Is TWS able to make option orders based on underlying price?

[CFerret]

Hello everyone!

Have the following IB TWS question:

Say I need to buy XX strike call option, but only when price of UNDERLYING reaches XX.

Is it possible to enter such orders in TWS?

Thanks in advance!

 

[synchro]

I assume you're talking about TraderWorkstation from Interactive Brokers. The latest version allows you to enter conditional order for option trades that are based on the underlying stock.

For example, today I went long IWM put options, and then set a conditional order to close out the long put option position once the IWM rises above a certain price.

There's no programming involved.

 

[MajorUrsa]

Quote from synchro:

I assume you're talking about TraderWorkstation from Interactive Brokers. The latest version allows you to enter conditional order for option trades that are based on the underlying stock.

For example, today I went long IWM put options, and then set a conditional order to close out the long put option position once the IWM rises above a certain price.

There's no programming involved.

Correct, and for the record, the condition doesn't have to be related to the underlying, it can be based on anything quotable.

 

[gaz0001]

I assume you're talking about TraderWorkstation from Interactive Brokers. The latest version allows you to enter conditional order for option trades that are based on the underlying stock.

For example, today I went long IWM put options, and then set a conditional order to close out the long put option position once the IWM rises above a certain price.

There's no programming involved.

Yes, this is what I am doing also.
I am doing it manually.
Buying the Option, then going into the Order ticket. Filling the action in, filling the two OR conditions in for the underlying SPY price,then transmit.

I am wondering if any or all of this can be done quicker and easier?
It's about 60 seconds in total, with 50 mouse clicks.

When I'm scalping the options, its too long.


With regular tickers, I actually have everything on hotkeys. So the equivelent action is 1second.

 

[antares66]

The faster way would be perhaps using DAS Trader pro. But it costs $150 per month