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You can now choose to use a midpoint pricing style for options analysis and order entry. Since options often have wider spreads than equities, some options traders prefer to use the midpoint between the bid/ask instead of the bid or ask. Therefore, we have introduced a selection in the Settings panel that allows you to change the price reference used when populating Theoretical Positions and the Order Bar.
New Order Setting...
Checking the box for “Use Midpoint as Price” enables the use of mid-price, between the bid and the ask prices. Therefore, Theoretical Positions, Real Position closing orders, Order Bar, and the risk graph will populate using the real-time mid-price.
Setting the “Use Midpoint as Price” checkbox allows OptionStation Pro to use real-time mid-prices…
When the midpoint setting is disabled, OptionStation Pro uses natural bid/ask prices to populate the Theoretical Position and Order Bar. For example, clicking on the bid in the Option Chain or Asset panel will generate a sell order or credit spread in the Theoretical Positions panel using the bid price. Likewise, clicking on the ask populates a buy or debit spread order using the ask price. This price selection model follows the “Hit/Take” trading approach often used in equity trading.
We have added an Orders view to OptionStation Pro, which provides you with real-time tracking of your orders across all symbols and accounts. The Orders view simplifies order tracking so you can focus on trading.
By default, the new Orders tab can be found in the lower left corner of OptionStation Pro. The new panel can be pinned and relocated anywhere in the application to fit your viewing preference.
The Orders view provides a cancel button that allows you to quickly cancel any active order. Clicking on the cancel button allows you to cancel the current order, all day orders for all symbols, or all open orders (which includes all GTC and GTD orders) for all symbols.
The Orders view provides the ability to customize the panel, so you can organize, filter and sort the displayed orders. Like the Real Position panel, dragging a column into the header section allows you to organize the panel by any available field such as account, symbol or order status.
Column filter information is provided in the lower corner of the panel to remind you when filtering is on.
Analyzing the potential impact of an options trade becomes clearer with the ability to see the Maximum Risk, Maximum Reward, and the Reward/Risk Ratio of any single option or spread you are analyzing. The Theoretical Positions panel has been enhanced with three new columns that provide more information to help you make better trading decisions:
Once the columns have been added to the Theoretical Positions panel through the Format Columns dialog, the Max Risk, Max Reward and Reward/Risk Ratio will update in real time so you can monitor the impact of executing an order.
When placing a trade, the confirmation display allows final verification before the order is sent to the market. The confirmation dialog box will pop up and display the Estimated Max Risk and Estimated Max Reward of the order. Note that Validations & Confirms must be enabled in the Order Entry Preferences for the confirm dialog box to be displayed prior to order submission.