Trade Options

Place single-leg option trades from the Options-Basic tab in the Trade tab.

• Enter an option symbol, select the variables for the order such as Quantity, Limit/Stop prices, and more.
• Then click Verify or Place Order to send the order, or click Save Order to save the order for later use.

Symbol

Type the symbol for the option you wish to trade in this field.

NOTE: Option symbols use the following format: WXYZ MM/DD/YYYY 00.00 C (or P depending on Call or Put)

Sometimes an option is adjusted due to a merger or other event. For more information on Adjusted Options, click here.

Get quote

Once you've typed a symbol in the Symbol field, click Get quote load the symbol into the Level I quote fields (F).

Symbol Lookup

Opens the Symbol Lookup window.

Link to the Options Calculator on Schwab.com

Click to link to the Options Calculator, which you may use to help determine how an option contract is priced.

Level I quote

Displays Level I price and volume data for the current contract when you click Get Quote. For information on Non-Standard Expiring Options, click here.

OPTION TRADE

Action

Choose from:

• BTO - Buy to open
• BTC - Buy to close
• STO - Sell to open
• STC - Sell to close

Contracts

Enter the number of contracts you wish to trade.

Order type

Choose from:

• Limit
• Market
• Stop
• Stop Limit
• Trailing Stop %
• Trailing Stop $

Limit price

If a Limit Order Type was selected, enter a Limit Price.

Stop price

If a Stop or Stop/Limit Order Type was selected, enter a Stop Price.

TIF

Time in Force; choose how long the order should last:

• Day (default)
• Good Until Cancelled (GTC; not available for INET or ARCA)
• Immediate or Cancel (IOC)
• Fill or Kill (FOK)

Special Conditions

Choose from:

• none
• All or None
• Minimum Quantity

NOTE: If you choose none, StreetSmart.com® will automatically make your order type a Day Limit order.

BRACKET

Remove/Add Bracket

Allows you to add Bracket order criteria. For details, refer to the Bracket Overview section.

PREVIEW TRADE

Preview

Displays the details of the order in an easy-to-read format.

The letter in parentheses after the security name is the Financial Status Indicator (FSI).

FSI Codes
 

Verify/Place Order

Click to open the Verify Order window.

• Check Show Order Status after placing order if you wish to have the Order Status sub-tab display immediately after the order is placed.
• Confirm the order conditions and click OK, or if you wish to make changes, click Cancel.

Clear Order

Clears the settings in the Trade Options tab.

Save Order

Saves the order for quick loading and submission at a later time. Saved orders can be found by going to My Account > Order Status & Messages and clicking the Saved Orders selection instead of Order Status.