IB Strategy Builder question: the iron condor
- Thread starter eleuthera
- Start date
Typical entries for Iron Condors, are "Sell to open". These are normally placed as a single order, to allow you to control the price.
Are you using TOS, IB, ...? Providing that info, may result in more descriptive suggestions.
Are you using TOS, IB, ...? Providing that info, may result in more descriptive suggestions.
My Bad... I see it in the title, now. I use TOS, so perhaps someone with IB, can provide clear example.
OK, buckle up! I have no clue what the Strategy Builder is. In the Trader Workstation:
Type in your symbol and hit <enter>
From the menu select:
COMBINATIONS
then
OPTION COMBOS (SMART)
That opens a screen that has 3 choices across the top
1) MULTIPLE 2) STRATEGY 3) PAIR OR LEG-BY-LEG
Two lines below it says STRATEGY with a white box to the right. Click the white box and it opens a menu of strategies:
Select IRON CONDOR (or SHORT IRON CONDOR). SHORT IRON CONDOR will create the mirror image order for a long IRON CONDOR so pay attention to BUY OR SELL when placing your order. IOW, buying one is the same as selling the other and vice versa. If you have doubt, hover the mouse over the completed IC order line or double click it and it will open a menu that spells out what legs you are buying and selling for your BUY order. If that's the opposite of what you want to do then you will SELL it.
If you're setting up only one IC, click 2) STRATEGY and it will open an order with the 4 legs. Select the appropriate expiration and strikes and when done, click OK at the bottom of the page.
If you want to set up multiple ICs (different expiries and/or a different set of strikes) use 1) MULTIPLE
Set the first one up, click ADD and continue doing the same, clicking OK when you've set up your last one. Be aware that with MULTIPLE, you'll have to insert some space rows and move some of the 4 leg groups around if you want them in any particular price order. It's a bit confusing until you get the knack of it. When you do, you'll be able to set up a number of orders quickly which is useful for when you are attempting to roll a basic position when underlying price is moving fast and blasting through different strikes.
If you want to create a non standard order such as 3 legs of an IC use 3) PAIR OR LEG-BY-LEG and fill in the expiration and strike info
Type in your symbol and hit <enter>
From the menu select:
COMBINATIONS
then
OPTION COMBOS (SMART)
That opens a screen that has 3 choices across the top
1) MULTIPLE 2) STRATEGY 3) PAIR OR LEG-BY-LEG
Two lines below it says STRATEGY with a white box to the right. Click the white box and it opens a menu of strategies:
Select IRON CONDOR (or SHORT IRON CONDOR). SHORT IRON CONDOR will create the mirror image order for a long IRON CONDOR so pay attention to BUY OR SELL when placing your order. IOW, buying one is the same as selling the other and vice versa. If you have doubt, hover the mouse over the completed IC order line or double click it and it will open a menu that spells out what legs you are buying and selling for your BUY order. If that's the opposite of what you want to do then you will SELL it.
If you're setting up only one IC, click 2) STRATEGY and it will open an order with the 4 legs. Select the appropriate expiration and strikes and when done, click OK at the bottom of the page.
If you want to set up multiple ICs (different expiries and/or a different set of strikes) use 1) MULTIPLE
Set the first one up, click ADD and continue doing the same, clicking OK when you've set up your last one. Be aware that with MULTIPLE, you'll have to insert some space rows and move some of the 4 leg groups around if you want them in any particular price order. It's a bit confusing until you get the knack of it. When you do, you'll be able to set up a number of orders quickly which is useful for when you are attempting to roll a basic position when underlying price is moving fast and blasting through different strikes.
If you want to create a non standard order such as 3 legs of an IC use 3) PAIR OR LEG-BY-LEG and fill in the expiration and strike info
If you put the thread title into Google, ...