As part of our multi-asset offering, Saxo provides options trading through our platforms: SaxoTrader, SaxoTrader desktop, and our mobile app You can trade options directly from the option chain, trade ticket, and watchlist.
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Placing an options trade
Placing an options trade can be done in multiple ways on SaxoTrader and SaxoTrader desktop. Options are not tradable using SaxoInvestor, but if you hold options positions and log in on the SaxoInvestor platform, you will be able to view the positions.
Trading options from the option chain
The option chain provides a list of all available options for a specific underlying asset, including strike prices, expiration dates, and both call and put options. It shows premiums, open interest, bid and ask prices, volume, and implied volatility.
Trading options from the trade ticket
Once you have opened a trade ticket for a specific option, you can customise the order to meet your requirements. Just like a regular stock or ETF order, you choose an order type, quantity, price (not with market orders), and order duration.
For options you also have to choose the expiry date, strike price, whether its a call (buy) or put (sell).
If you trade from the option chain, the trade ticket will automatically be adjusted to the bid/ask price and whether its a put or call option, you clicked.
Trading options from the watchlist
Options can be traded from the watchlist in multiple ways:
1. Double click on an instrument to open the trade ticket and switch to the option by clicking the options icon. You can also do this from the positions module or the screener.
You can always switch to options based on the underlying instruments in the trade ticket, if it is offered.
2. Launch the option chain and click on the paper clip icon. Now, every time you click on an instrument on the watchlist, the option chain will adjust to the option based on that underlying instrument.
Alternatively, you can perform a search for the desired instrument in the search bar in the option chain.
3. Right-click and select Option Strategies to launch the option strategies module.
Trading options from the option strategies module
The listed option strategies module and FX option strategies module allow you to simultaneously trade multiple options from the same ticket, where all option legs are executed in one go.
Navigate to our strategies ticket article, to learn more about the strategies module and how to use it.
Stop orders on exchange traded options (ETOs)
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With a Saxo account, you can place stop orders on ETOs. Facts about the stop orders on ETOs that we offer at the moment:
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Single leg (outright)
The stop order will trigger if one of 3 conditions is met:
- A Stop order to buy (or sell) will be triggered if two consecutive quoted offer (or bid) prices are greater (or less) than or equal to the specified price level.
- A Stop order to buy (or sell) will be triggered if the quoted offer (or bid) price is greater (or less) than or equal to the specified price level and the offer (or bid) size increases.
- A Stop order to buy (or sell) will be triggered if the quoted bid (or offer) price is greater (or less) than or equal to the specified price level.
The trigger mechanism is designed to prevent triggering a stop based on a sudden widening of the price, but will also not prevent triggering the order if prices reflect market conditions.
Strategy (multileg)
The conditions for triggering a stop order on a multilegged option order are different compared to a stop order on a single legged option. Bid and offer prices on multileg options are synthetic prices calculated by Saxo. The synthetic multileg prices are calculated from quotes on each individual leg on the exchange.
A stop order on a multileg will trigger if one of the 2 conditions below is met:
- A multileg stop to buy (sell) is triggered if quoted offer (bid) prices are greater (less) than or equal to the specified price level for a few consecutive seconds, and the time difference between the last quote on the individual legs are within several seconds.
- A multileg stop to buy (sell) is triggered if quoted bid (offer) prices are greater (less) than or equal to the specified price level for less than a second, and the time difference between the last quote on the individual legs are within several seconds.
The trigger mechanism is designed to prevent triggering a stop based on a sudden widening of the price on one or more of the individual legs, and on individual leg prices that have not recently been updated.
Please note that Stop Limit orders and OCO orders are not currently available.
When opening a trade ticket on an ETO, click on the order type to select Stop or Stop Limit.