There are many ways to make trades using ActiveTraderPro®, all available under the Trade & Orders menu. Each type of trade has its own strategy to become familiar with before deciding if it may be right for you.
To speed up the process, you can set your default Trade ticket in the Trade Settings menu to pre-populate the Standard Trade ticket, Multi-Trade ticket, or Directed Trade ticket.
The Standard Trade ticket is used for basic trading functions. To place a trade, open the ticket and select the account in which you want to trade (you can set a default account in the General Settings menu). Next, enter a stock, ETF, option, or mutual fund symbol in the symbol field. If the selected account holds a position in that security, the quantity held will be displayed in the trade ticket when a closing order is selected. The ticket also automatically populates with any default trade settings you may have set up. (You can change these at any time in the Trade Settings menu.)
The Trade ticket is dynamic and will display all relevant fields based on the security and order type chosen. Streaming quote information is included below the ticket, which you can show or hide using the Expand/Collapse feature.
To submit your trade, complete the ticket and select Preview. Then verify your trade details and select Place to submit your order.
The Trade Confirmation screen lets you know your order has been placed and displays your trade confirmation number. The Trade Confirmation screen also provides quick links to Place a New Trade, Set an Alert, or View Your Orders.
Quick Tip: Use the Bid or Ask price from the Watch List, Positions, Filters, Option Chain, or Quote tools to quickly launch a Trade ticket with pre-populated trade details.
The Standard Trade ticket does not currently support fixed income trades, international trades, or conditional trades. However, you can execute these trades on Fidelity.com and view orders and positions in Active Trader Pro®.
Note: A custom time in force (TIF) allows you to set an order expiration date and time up to 180 days out. You can choose a custom expiration time for a Day order or choose a custom expiration date and time for a Good 'til Canceled (GTC) order. The custom TIF is available when trading equities, ETFs, and options on the Standard and Multi-Trade tickets.
The Multi-Trade ticket allows you the freedom and flexibility to save and place one or more orders in a horizontal, blotter-style Trade ticket. It can be used to trade stocks, single-leg options, and ETFs. Mutual funds, fixed income, international, and Directed Trading are not supported in the ticket at this time.
To begin the trade process, select an order entry row in the Multi-Trade ticket. The row will expand and display the fields that need to be filled. Verify you've chosen the account in which you would like the trade to be placed. (If you have only one account, this will be your default.) If you have multiple accounts and no default set, you will need to select the account you wish to use. You can manage your default account from the Settings menu.
Next, enter the symbol of the security you want to trade in the Symbol field. Once you enter the symbol, the Last, Change, Bid, and Ask details will automatically display in the quote area. Use the Action dropdown menu to display your basic trade commands (Buy, Sell, etc.) for either stocks/ETFs or options, as appropriate. You can then complete your order by specifying the Quantity, Order Type, TIF, and Condition. The Stop, Limit, Trail, and Based On fields will be available dynamically, depending on the type of order chosen. The Type field will display dynamically, based on the Action chosen. As is the case with all other trade tickets in the Active Trader Pro® (with the exception of the Multi-Leg Option ticket), any default trade settings for stocks or options will automatically be applied to each new order you create.
Once you have filled in all the required fields, a Preview button appears. Any required information not provided will be displayed in a bracketed gray font or watermark, indicating the name of the field for which information is missing. If you have chosen to Skip Preview in your Trade Settings, the Preview button will appear as a Place button, which will send your order directly to the market. Make sure you review your order and determine that all of the trade details are correct before you select Place. At this point, you will see the Trade Confirmation screen with all of your order details, unless you have selected Skip Confirmation in Trade Settings.
The Multi-Trade tool streamlines the process of placing multiple orders by allowing you to complete the order details for up to 50 securities using the Add Order button at the bottom of the ticket. Select the trades you would like to place at the same time using Ctrl + click or Shift + click to select multiple order rows. When one or more completed orders have been selected, the Preview # Selected Orders button appears in the lower right (or Place # Selected Orders, if Skip Preview is enabled). The # will be equal to the number of orders you have selected for simultaneous submission. Select the Preview Selected Orders button to see a Preview screen for all of the trades you are placing. After selecting Place to submit your order, you will receive a confirmation screen for your records, unless you have selected Skip Confirmation in your Trade Settings menu.
Note: You may submit up to a maximum of 20 orders at one time.
