Overview
Field definitions

- View paired and unpaired positions
- Initiate an order

Overview

If an account is approved to trade options, view its paired and unpaired options and securities by underlying security, strategy, or expiration date.

Option positions, whenever possible, will be paired or grouped as strategies, which can reduce the account's margin requirements and provide a view into the positions, risk, and performance. Strategies include those entered as multi-leg orders, as well as those paired from positions entered in separate transactions. Pairings can be different from the originally executed order and might not reflect the actual investment strategy. An unpaired position is a security for which listed options are not currently owned or written, but options can be owned or written.

Options Summary is divided into 2 sections:

• Current Pairings
  On the left side, view grouped positions and margin requirements for each position.
• Current Value
  On the right side, view current prices (real time or most recent price) and market values for each position.

Below the list of positions, view the total margin requirements and change in current market values for the related positions:

• Option Positions
  Margin requirements related to single or multi-leg option positions; market value is the sum of all option positions.
• Paired Positions
  Margin requirements and market values related to positions where stock, convertible bonds, or convertible preferred stocks are used in the pairings. Pairing an account's positions may reduce margin requirements and provide a view of your positions, risk, and performance.
• Unpaired Positions
  Margin requirements and market values related to stock, convertible bond, or convertible preferred positions that are not currently paired with any option position.
• Total
  Sum of the Option Positions, Paired Positions, and Unpaired Positions totals.

View Paired and unpaired positions

Paired positions display the associated option strategy; for example, Long Put. Security positions without a paired option display with the strategy Unpaired.

Choose how you want to group the options positions. Your choice remains in place only as long as you remain on the Options Summary.

1. Search for an account.

2. From the results, in the Menu column, select the arrow and choose Positions > Options Summary. By default, both paired and unpaired positions display, by underlying securities.

3. To group positions, from Group By, select:

   Expiration
   Positions are grouped from the closest to the furthest expiration date. Strategies involving more than one expiration date are grouped according to the closest expiration date. Unpaired positions or strategies with no expiration dates are shown below the furthest expiration.

   Strategy
   Positions are grouped in alphabetical order according to strategy.

   Underlying
   Positions are grouped in alphabetical order according to the underlying security.

4. To display positions that could be used in an option pairing, but currently are not paired with an option position, select the Show Unpaired Positions checkbox.

Initiate an order

For a listed security, if entitled, you can select an order action, which opens the Equities or Options order entry.

The actions you can take on a listed position depend on the status of the security, the option position, and your user entitlements. Not all actions listed below are available for all positions.

1. If positions are grouped by Underlying or Expiration, select a linked strategy. If positions are grouped by Strategy, select a linked symbol.

2. Choose an action from the menu.

   To open an Equity or Options order, select Buy, Sell, Buy to Cover, Sell Short, Close Option, Close Strategy, or Covered Stock.

   To view a quote, select Full Quote.

   To view the option chain, select Option Chain.

   You may also select a linked value in the Bid or Ask column to open an order ticket. Hover your mouse over the link to view the proposed order.

Field definitions

Current Pairings
Current Values

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Current Pairings

Field	Definition
Expiration & Strike	The date the options contract terminates or ends (Expiration) and the exercise price for the option's underlying security (Strike); this is a description of the option contract held. Call Option (C) Represents the right, but not the obligation, to buy shares of an underlying security at a specified price for a specific time period. Put Option (P) Represents the right, but not the obligation, to sell shares of an underlying security at a specified price for a specific time period.
Margin Requirements	The minimum equity required in the account to purchase a security or for securities held in margin in the account (the amount held to secure an option or stock trading strategy). Margin requirements are updated as of the end of the previous business day and are specific to the chosen account. Requirements may differ for the same security held in other accounts.
Previous Close	The final trading price of the security at the end of the prior business day. This price is used to calculate margin requirements.
Quantity	The current number of shares or option contracts held. The same security may be split up and used for difference pairings.
Strategy	The name of the option strategy used to pair the positions.
Symbol	If Group By is Expiration or Strategy, the symbol of the security.

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Current Values

Current values are based on real-time or the most recent price for the related position.

Field	Definition
Ask	The price at which someone who owns shares of a stock is willing to sell those shares. Select a link to open a pre-filled buy order: Stock Equities Ticket Action: Buy Symbol: Ask Symbol If the stock is short, the action is Buy to Cover. Option Single Leg Options Ticket Action: Buy Open/Close Symbol: Ask Symbol If the option is long, Buy to Open. If the option is short, Buy to Close.
Bid	The price at which someone is willing to buy shares of a stock. Select this link to open a pre-filled sell order: Stock Equities Ticket Action: Sell Symbol: Bid Symbol If the stock is short, the action is Sell Short. Option Single Leg Options Ticket Action: Sell Open/Close Symbol: Bid Symbol If the option is long, Sell to Close. If the option is short, Sell to Open.
Change	The dollar amount change in the price of the security from the close of the prior business day: Last Price - Previous Close Price
Last	The unit price of the most recent order for shares of the security on the primary exchange.
Market Values	This market value calculated by multiplying the quantity held by the bid, if position is held long, or by the ask, if position is held short. Bid Price x Quantity

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