of something other than 100 shares of the underlying stock.

Option Chain

4. And the meat of the Settings / Chain page is the ability for traders to select which columns and in whatever order they wish to create their own Custom chain. Simply check the desired box and drag it to order your columns.

Option Chain

Now while I don’t recommend this, I have seen a trader who only trades puts, customize his chain to only show the put side of the chain ignoring the calls entirely. The control is entirely yours to create as you please.

Did you know?
You can set a price alert on a spread?

In addition to a full suite of price alerts on stocks and options, you can set an alert to be notified when a 2-leg spread achieves a higher or lower mid-point price. Alerting and being informed when target price points are reached is critical to successfully trading in today’s more volatile markets. One more advanced aspect of our alerting functionality is to allow traders to set price alerts for spreads.

Say you have the May 16 – 17 debit call vertical spread on in BAC (for more information on Call verticals, please visit the Webinar archives). Hypothetically you bought this spread at 35 cents believing the stock may advance in the coming weeks. You can set up an alert to be notified by text, email, push or desktop toast if this spread achieves your higher target price of say 70 cents, effectively doubling your money. You can put in a note to remind you why you set the alert and you can even trade directly from the desktop notification!

The easiest way to set up spread alerts is directly from the spread chain accessed by the pull down menu in the upper left of the chain.

Option Chain

The action menu activated by clicking the blue bid or ask price on the spread in this chain has Create Spread Alert as a choice.

Option Chain

In this Alert window you can set your High $ target as well as include any Notes you may wish to see when this alert is reached.

The Desktop alert appears as below with a TRADE button to automatically populate an order ticket and trade the spread with minimal clicks.

Desktop Alert

 

 

 

 

 

 

 

Successful traders are in control and always aware of what is moving in their accounts.  They are ready to act and react to what is occurring as it occurs in real time.

Spread alerts are just one aspect of our alerts functionality. It would serve you well to learn and use all of alerts now available. For a complete demo, description and discussion on all the new alerting functionality, OptionsHouse will be presenting a webinar next Tuesday April 29, 2014 at 4:30 PM ET. I urge you to attend and elevate your trading. Register for the webinar here.

 

The above information is provided by OptionsHouse, LLC ("OptionsHouse") for informational and educational purposes only and is not intended as trading or investment advice or a recommendation that any particular security, transaction, or investment strategy is suitable for any specific person. You are solely responsible for your investment decisions. Commentary and opinions expressed are those of the author/speaker and not necessarily of OptionsHouse. Neither OptionsHouse nor any of its employees, officers, shareholders or affiliated companies guarantee the accuracy of or endorse the views or opinions of guest speakers or commentators. Projections or other information regarding the likelihood of various investment outcomes are hypothetical in nature and are not guarantees of future results. Any examples used that discuss trading profits or losses may not take into account trading commissions or fees.

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