Interactive Brokers’ TWS platform to enable traders to close multiple options positions as one complex order

Maria Nikolova

The latest (beta) release of the platform enables traders to close multiple, independent options positions (on the same underlying) as a single, complex, multi-leg order.

Online trading major Interactive Brokers Group, Inc. (NASDAQ:IBKR) continues to enhance the capabilities of its proprietary TWS trading platform.

The latest (beta) release of the platform enables traders to close multiple, independent options positions (on the same underlying) as a single, complex, multi-leg order. Traders can use the Mosaic or Classic portfolio to select up to six independent options positions to use as legs of a new, complex, multi-leg order.

Once legs are selected, traders should use the right-click menu and choose the “CLOSE AS STRATEGY” trading button. The Strategy Builder opens with the option’s underlying loaded in the Option Chain and the selected position “legs” highlighted. The complex position opens in the Strategy Builder Order Entry, where traders can modify as needed.

The broker notes that traders will only see the “CLOSE AS STRATEGY” button if:

  • Option legs are on the same underlying and use the same primary exchange or multiplier.
  • Futures options legs are on the same underlying contract and use the same primary exchange or multiplier.
  • Traders select independent positions as legs. If they want to include all or part of an existing complex position in their selection, they have to expand the position and select each leg one by one.

The feature may be used to create an order that will completely close the selected positions, and calculates the order quantity accordingly, based on the leg ratio. For instance, if traders decide to close two positions where position A has a quantity of 3 and position B of 6, the ratio is simplified to 1:2 and the position quantity is set to 3. Traders can modify the quantity if they prefer to close only a portion of the selected positions.

The broker explains that at present this feature is only offered for individual accounts. For multiple account structures, the feature can be used if a single account is selected.

The Strategy Builder has been enhanced several times this year. In February, for instance, the broker added a new Predefined Strategies pick list in the Strategy Builder. Let’s note that the Strategy Builder tool allows traders to easily build complex, multi-leg strategies from an option chain by simply clicking the Bid or Ask price of a call or put to add the leg to one’s strategy. The company has made this process even easier via the new Predefined Strategies pick list.

And in May this year, TWS saw the addition of Unbalanced Butterfly to the pre-defined strategies list in the Strategy Builder.

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