I just opened an account at ThinkorSwim. Moving from OptionsXpress

Quote from mysterh:

Question for TOS users: how do you submit a combination order if it does not fit one of their canned strategies from the drop-down list? For instance, I want to sell a Call and Put vertical at the same strike price. The Risk Profile looks like a Butterfly (long), but it is not. I don’t know what to call it? I guess I can leg into the trade.

Any thoughts?
Rick
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you want xyz 60/65 call and 60/55 put? do an iron condor the 4 strikes appear as a single order looking like say 60/65 call and 55/50 put so then you can just click on the specific strike you want by changing the 55/50 to 60/55( put for instance)

there may be simpler ways but this is pretty easy to do....
 
Quote from mysterh:

Question for TOS users: how do you submit a combination order if it does not fit one of their canned strategies from the drop-down list? For instance, I want to sell a Call and Put vertical at the same strike price. The Risk Profile looks like a Butterfly (long), but it is not. I don’t know what to call it? I guess I can leg into the trade.

Any thoughts?
Rick
More...

DonnaV is right, it is an Iron Butterfly so you can use the Iron Condor from drop-down menu and then change the strikes.
 
Quote from mysterh:

Question for TOS users: how do you submit a combination order if it does not fit one of their canned strategies from the drop-down list? For instance, I want to sell a Call and Put vertical at the same strike price. The Risk Profile looks like a Butterfly (long), but it is not. I don’t know what to call it? I guess I can leg into the trade.

Any thoughts?
Rick
More...
if you don't see your complex "strategy" on the list, just send a message through the support/chat (button on top left corner). They can "merge" the order for you at their end.
 
Quote from mysterh:

Question for TOS users: how do you submit a combination order if it does not fit one of their canned strategies from the drop-down list? For instance, I want to sell a Call and Put vertical at the same strike price. The Risk Profile looks like a Butterfly (long), but it is not. I don’t know what to call it? I guess I can leg into the trade.

Any thoughts?
Rick
More...

i just pick the spread that is closest and manually change the months, strikes or whatever...use the individual arrows in the trade boxes and you can do almost anything...hope this helps...

also give them a call and they will walk you through it...

when all else fails read the instructions
 
I read through this thread this morning and did not see anyone comment on Ox's Trade calculator compared to TOS's Analyze. I have accounts at both places but learned long ago not to trust the risk graph that comes out of OX's Trade calculator. Most times it is ok, but other times it is clearly wrong (so how do you knwo for sure?). After several discussions with online help the conclusion was it "looked" wrong because the calculator could only use one IV in a spread position. So if IV varies (for example in a spread with Leaps and short term options together), the graph is off. It also does not take into account option exercises, so with a call that would be exercised above the strike price, instead of the graph leveling off, it continues up as if it would continue to gain value. TOS's Analyze is much, much better and is not plagued with those problems. It handles exercises and multiple IVs. It is also much faster to do what-if's on a position to see the resultant graph. I have had an account with TOS about 3 months now and the only complaint I have is the $30 annual IRA fee that OX does not have.

Tim
 
There is something wrong with TOS...I sent in 4500 hundred more bucks and they must have credited my account the first hour it arrived...what gives? I knew my postoffice was faster than I thought!

Also Andy will credit my 50 buck fee that was charged to me for the closing of OX..they call it a termination fee not an ACAT fee, but Andy at TOS did not care.

TOS is the Bomb..I'm doin' the Gecko....

Michael B.
 
I talked to Scott over there at TOS, and get this...I said that the $9.95 plus $1.50 was to high...he said ok how about $1.25 with a $12.95 min. (I had $14.95 plus $1.50 at OX) AND THIS IS ONLY A 6300 buck account!!!!!

I said ok...

I mean I could probably negotiate around or save some bucks at IB...but the others do not have auto-trade.

These guys at TOS are great! I have a funny feeling I am going to get good executions too...

Michael B.
 
Quote from zxcv1fu:

Yes. I use it to drill in what the instititional way of option trading. Learning from the ex-option floor traders gives me more confidence.
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careful,

I had this discussion with a presenter at the NY Traders Expo regarding "perspective" and trading options, both on futures and equities.

Institutional traders have a percentage of "waste money" that's used for insurance plays. In the overall scheme of things, they can literally afford it, as the trades in option positions that they take:
1) are the bread and butter of option firms, like TOS and OE
2) create volume, commissions and don't have an expectation of profitability on those positions....

Retail traders, of which we are both (I used to be an Options Floor trader), have the perspective of trading options, spreads and other complex positions solely for profit and rarely for insurance or position protection.

If you can learn to distinguish what is being taught and how it fits into your overall trading strategy and objective then you will win in this complex game that is made to appear simple.

Don't be fooled.....
 
Quote from limitdown:

careful,

I had this discussion with a presenter at the NY Traders Expo regarding "perspective" and trading options, both on futures and equities.

Institutional traders have a percentage of "waste money" that's used for insurance plays. In the overall scheme of things, they can literally afford it, as the trades in option positions that they take:
1) are the bread and butter of option firms, like TOS and OE
2) create volume, commissions and don't have an expectation of profitability on those positions....

Retail traders, of which we are both (I used to be an Options Floor trader), have the perspective of trading options, spreads and other complex positions solely for profit and rarely for insurance or position protection.

If you can learn to distinguish what is being taught and how it fits into your overall trading strategy and objective then you will win in this complex game that is made to appear simple.

Don't be fooled.....
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very excellent points...I have tried to create a balance...exactly what you are saying...in my options trading. I am not a MM or have ton's of OPM to trade with and commissions do make a difference...its difficult but not unachievable... one thing I do LIKE about TOS is that they keep a tally of the total in commissions paid which Harris did not, and I NEVER knew because I didn't want to take the time to figure it out! Now at least I know exactly what % commissions are of my p/l
 
I have had the opportunity to talk with a lot of the people at ToS and the more I do the more impressed I am.

My best story is that one Friday morning I called in to clear up something in my account statement and the person who answered the customer service line was Joel Blom..... the President of the firm. I joked that maybe they had no staff but he said that everyone participates in all aspects of the business, even customer service.

:)



Quote from ElectricSavant:

I talked to Scott over there at TOS, and get this...I said that the $9.95 plus $1.50 was to high...he said ok how about $1.25 with a $12.95 min. (I had $14.95 plus $1.50 at OX) AND THIS IS ONLY A 6300 buck account!!!!!

I said ok...

I mean I could probably negotiate around or save some bucks at IB...but the others do not have auto-trade.

These guys at TOS are great! I have a funny feeling I am going to get good executions too...

Michael B.
More...
 
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