When you no longer need an order, you can easily remove it using the Delete Order button. You may also delete multiple orders simultaneously using Ctrl + click or Shift + click.
Another great feature of the Multi-Trade ticket is trade saving. You can prepare and save up to 50 orders for quicker access to the markets. When you enter one or more trades, these orders are automatically saved and will display the next time you access the Multi-Trade tool, even across sessions.
When closing an equity or single-leg options position, you can choose specific lots for tax reporting of realized gains or losses. The ability to choose specific shares is available for eligible accounts, security types, and valid order actions. When available, a LOTS indicator will appear in the trade ticket. Select the LOTS indicator to access and specify shares.
Note:
You can specify lots during the trade entry process on the Standard and Multi-Trade tickets for closing transactions on Sell and Buy to Cover equity orders, and Sell to Close and Buy to Close option orders. To identify specific lots, use the LOTS icon on the trade ticket. You may specify all or some of the shares included in the transaction. Any unspecified shares will be sold according to your default method.
You can view specified lot details on both the Trade Preview and Confirmation steps by selecting the LOTS icon. If applicable, lot information will also be displayed in the Orders tool when the order detail is expanded.
In some instances, lot detail information will not be retained when attempting to cancel and replace an open order. A trade warning will be presented during the Cancel/Replace process if lot details are not able to be retained on the order. In general, orders that are partially executed or orders for which the quantity is being changed will not retain specified lot details.
You can view shares available for short sale on the Quote tool as well as the Single, Multi-, and Directed Trade tickets. On the Quote tool, locate the field labeled Shortable Shares and select the Show link to see if any shares are available for short sale for your chosen security.
Trade tickets will populate the Shortable Share amount once you enter a security in the Symbol field and choose Sell Short in the Action dropdown. The number of shares that are available for short sale will be displayed next to the quantity field and Hard to Borrow securities requiring finance charges are identified with an HTB icon. Hovering on the HTB icon or the Shortable Sale amount displays the number of shares available to short as well as the estimated annual interest rate to borrow the shares.
The following designations can appear:
*The number of shortable shares shown is a query of current availability and is for informational purposes only.
**The estimated annual interest rate displayed is an indication only. The actual annual interest rate may be greater than or less than the rate displayed, subject to market conditions.
To speed up the trade entry process, you can choose to skip the Trade Preview or Trade Confirmation step, or both. Use caution when skipping the Trade Preview step, as you will not be given the opportunity to review your order again prior to submission.
Visit Trade Settings to enable the Skip Preview and Skip Confirmation features. Your settings apply to all orders, except mutual funds, and will be invoked when placing, canceling, or replacing an order.
The Multi-Leg Option Trade ticket allows you to place up to four option orders for simultaneous execution on a net basis. The ticket includes predefined strategy tickets to help quickly populate multi-leg option orders, as well as integrated streaming quotes and at-expiration profit, loss, and breakeven information. Expand the bottom of the Multi-Leg Option ticket to show or hide the quote and profit/loss detail.
Quick Tip: Use the Multi-Leg ticket for all your option trades, including single-leg orders and also use the Custom strategy to create your own multi-leg trade.
First, select the account in which you want to trade; the account must be authorized for options trading, and strategies displayed will depend on the account's option approval level. You can set up a default account in the General Settings menu.
Note: Option trade detail presets apply to single-leg options only.
Next, enter the underlying security symbol and choose the trading strategy you wish to pursue. If the underlying security offers mini options, a toggle displays which allows you to choose standard or mini contracts.
The Multi-Leg Option ticket automatically displays all relevant fields, including available expirations and strikes, based on the underlying security and strategy chosen. Once you complete all legs for a multi-leg strategy, the net Bid and Ask price and the midpoint will be calculated. The order type and limit will default to the natural and may be easily changed by modifying this amount.
To help you review your strategy, streaming quotes for the individual legs are available at the bottom of the ticket and once your quantity is entered, the at-expiration profit, loss, and break even details are displayed. Note that maximum gain and maximum loss values are calculated for the total trade and displayed on opening transactions only. Custom strategies will not display profit/loss information.
Quick Tip: For a more detailed analysis of your Profit and Loss potential, click on the Analyze Profit & Loss link in the bottom right hand corner of the ticket. This link is available once all required fields are filled in for opening trades.
