The Track 'n Trade Pro Options Plug-in gives you the ability to place put/call orders on the futures chart, calculate profit/loss on an option or on an option strategy, calculate the "Greeks", plus two indicators that display the option as under or overvalued.

Requirements
In order to place options orders or use any of the options tools, you will also need to own the Accounting & Simulator Plug-in. See the Accounting & Simulator Plug-in chapter for more information.
Call us at 1-800-862-7193 to reach the sales department and order the plug-in today!

Placing an Options Put/Call Order:
Option orders can be placed by selecting the "Options Put" or "Options Call" order tools in the Accounting toolbar, or in the OS Calculator.


1. Select either the "Call" or "Put" Accounting tool.
2. Click onto the futures chart and hold down the mouse button.
3. When you drag the order tool along the futures chart, you will notice that the cursor skips from strike price to strike price. When you have reached the desired strike price release the mouse button and the Options Order window will open.



The Options Orders window allows you to specify:
1. Commodity: This is the commodity symbol for the chart. (Value pre-filled when placing on chart)

2. Date: This is the date of the futures chart that the option is placed on (Value pre-filled when placing on chart)

3. Buy or Sell: Click on the dropdown menu to change.

4. Quantity: the Default is set at 1. Highlight to increase the number of options to purchase.

5. Strike Price: Value of the Strike Price (Value pre-filled when placing on chart)

6. Brokerage Fee: This value is based on "per side fee" highlight and change value. The Default is set at $0.00.

7. Call or Put: Choose the order type from the dropdown menu. (Value pre-filled with type of option order tool chosen)

8. Premium: Point value for the strike price.

9. Value: The dollar amount of the Premium.

10. Contingency Order: If this box is checked, then the option order is executed based on a specific Futures price.

11. On Screen Text: This section controls the text that is displayed on the chart window next to the order. Click on "OK" to place the order or "Cancel" to exit.


The second way of entering options orders is through the OS Calculator. Click on "Place Orders" when you complete your options strategy in the OS Calculator.

See the OS Calculator section for more information.


Changing Properties of an Options Order:
Right click on the diamond shape representing an options order on the chart window.

Font - Changes the Font, Size, Style, and Color of the 1-5 and ABC points.
 
Show Text - Select to view or hide the 1-5 and ABC points.

Settings - Select to view the Options Order window.

Send to Back - Changes the layer of the drawing. This option is used when more than one drawing is in the same area of the chart. Click on "Send to Back" when you need to access a drawing under the Elliot Wave drawing.

Exercise - Select a Put or Call Buy order to "exercise the option". This will place a futures order for the underlying contract.

Hide - Select/Unselect this option to hide or view the order on the chart window. Once you have hidden the order you can right-click on the order listed in the My Account tab and toggle the Hide option to show the order on the chart again.

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Options Accounting
When you purchase the Options Plug-in you add on an Options section to the My Account tab as well. Plus, the options orders that are placed are listed in the My Account window.



Options Tab
The Options tab is located in the Control Panel after the Data tab. It looks like a green up arrow and purple down arrow. Once you click on this tab, it will expand and display "Options". See the screenshot below for further clarification:



Viewing Options Data:
When you first click on the Options Data tab it defaults to the "Date View" which contains the options data available.



Instructions:
1. Open the corresponding futures chart in the Commodity tab for the options pricing that you are interested in viewing.
2. After opening the futures chart, you will notice that the Options tab is now populated with values. Included in this tab:

a. Strike - The price at which the futures contract underlying an option is to be bought or sold upon exercise.
b. Type - Type of options order; Put or Call.
c. Premium - Value (in points) to purchase the option.
d. $Value - Dollar amount for the premium value.
e. Change - The difference between yesterday's and today's strike.
f. Diff - Dollar amount for the Change.
g. IVOL - Implied Volatility of the underlying futures contract.
h. Delta - Measures how much the options price changes when the underlying futures contract changes by one point.
i. Gamma - Measures how much the delta changes when the underlying futures contract changes by one point.
j. Theta - Measures time decay of an option.
k. Vega - Measures how a change in volatility affects the price of an option when all other factors remain the same.
l. Rho - Measures how a change in a short-tem risk free interest rate affects the price of an Option.