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What’s New in TradeStation 9.5 Update 18

What’s New in TradeStation 9.5 Update 18

With TradeStation 9.5 Update 18, we’ve improved the user experience in a number of ways. Those of you running ultra-high-definition monitors should see improvements in the look, feel and scaling of the platform, as well as better compatibility with Windows magnification settings. We’ve also made some changes “under the hood” that will allow us to deliver updates and patches in a much faster and targeted fashion. While OptionStation Pro has been redesigned to provide a simplified experience for the beginning options trader, we’ve also added powerful features for the intermediate to advanced trader.

As always, we’ve addressed a number of issues identified in previous updates.

OptionStation Pro Redesigned

New Tab Layout

We’ve reorganized OptionStation Pro into three main tabs plus the Search tab:

  • Options – Displays the options chains for an underlying symbol.
  • Analysis – Allows traders to analyze simulated (or theoretical) positions along with existing positions.
  • Manage – Lets traders view their positions and orders (organized by status) in a centralized area.

Options Tab

Options Chains

We’ve streamlined the way we display our options chains. We started by simplifying the number of columns that we display by default: Bid, Ask, Delta and Open Interest. Then we simplified each expiration’s title by:

  • Shrinking the date and changing the format to day, month, year (e.g., 19 May 17)
  • Prominently displaying the days to expiration (e.g., 36d)
  • Highlighting the non-monthly expirations in yellow (Weekly, Quarterly, etc.) to draw attention to less-liquid expirations. Highly liquid expirations (Monthly) are displayed in gray.
  • Removing the labels for Average Implied Volatility and Expected Move.

We’ve also updated the right-click menus to allow traders to target buying or selling, or sending the buy or sell to the Analysis tab.

You’ll also notice that when clicking on the bid or ask column to trade, OptionStation Pro will highlight the row in either a red or green color depending on the direction of the trade (long or short).

Settings Bar

The new settings bar makes it easier to find the settings you are most likely to use frequently while moving everything else out of the way. You can switch between spread types, choose a strike range or filter the chain directly from the settings bar. You can also specify whether clicking the bid or the ask will place a trade or send it to the Analysis tab.

Average Implied Volatility Calculation

We’ve updated the way we calculate average implied volatility to better represent the value. We now weigh the implied volatility for each strike against the open interest and give extra weight to the strikes closer to “at the money.” This will provide a more consistent representation across different types of symbols and allow traders to better visualize trade opportunities, across expirations, where there is a volatility divergence between one month and another (e.g., for calendar/diagonal spreads or to take advantage of earnings plays).

Expected Move

We’ve also modified the expected move. We found that at times implied volatility numbers that are used as part of the standard calculation for the expected move overstate the move by up to 9%. Therefore, we modified our models but provide the trader with two settings for the expected move:

  1. Pessimistic – provides an expected move based on the standard formula: stock price X IV/100 X √ (days to expiration/365).
  2. Optimistic – modifies the pessimistic factor to provide a value that has been tested to be closer to a move of 1 standard deviation(68% on a normal distribution curve).

The optimistic setting is on by default.

Trade Bar

Docked Trade Bar and Ctrl – Click

We’ve made it much easier to place an order by docking the Trade Bar (previously, the Order dialog) at the bottom of OptionStation Pro. We’ve removed redundant information, made it easier to read and given you the ability to modify the values within the bar without having to rebuild the trade. You can even delete each leg, when necessary.

To place a trade, just click on the bid or ask column and the Trade Bar will be displayed with the option or underlying you wish to trade. Want to trade spreads? Either select the spread type from the Settings bar or hold the Ctrl button while clicking on the bid or ask to add additional legs to your Trade Bar. Let go of the Ctrl button and click again to reset your Trade Bar.

There are also some features hidden in the right-click or ellipse button (…) that will allow you to switch the direction of the trade or send the trade to the Analysis tab.

