Saxo Bank’s OpenAPI now fully supports multi-leg orders
A new resource – prices/multileg, which provides prices for multi-leg orders, has been added.
Multi-asset trading expert Saxo Bank has released a new version of its OpenAPI.
The latest release includes a number of additions and enhancements. For instance, a new resource – ‘CurrencyPairs’, representing all supported currency pairs has been added.
Also, a new resource – prices/multileg providing prices for multi-leg orders – has been added. With this addition there is now full support for multi-leg orders in Saxo’s OpenAPI. Multi-leg orders are used when trading option strategies.
OpenAPI supports trading industry standard and custom option strategies, such as Straddles, Condor and Butterfly strategies. These orders are a form of basket orders, where one order is placed to open multiple positions simultaneously. Each order is referred to as a “leg”, and to maintain the desired risk and exposure the exchange guarantees symmetrical filling of all legs.
Currently the pre-defined strategies are:
- BackRatio – Consists of two options, of same type and expiry, but with different amounts and strike prices.
- Butterfly – This is a non-directional strategy that combines legs of same expiry, but with varying amounts and strike prices.
- CalendarSpread – A calendar spread is a long-short position is two calls or two puts. Both options have the same strike, but they have different expiration.
- Condor – A condor strategy leverages four options with same expiry. A buy and a sell in the money, and a buy and a sell out of the money. It can also be characterized as two call spreads.
- Diagonal – A diagonal spread is two options of the same type, one buy and one sell, but with different expiry times and different strike prices. Essentially a combination of a Vertical and Calendar spread.
- IronButterfly – Two overlapping vertical spreads. One of the verticals is on the call side and one is on the put side.
- IronCondor – A combined put and call spread with same expiration but varying different strikes.
- RiskReversal – One leg is an out-of-the-money put, the other leg is an out-of-the-money call.
- Straddle – A call and a put with the same underling strike price and maturity expiration date.
- Strangle – A call and put with different strike prices but with the same expiry.
- Vertical – A vertical spread has two legs. One is buy and one is sell with same expiration date, but with different strike prices.
All other combination of individual legs are considered user-defined “custom” strategies.
Let’s recall that the preceding OpenAPI update also included a raft of enhancements. A field called ‘DisableForceOpen’ or ‘IsForceOpen’ was added to positions and orders resources. This is in preparation of an upcoming feature, whereby it will be possible for a user to specify that a position should not be automatically netted. Currently the value has no effect.
