Option trading magnifies risk and can therefore magnify profits and losses. Before engaging in options trading, it's important to understand how it works. This section will help you learn about options trading hours, how to place orders, how to check or modify orders and what commissions and fees are associated with options trading.
Options only trade during regular market hours. You cannot place orders for options for the pre-market or after-hours trading.
The Options Order Entry page is where you begin the option order process. Hover over Trade at the top, and then click Options Order under the Trade Options heading.
You can view the status of your option order in multiple places. On the home page (click Home at the top), open option orders will display under Open Orders.
To modify an order, click the Modify link next to the order you want to modify on the Order Status page.
There are certain commissions associated with buying and selling options through Scottrade, as well as a fee for exercising the option.
Options involve risk and are not suitable for all investors. Detailed information on our policies and the risks associated with options can be found in the Scottrade® Options Application and Agreement, Brokerage Account Agreement, by downloading the Characteristics and Risks of Standardized Options and Supplements (PDF) from The Options Clearing Corporation, or by requesting a copy by contacting Scottrade. Supporting documentation for any claims will be supplied upon request. Consult with your tax advisor for information on how taxes may affect the outcome of these strategies. Keep in mind, profit will be reduced or loss worsened, as applicable, by the deduction of commissions and fees.