Option Order Entry
To place an option order click the Option tab from the top of the Order Entry window.
- Type the symbol of the underlying security you want to trade in the symbol box. Selecting option information (Expiration date and Strike Price) will not be available until an underlying symbol is entered. The order ticket will default to an at-the-money call once the underlying stock symbol is verified.
- From the Buy / Sell list, select the item you want (Buy to Open, Buy to Close, Sell to Open or Sell to Close).
- From the Expiration list, select an expiration date from the available choices. Available expiration dates can also be viewed and selected from the Expiration Calendar.
- From the Strike Price list, select a strike price for the stock.
- From the Call / Put list, select the type of option you want to trade.
- In the Quantity box, type the number of contracts you want to purchase.
Note: Most option contracts represent 100 shares of the underlying stock. If you enter 2 in this field, you will be trading 2 option contracts, representing 200 shares of the underlying stock.
- From the Order Type list, select your order type (Market, Limit, Stop or Stop Limit) and type the limit price or stop price, if available.
You may see the Limit Price and Stop Price boxes appear depending on your selection.
Note: You can click one of the quote buttons to quickly fill the limit price with that quoted price.
- From the Duration list, select your order duration. The selections available are Day, GTC (Good 'til Canceled) or GTD (Good 'til Date).
- From the Qualifiers list, select None or All or None (AON). If you choose AON, you are indicating that you don't want a partial execution of your order.
- After you have verified that the information you entered is accurate and are ready to place your order, click Place Order.
Note: If you've elected to turn off the confirmation window, your order will be submitted as soon as you click Place Order. There is no confirmation message. If you would like verification, see instructions under the Show Confirmation Window when Placing Orders section.
Once the order is submitted, the order progress appears to the left of the Place Order button. When the order is confirmed, the reference number will be displayed in this location. Orders will also display in the Order Status window.
Note: Adjusted options contracts cannot be traded online. To place an order for an adjusted contract, please contact your local branch office.
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, and by downloading the Characteristics and Risks of Standardized Options and Supplements (PDF) from The Options Clearing Corporation, or by requesting a copy from your local branch office. Market volatility, volume, and system availability may impact account access and trade execution. 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.