The Filter By section of the Strategy Block allows you to define the exact requirements of your trade. You can define filters that apply to the entire position as a whole (such as net delta of the overall position), or define filters that only apply to a certain leg of the position (such as delta of the short strike)
By default, the filters apply to the entire order. But you can apply the filters to a specific leg of the order by enabling the “Leg” option under the “Gear” icon of the filter blocks. For example, the Strategy block below will define an Iron Condor where the short strikes are 10 – 12 delta, but the overall net delta of the iron condor should be between -20 / +20 delta.
Once you’ve defined your requirements, you can click on the “Magnifying Icon” to preview the trade.
If there are positions that satisfy your requirements, the matching positions will be displayed for your review. However, if no positions satisfy your requirements, you may want to adjust your Filter By criteria to be more inclusive and / or change the date of evaluation.
The Strategy Block contains Advanced Options that can be enabled by clicking on the “Gear” icon.
At Expiration: Define expiration behavior. You can close the position at expiration, or allow the position to be exercised / assigned at expiration. If exercised / assigned is selected, long in-the-money options will be automatically exercised and short in-the-money options will be automatically assigned.
Instrument: specify a different instrument to trade, compared with the main instrument defined. In fact, you can trade multiple instruments by defining a different instrument per Strategy block.
- For instance, in the example below, the main instrument is SPX, but a naked put will be sold on the SPY, and a call option will be bought on the VIX. The short SPY put will be exercised / assigned at expiration, while the VIX call option will be closed at expiration.