1. Try clicking on the name of the most recent article in the column on the right. This will remove the "Archives" list.
2. Try right click on the chart itself and open it on a separate window.
I am sorry that I cannot always make the chart small enough to fit neatly on the left column. I want you to be able to see the details I want to point out.
I Hope this helps,
Juan
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This is not intended as a guide to IB options facility, but just to show you how you may enter the PCCRC (all legs) in a single ticket using IB. I am using this example on AAPL (I do not recommend this trade right now). As you can see, even without knowing the ticker symbol, you may enter the expiry date (in this case May for the short, and Jul for the longs). You then enter the "Right" meaning a call or a put, then the strike price (in this case I have all of them at $70), and the ratio (enter 1 for the shorts and 2 for the longs) and then sell or buy. Once you complete the entry simply click "Add leg" until the entire position is completed i this preview screen. Next, you click on "OK". This is NOT an executable order, just a previewable combo order.
Once the order is entered as above, it will be displayed in a worksheet-like page (see portion below). I am showing you the finished combo here, but all the legs are diplayed as well — this is not executable yet. As you can see in the first line of the chart below, the BID (16.90) and the ASK (17.8) for the entire position is shown and updated instantaneously. This price, of course is for the simplest proportions (-1x+2x-1x+2). Multiply the price by 100, and you get 1690/1780 (bid, ask). This is a Java application in my Mac, so the bid/ask is updated instanteneously, so I can see the change of the trade bid/ask through the day, and await for the best price for entry.
Once you make up your mind, clicking on this proposed trade brings it down to the Order Entry line (second line in the chart below). Here you can increase the quantity of contracts, always keeping the proportions of the entry combo above. In the example, I entered 9, which will give be the trade with the proportions (-9x+18x-9x+18). Of course you MUST have risk graph analysis software (I think that many functions are in IB, but I have not explore them all yet). You can also enter your own limit price. In the example, I entered 17.8, but it follows that you can enter any limit you want. Only clicking the "T" under the Status column would "Transmit" the trade for execution. Although the interface is not very user friendly, it sure is elegant in its power.
You can easily calculate the price of your trade by multiplying the "Quantity" by the limit price. In this case the trade would be near $16K. It is very simple to taylor make my order to the cash available for this trade: 5x$17.8= $8900, for example. The exact same trade, but a lot less costly.
I have already discussed this with OX. If you think that having this capability in OX is worth it, send an e-mail to Ken Walker (kwalker@optionsxpress.com). Tell him that you support Juan Sarmiento's request and make sure that you enter my original message to them and my e-mail:
TO: kwalker@optionsxpress.com
FROM paperprofit1@mac.com
Cc: wb@optionsxpress.com
Hello friends. I have a request. I almost exclusively trade PCCRC's (Put call calendar ratio combinations). Specifically, I trade +2x-1x-1x+2 format with the same strike price. The shorts are front month, the longs are back month. Currently, I am forced to trade this strategy as a Condor+Straddle combination. For no apparent good reason, my Straddles are often rejected because they are interpreted as intraday trading. They are not. These are positions I intend to hold for months. Would it be easier to allow a condor with at least proportional number of legs as I do? It would help ME a lot. I know that Interactive Brokers allow this sort of trade. Considering my heavy trading, this is something you should allow me to do.
5 comments:
I'm trying to get Thinkorswim to do the same of including CRC, PRC and PCCRC as part of their standard order form too.
The rates aren't as competitive as IB (https://www.thinkorswim.com/tos/myAccounts/displayPromotions.tos) and if this PCCRC thing cannot be offered on TOS, IB may be worth another look (i use to have an IB account ).
Lee, it is quite clear that we have reached a higher level of experience so that we have outgrown the wonderful, easy to use interface of OptionsXPress. I grant you that Interactive Brokers takes a little effort in the part of the trader, but I think that it is well worth the effort.
You can do CRC's and PRC's and Condors with OptionXpress, but it tends to be limited for PCCRC uses. I my mind, the PCCRC is the only truly hedged strategy, and thus the one we should be using in this market.
I have not used ThinkorSwim. I'll take a look.
Juan,
Good to see that you are practising on the IB site.
TOS can do a double calendar but not ratioed double calendar. I have requested TOS to add such facility in their platform about a month ago. They told me they were already working on it.
actually TOS can be used to enter a PCCRC with 2 orders, a double diagonal and a straddle.
slightly cumbersome though
calvin
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