The Route menu on the Multi-Leg Option ticket may be used to direct your trade to one of the participating option exchanges. If you select to route the order, the individual leg level quotes for that exchange will be displayed. If you do not direct the order and leave the route as Auto, a link titled View Legs will display, allowing you to see the individual leg level quotes on a composite basis. If you have chosen to View Legs, a link titled View Exchanges will appear, allowing you to toggle back to see the exchange level net quotes.
To submit your trade, complete the ticket and select Preview. Verify your trade details and select Place to submit your order. The Multi-Leg Option Confirmation screen lets you know your order has been placed, displaying your trade confirmation number. The Confirmation screen also provides quick links to Place a New Trade, Set an Alert, and View Orders.
Quick Tip: Use the Bid or Ask price from a multi-leg strategy in the Option Chain to quickly launch a Multi-Leg Option ticket with pre-populated trade details. Right-click in the Orders tool to quickly duplicate a multi-leg option order.
You can place single and multi-leg pre-market option orders on a limited number of index options utilizing the Multi-Leg Option Trade ticket. If pre-market trading is available on a particular index, a session dropdown box will appear next to the call/put dropdown. Choose Pre-Market Session to place an option order in the pre-market. These orders will be eligible for execution from 7 a.m. ET until 9:15 a.m. ET and may only be routed to the Chicago Board Options Exchange (CBOE). Eligible Time in Force (TIF) for pre-market multi-leg option trades are Good 'til 9:15 and Immediate or Cancel; single leg pre-market option trades also allow for Fill or Kill. Choose Standard Session if you would like to place an option order for the Standard session prior to market open.
The following strategies may be traded using the Multi-Leg Option ticket:
Butterfly ‒ The Butterfly ticket allows you to place a three-legged, ratio spread strategy with a 1:2:1 ratio involving all calls or all puts with three different strike prices. The Butterfly ticket will automatically apply the correct actions, ratio, expiration, and option type (call/put) based on the first leg entered. To place a Butterfly order, you must be approved for option Level 3 or higher.
Buy Write ‒ Use the Buy Write ticket to place a simultaneous equity and option transaction entering a new covered call position or unwinding an existing covered call position. Buy Writes must be placed in round lot increments of 100:1 (shares to contracts). To place a Buy Write order, you must be approved for option level 1 or higher.
Calls & Puts ‒ Allows you to enter a single leg option order on the multi-leg ticket. You may also choose Add Leg to easily convert the trade to a custom multi-leg order.
Collar ‒ The Collar combines the purchase of a put or call and the simultaneous sale of the opposite contract type. A Collar ticket will automatically apply the correct action, ratio, expiration, and option type (call/put) based on the first leg entered. To place a Collar order, you must be approved for option Level 2 or higher.
Combo ‒ The Combo combines the simultaneous purchase of a put or call and the sale of the opposite contract type with the same strike. A Combo ticket will automatically apply the correct action, ratio, expiration, and option type (call/put) based on the first leg entered. To place a Combo order, you must be approved for option Level 2 or higher.
Condor/Iron Condor ‒ The Condor ticket allows you to place a four-legged strategy with a 1:1:1:1 ratio. For the Condor strategy this involves all calls or all puts with four different strike prices. For the Iron Condor strategy this involves both calls and puts with four different strike prices. To place a Condor or Iron Condor order, you must be approved for option Level 3 or higher.
Spread ‒ The Spread ticket is a two-legged ticket that allows the placement of a Calendar, Vertical, Diagonal, or Ratio Spread. In order to place a Spread order, you must be approved for option Level 3 or higher.
Straddle/Strangle ‒ Use the Straddle ticket, which combines long or short calls and puts, to place either a Straddle or Strangle. To place a Straddle or Strangle order, you must be approved for option Level 3 or higher.
Roll ‒ Provides the ability to roll an existing position by closing an existing option position and opening a new one using the same trade ticket. One potential example is Rolling a covered call. Orders placed using the Roll ticket must be done on a 1:1 basis. To place a Roll order, you must be approved for option Level 1 or higher.
Custom ‒ Allows you to build a custom multi-leg option trade with up to four legs. No default trade details, such as ratios, actions, expirations, or option types are enforced on this ticket.
There are 5 levels of options trading approval:
Note: Customers who are approved to trade option spreads in retirement accounts are considered approved for Level 2.
Copyright 1998-2023 FMR LLC. All Rights Reserved.