Option Selector

Instructions

The contract selector for options, which is invoked when you add an option ticker to a page, makes it easy to add Options to a watchlist and view / trade. In order to do so, please take the steps outlined below.

  1. Add an underlying to a watchlist and select "Option" to open the Option Selector.

    The options watchlist selection in TWS.

  2. A pop up will appear allowing you to select the underlying Option. Available expiries are listed in a tabset across the top. By default the next four quarterly expirations are listed in a white font.

  3. Click on the tab titled "more" to the right to display all available expirations, and a final selection box where weeklies and quarterly expirations are available.

  4. When selected, the next four weekly expirations will populate the tabs in yellow. Deselect the weeklies/quarterly check box from the 'more' tab to return to the regular quarterly expiration series.

    The option selector in TWS.

    1 - Select from the next four quarterly expirations

    2 - Calls are on the left. Puts are on the right.

    3 - Click "More" to see additional expiration months, and quarterlies and weeklies when available.

    4 - See underlying last price and change since last trade. Color indicates direction of last trade.

    5 - Add or remove strikes

    6 - Select a new exchange

    7 - Color shading denotes number of standard deviations at a glance. The lower the number, the darker the color. Hold your mouse over a strike to see the actual number of standard deviations.

  • The current underlying last price and change are in the top right corner and the available, selectable options-per-expiry are listed vertically.

  • The IV reading for the selected weekly or monthly contract is displayed in the upper right.

  • Use the 'Smart' dropdown to select a specific exchange if needed.

  • In-the-money contracts are highlighted using a default grayscale. Lighter shades of gray relate to out-of-the-money calls and puts while darker shades reflect closer to-the-money contracts.

  • Hovering over the strike price reveals a popup box detailing the Standard Deviation relating to the required movement from the prevailing price of the underlying to reach the strike price. (Note that Standard Deviations can also be plotted on IBKR interactive charts using the selection in the Chart Parameters box).

  • Strike price color-coding can be configured to fall colors (orange and brown) by clicking on the wrench icon and changing from grayscale to fall.

  • Configure further according to sensitivity to stock price movement. Choose between 1, 2 and 3 Standard Deviations or 1.0, 1.5, 2.0, 2.5 and 3.0 SDs.

  • Click on any call or put to add it to a main TWS page. Each line added will be color-coded in either green or pink to designate in-and out-of-the-money options, respectively.

 

Additional Resources

Learn About Introduction to Options in Trader Workstation at IBKR Campus

Visit the Trader Workstation Website