Placing Option Orders (Single Leg)

The steps for placing an option order vary depending on the option strategy you are using, but following are the general steps with links to more details.

  1. If trading from the Trade tool or Symbol Hub, click the Options tab. In the All in One tool, select Calls/Puts, Calls, or Puts from the Strategy Selection drop-down next to the tab name.
  2. Enter the underlying symbol in the Title Bar and press Enter on the keyboard or click Go.
  3. If trading from the Trade tool or Symbol Hub, select the type of option order you wish to place from the Strategy Selector. For more on the types of strategies you can trade from the Options tab, see Option Strategies Overview.
  4. The Option Chain display at the bottom of the Options tab will display all the call and puts grouped by expiration. If you have chosen a multi-leg strategy, all the eligible pairings based on the strategy you have selected will display.
  5. You can further filter the types of contracts or pairings displayed using the Option Chain Filters.
  6. Once you have found the contract or pairing you want to trade, click on it to load it in the Trade Ticket.
  7. If applicable, in the Action field, choose whether you wish to create a Buy to Open, Buy to Close, Sell to Open, or Sell to Close order. (If you have selected the order action button view, you will choose your action at the point of submitting the order in lieu of Step #14 below.)
  8. Adjust the quantity using the arrow buttons or entering the quantity manually.

TIP: If you want to base your order quantity on a dollar amount rather than a number of contracts, click the $ button above the Quantity field. Enter the dollar amount and click OK to show the number of contracts that amount will buy.

  1. If applicable, choose an Order Type.
  1. If you chose an order type requiring a limit and/or stop price, set those values in the specified fields.
  1. If applicable, select the Timing for the order.
  1. Choose these from the Special Conditions:
  1. Similarly, to enable Brackets for your order, click the Brackets drop-down. See Brackets Overview for more information on the Brackets feature.
  2. Click Review Order (if you have not turned off order verification).
  3. If the order settings are correct, click Place Order. To edit the order, click Edit Order. To start over completely, click Do Not Place.

 

Options carry a high level of risk and are not suitable for all investors. Certain requirements must be met to trade options through Schwab. Multiple leg options strategies will involve multiple commissions. Please read the options disclosure document titled "Characteristics and Risks of Standardized Options." Supporting documentation for any claims or statistical information is available upon request.