Write and Roll Options

Use the Write Options tool to sell calls against long stock positions and sell puts against your short stock positions. Advisors can use the Write Options tool to quickly see all of their sub-account’s long and short positions and write options orders against their uncovered stock. To open this tool, please take the steps outlined below.

1. For Mosaic - Click the New Window button in the top left corner and select Advanced Option Tools > Write Options.

   For Classic TWS - Click the Trading Tools button across the top of the page and select Advanced Option Tools > Write Options.

2. Advisors will see the Select Account drop-down that lists all of their Account Groups and individual sub-accounts.

   

   1. Advisors Only: Select an Account Group, an individual sub-account, or All accounts.

   2. Describe the options to buy and sell:

      • If you are writing covered calls on your long stock positions, note that you can also choose to buy protective puts to create a collar combo.

      • If you are writing covered puts on short positions, you can also elect to buy protective calls to create a collar combo.

   3. Confirm or modify any conditions on the options and click Refresh to update the list of options to write.

   4. The Review Options to Write list includes any positions for the account(s) you selected, the quantity of the position that is uncovered (has no options written against it) and the options that meet the criteria specified. Note that all options are selected by default. Click a check box to deselect the option for any account.

   5. Click the pencil icon next to the option to open the Option Chains and select a different option to buy or sell.

   6. Review or change the Order Type and price information and click Create Orders.

   7. Orders will display in the Orders panel; click Transmit All to submit, or submit one order at a time using the Transmit button in the Status field.

To select different options to buy or sell in the Write Options tool, please take the steps outlined below. click the pencil icon on the line you want to change and use the Option Chains to select a new contract. Detailed instructions have been outlined below.

1. On the Write Options Tool, under the Review Options to Write section, click the pencil icon on the line you want to change.

   

2. The Option Chains window opens with the currently selected call and/or put contracts highlighted. Calls display to the left of the Description column and puts display to the right.

3. To select a new call option, click the desired description on the left side. You will see the call option highlighted. To select a put, click the description on the right side.

4. Click OK when the new options have been selected.

Quickly see all of your sub-account’s options that are about to expire and roll them over to the next month's contract. To do so, please take the steps outlined below.

1. For Mosaic - Click the New Window button in the top left corner and select Advanced Option Tools > Rollover Options.

   For Classic TWS - Click the Trading Tools button across the top of the page and select Advanced Option Tools > Rollover Options.

2. Advisors will see the Select Account dropdown that lists all of their Account Groups and individual sub-accounts.

   

   1. Advisors Only: Select an Account Group, an individual sub-account, or All accounts.

   2. Choose whether you want to roll calls on long stock positions, or roll puts on short stock positions.

   3. Use the default description or modify any conditions on the options, and click Refresh.

   4. Click the pencil icon next to the option to open the Option Chains and select a different option to buy or sell.

   5. Review or change the order information and click Create Orders.

   6. Orders will display in the Orders panel; click Transmit to submit (or Transmit All if you have multiple orders).

Note: The list of Options to Roll includes any option positions for the account(s) you selected and the roll-to option that meets the criteria specified.