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Duration: 5:55

Instructor:

Contributor: Interactive Brokers

Level: Beginner

In this Traders’ Academy lesson we’ll discuss viewing options using IBKR Mobile on your Android. You’ll learn how to: How to view option chains; How to customize the option chain display. expiry, trading class, number of strikes and columns displayed; Create a multi-leg combo using the Strategy Builder; Explore the new Spread Template Grid and Option Exercise tool;

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Study Notes:

With IBKR Mobile you can view chains on any stock or futures instrument that has options, including index options. From the watchlist, tap a financial instrument then tap again to display the Quote Details.

Tap Options at the top of the Quote Details screen. View chains by expiry by tapping an expiration date. The selected expiry is highlighted. You’ll see call information on the left and put information on the right. If you tap a quote line on the call or put side you will see that it highlights and buttons appear at the bottom of the screen. Here you can choose to create a sell or buy order, view the option on the Quote Detail screen or add it to your watchlist. Above the watchlist is a slider to turn on the Strategy Builder. You can use Strategy Builder to create complex, multi-leg strategies. We’ll cover this very shortly.

Toggle more or less option values on below the quote line by tapping the arrow on the top right. Here you’ll see the VWAP, Option Volume, Implied and Historical Volatilities, Put Call Interest and Put Call Volume. Hide these values by tapping the arrow.

You can configure chains display by tapping the three vertical “adjustment” lines in the top right corner next to the destination. Here’s where you can adjust the number of strikes displayed, time period and whether or not to show days to last trading day in the tabs, trading class, including if you want to display or hide weekly options.

Tap Manage Columns to rearrange the columns, add the Greeks and other columns, then tap the arrow on the top left to view and turn the phone its side to see all the columns display. The Implied Volatility shown at the top of the Strike column reflects the implied volatility for the selected expiry. Use the Strategy Builder to quickly create multi-leg complex options and futures options orders. As you saw earlier when viewing option chains, you can enable the strategy builder using the slider. Simply tap the bid or ask price for a call or put to add legs to your strategy. You’ll see the option legs appear at the bottom of the screen. If you want to remove the legs and start over – just tap the “x” on the far right.

For equity options strategies, include a stock leg by tapping Add Stock Leg. When your strategy is complete, tap Order. Now, you’ll see the Buy order ticket. Note that order presets where applicable have been applied. You’ll see the legs listed and the order details below which may be adjusted. You can attach a profit taker, stop loss or bracket order and even initiate Ask IBot for more options. Use the slider at the bottom to transmit your order, then you will see the order status screen display. Tap the arrow on the top left to go back to the option chain. Now I’ll tap +Watchlist to add the combo to the watchlist. Another way to quickly add an option to your watchlist is to swipe up and add a financial instrument.

In this example, let’s enter the ticker “AVGO” and tap search. Here you can choose to add a single option or go directly to the option chain and Strategy Builder. Spread Grid Tool On the Quote Details screen, you’ll see next to Options, Spreads. This is spread grid tool which provides a range of strategies in a grid format. You can select between 3 strategies, Calendar, Vertical and Diagonal Spread. For instance, if I choose Calendar spread, optionally change the exchange, select either calls or puts. Below that you can select the front expiry for the calendar spread. The grid will adjust based on the front expiry selection. You can then navigate through the grid to pick the best strategy.

In addition, the Gamma and the Delta for each strategy is shown in each cell. To create an order, tap the buy or sell buttons to see the order ticket. View the leg details and use the slider at the bottom to submit the order. The order status screen will display along with the order details. Now you can see the order just filled. Instead of creating an order this time, I’ll add it to my watchlist by tapping the eye icon. Now, you’ll see it appear at the bottom of the watchlist.

Option Exercise

IBKR Mobile has a tool for Option Exercise. To use this tool, tap the main menu and select Option Exercise. At the top of the screen, you can show all, view the upcoming exercises or ExDividends or choose an expiration. I’ll select 20 days and it will show a TSLA Mar02’18 320 Call. From here I can view more details and create a sell or buy order.

Back on the Option Exercise screen, I can tap the 3 dotted line icon to also adjust or insert additional columns.

Summary

In this lesson we have shown you how to access option chains, utilize the strategy builder to create multi-leg strategies on the Android. Plus, we walked through a few new tools such as the spread template grid and the option exercise tool.

Disclosure: Interactive Brokers

The analysis in this material is provided for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IBKR to buy, sell or hold such investments. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.

Supporting documentation for any claims and statistical information will be provided upon request.

Any stock, options or futures symbols displayed are for illustrative purposes only and are not intended to portray recommendations.

Disclosure: Options Trading

Options involve risk and are not suitable for all investors. For more information read the “Characteristics and Risks of Standardized Options” also known as the options disclosure document (ODD). To receive a copy of the ODD call 312-542-6901 or click here. Multiple leg strategies, including spreads, will incur multiple commission charges.

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