Option Chain & Strategy Builder

The versatile Option Chains window lets you easily view and create options orders that you submit via the Order Entry panel, and compare and create two-legged option spreads and multi-leg complex strategies using the embedded Strategy Builder with a single click.

To open the Option Chain, please take the steps outlined below.

  1. For Mosaic - Click the New Window button in the top left corner and select Option Chain

    For Classic TWS - Click the Trading Tools button across the top of the page and select Option Chain

  2. Enter an underlying in the top left corner of the Option Chain window and press Enter.

  3. The Option Chain for this product will appear.

  4. Use settings along the top of the chain to view a different expiration date, include or exclude weeklies/quarterlies, change the view (between Tabbed and List), change number of strikes, exchange and trading class (as needed).

  5. Click the Bid price (to create a Sell order) or the Ask price (to create a buy order) from the Calls or Puts side of the Option Chain. The Mosaic Order Entry panel is populated with the selected options contract.

  6. In the Order Entry panel, modify the option price, quantity and order type as needed and click Submit to transmit the order.

For information on creating a complex-multi leg strategy, please click the Strategy Builder drop-down menu below.

Use the Strategy Builder section of the Option Chains to quickly build complex, multi-leg strategies directly from the option chain display.

  • Use the traditional "Calls and Puts" layout to manually add legs to the Strategy Builder by clicking the desired bid or ask price in the option chain.

  • Pick a named strategy from the Strategy Builder pick list to automatically create a strategy when you pick the first leg.

  • Select a Spread Template to populate a simple grid interface. Easily compare similar spreads and then click a tile to load the Strategy Builder with the desired spread.

Regardless of the method you use to create a strategy, you can modify legs, parameters or complete strategies easily from within the Strategy Builder, and then trade the strategy, and/or add it to a Watchlist.

To open the Strategy Builder, please take the steps outlined below.

  1. For Mosaic - Click the New Window button in the top left corner and select Strategy Builder

    For Classic TWS - Click the Trading Tools button across the top of the page and select Strategy Builder

    • Alternatively, you may open the Option Chain window and select the Strategy Builder button to turn it on in the bottom left corner.

  1. From the Option Chain "blade" (to the right of the symbol), click Put/Calls (side by side), then select a Spread Template (Horizontal, Vertical or Diagonal).

  2. Within the grid interface, use scroll bars to compare spreads. Tiles cleanly display the expiration and strike, bid and ask, delta, and gamma so you can compare spreads on price, spread width, and risk/return at a glance.

  3. Click a tile to load the selected spread into the Strategy Builder.

    • To modify a leg within the Strategy Builder, use the drop-down list from any parameter to select a new one.

    • Remove a leg from the spread by clicking the red "x" to the left of any leg.

    • Click “Profile” to see the Performance Profile sidecar for the strategy.

    • Save the spread to a Watchlist to trade it later by clicking "Add to Watchlists."

    • Click "Clear All Legs" to start over.

  1. Toggle the Strategy Builder on in the Option Chain window if it's not already enabled.

  2. Add legs to the Strategy Builder from the CALLS (to the left of the strike) or PUTS (to the right of the strike). Click a bid price to create a SELL leg or an ask price to create a BUY leg.

  3. To modify a leg in the strategy from the option chain, click, hold and drag the leg in the option chain to a new strike or side.

  4. To modify a leg within the Strategy Builder, use the drop-down list from any parameter to select a new one.

  5. To modify the entire strategy, hold down the Shift key, then click and drag one of the legs to a new strike or side. The remaining leg(s) will adjust automatically.

  6. Remove a leg from the strategy by clicking the red "x" to the left of any leg.

  7. Click “Profile” to see the Performance Profile sidecar for the strategy.

  8. Save the spread to a Watchlist to trade it later by clicking "Add to Watchlists."

  9. Click "Clear All Legs" to start over.

  1. Use the "Strategies" pick list on the right side of the Strategy Builder to select a named complex strategy.

  2. Hold your mouse cursor over the first leg. All potential legs of the strategy are highlighted.

  3. Use the mouse scroll button to modify the spread between potential legs.

  4. Click a bid price to make the first leg a SELL leg, or an ask price to make the first leg a BUY leg. The rest of the strategy automatically populates the Strategy Builder.

  5. To modify a leg in the strategy from the option chain, click, hold and drag the leg in the option chain to a new strike or change from long to short by dragging the leg to the CALLS or PUTS side.

  6. To modify a leg within the Strategy Builder, use the drop-down list from any parameter to select a new one.

  7. To modify the entire strategy, hold down the Shift key, then click and drag one of the legs to a new strike or side. The remaining leg(s) will adjust automatically.

  8. Remove a leg from the strategy by clicking the red "x" to the left of any leg.

  9. Click “Profile” to see the Performance Profile sidecar for the strategy.

  10. Save the spread to a Watchlist to trade it later by clicking "Add to Watchlists."

  11. Click "Clear All Legs" to start over.

Once your strategy is complete, use the Order Entry panel to set order parameters, and click the Submit button to transmit the order.

Click to watch a short video on the Strategy Builder.