Analysis Tab

Probability Shading

We’ve removed the probability curve and replaced it with a Probability Shade. This shade is configurable from the 2-D chart’s Settings bar and will default to a 1 standard deviation range for the nearest expiration. You can modify the dates and standard deviations at the top left and choose whether the shade highlights prices ITM (in the money) or OTM (out of the money).

Real and Simulated (Theoretical) Positions During Analysis

Another new feature is the ability to view your real positions alongside your simulated positions in the Analysis tab. With previous versions of OptionStation Pro, you would need to visit two different tabs to select real and theoretical positions to analyze them on a risk graph. With this version, we’ve consolidated the selection of these positions in one tab. This will allow you to view modifications to your real positions on the same risk graph and easily toggle which legs or spreads are displayed.

Volatility Adjustments

With the new Volatility Adjustment field (Vol Adj), you can now adjust the amount of volatility (positive or negative) across all open or simulated positions to see the effect of volatility crush or expansion on your positions.

Manage Tab

Today’s Orders

The Today’s Orders feature provides a streamlined view of your orders, grouping them by status. This allows you to focus on the orders that are most important, like “Received” or working orders. The ellipse button lets you act on each one and perform actions like Cancel/Replace that allow traders to perform price discovery.

Positions and Beta Weighting

We’ve simplified the Positions section by reducing some of the text on each of the symbol summary rows. We’ve also added the ability to beta weigh your portfolio against any symbol. Beta weighting will adjust your deltas to represent the delta equivalents of the selected symbol. This will allow you to see your long/short delta exposure based on a single symbol and may be useful to determine position adjustments and hedging.

Additionally, we’ve added a new Beta column in the Asset panel and renamed two columns in the Positions panel:

  • Estimated Closing P & L is now Open P & L
  • Estimated Closing P & L % is now Open P & L %
Ticket # Description
TS-1125 Ensured OSO/OCO orders can be attached to equity orders of less than 100 in quantity.
TS-4115 Ensured correct information is displayed when scanning by Average Volume.
TS-4148 Prevented a scenario where the VWAP value was incorrect on the Matrix price axis.
TS-4340 Prevented an error when using If-Touched logic in Macros.
TS-5726 Prevented truncation of data on certain Quick Trade Bar fields.
TS-6203 Improved look and feel of the platform when using Windows Font Magnification.
TS-9241 Prevented MXN from being displayed incorrectly as the account currency in P&L fields.
TS-9765 Improved look and feel of tab labels on high-resolution screens.
TS-9767 Ensured font doesn't get truncated when using large font size on high-resolution screens.
TS-9834 Prevented a scenario where back-tested strategy exits occurred before entries when using Look-Inside-Bar Back-Testing.
TS-10048 Prevented incorrect message when optimizing strategies prior to 1/1/1970.
TS-10122 Prevented a multi-symbol optimization from skipping tests when symbols are in a certain order.
TS-10126 Ensured TimeAndSalesProvider-based indicators plot values based on pre-market data.
TS-10135 Prevented a scenario where using the Save As… functionality on the Development Environment changed the indicator's scaling.
TS-10166 Ensured @FGBL could be used in Activation Rules.
TS-10184 Prevented a scenario where using the Save As… functionality on the Development Environment removed the TradingApp icon.
TS-10353 Prevented sub-penny order offsets from being treated as minmoves rather than raw decimals.
TS-10624 Ensured Matrix OCO template changes are kept when saving workspaces.
TS-10630 Prevented Input values from resetting to default after toggling the Analysis Technique’s Status.
TS-10726 Prevented a crash when verifying a strategy that is already applied to a chart.
TS-10891 Ensured Order Bar's Trailing Stop fields accept values with more than two decimals of precision.
TS-10918 Stopped an Unhandled Exception error in OptionStation Pro when filtering by Expiration.
TS-10924 Improved the look and feel of the Position Graph Bar on high-resolution displays.
TS-11082 Prevented a crash when opening the TradeManager.
TS-11083 Made sure the System Info button's text isn't truncated.
TS-11088 Prevented the Order Quantity from switching back to default quantity of 1 when cancel/replacing.
TS-11180 Prevented a scenario where strategy-generated orders are duplicated under certain conditions.
TS-11186 Prevented clipping of Matrix Volume bars.
TS-11210 Prevented an incorrect message from appearing when placing trailing stops on options.
TS-11229 Ensured Cancel All functions when having Account Alias enabled.
TS-11232 Corrected a scenario where Activation Rules that would trigger immediately fail to inform the user.
TS-11268 Prevented a crash when printing Balance tab of the TradeManager.
TS-11340 Prevented a crash when opening Quick Trade Bar or Market Depth windows.
TS-11425 Prevented chart from crashing while optimizing symbols with open positions.
TS-11427 Ensured Market Depth's quantity field behaved correctly when manually typing values.
TS-11465 Ensured Symbol Linking works between TradingApps and RadarScreen after reopening workspaces.
TS-11564 Prevented a crash when the PriceSeriesProvider attempted to access valid symbols with no data.
TS-11740 Prevented failure on a Cancel/Replace from the Matrix if mouse hovers over Bid/Ask columns.
TS-11759 Changed logic in numeric Order Bar fields to allow for editing each digit in the field.
TS-11767 Ensured Calendar control for GTC durations appears in OptionStation Pro.
TS-11769 Prevented a scenario where OptionStation Pro's duration field would be empty.
TS-11816 Prevented a Cannot Route Order error on orders sent from OptionStation Pro.
TS-11872 Prevented child orders from failing to display in TradeManager after five days.
TS-11901 Prevented a scenario where users were unable to close Married/Covered positions from OptionStation Pro.
TS-11907 Ensured the Development Environment doesn't crash when navigating via the Outline Toolbar.
TS-12024 Prevented a crash in the Development Environment when misspelling a Reserved Word.
TS-12147 Prevented Matrix from displaying incorrect VWAP.
TS-12227 Prevented a crash in the Development Environment.
TS-12228 Addressed a scenario where Order Entry Macros for options would display incorrect information in the confirmation window.
TS-12244 Removed errant negative signs when displaying zero in the Print Log.
TS-12284 Corrected incorrect dialog when informing users of pending build expiration.
TS-12380 Prevented a crash while manipulating symbols in the Order Bar.
TS-12401 Prevented a Divide By Zero error when cancel/replacing orders through Chart Trading.
TS-12487 Addressed a scenario where the displayed price of open orders was incorrect.
TS-12509 Addressed a situation in which staged order quantities changed after reopening the platform.
TS-12547 Prevented a crash when using Order Entry Macros.
TS-12671 Ensured the Symbol Restriction icon displays correct information.
TS-12760 Prevented a Symbol Lookup failure when using the Root option.
TS-12779 Ensured the archive Restore process successfully included the Data Cache folder when selected.
TS-12818 Prevented a RadarScreen crash.
TS-12917 Addressed a scenario where the displayed price of open orders was incorrect.
TS-12920 Prevented incorrect display of positions when using the Position Carry tool.
TS-12973 Made changes to prevent .PlaceOrder commands from defaulting to a Buy order.
TS-12974 Prevented Staged Order offsets from being incorrect after relaunching the platform.
TS-12984 Prevented a scenario where alarms triggered at incorrect intervals.
TS-13608 Prevented issues with no data showing after platform update.
TS-13981 Prevented a scenario where TU contracts showed inaccurate price rows in Matrix
TS-14071 Prevented showing of wrong date for custom continuous contract rollover.
TS-14083 Avoided an Unhandled exception in Charting.
TS-14590 Prevented a scenario where EasyLanguage code does not run at close of custom session.
TS-14591 Prevented the option chain displaying wrong contract on “theoretical positions” in OptionStation Pro.