Selecting and Activating Underlyings

After installing OptionsApp, SPX with the Trading Class SPXW is activated as the Underlying by default. Additional Underlyings can be added, activated or deactivated in the Settings.

1. Overview

The Underlying selection is dynamic. This means you can add your own Underlyings, similar to a personal watchlist. This way you manage only the Underlyings you actually want to use in OptionsApp.

In addition, the available Trading Classes for an Underlying can be selected and prioritized. This is particularly relevant for Underlyings that have several Trading Classes, for example SPX with SPXW and SPX.

2. Requirements

An active connection to TWS is required before selecting, activating or editing Underlyings.

The available Underlyings and Trading Classes are retrieved via the TWS API. Without an active connection to TWS, OptionsApp cannot reliably perform the search and selection.

In addition, the following requirements must be met for the respective Underlying:

• Live market data for the Underlying itself
• Live market data for the options on the Underlying
• Trading permissions for the Underlying and its options
• Sufficient data availability in TWS

More information can be found in the article: Required Live Market Data for Using OptionsApp

3. Managing Activated Underlyings

Underlyings are managed in the Settings.

Procedure:

• Go to the Settings section.
• In the Trading section, click the Activated button.
• Activate or deactivate the desired Underlyings.
• Click Confirm.
• Finally, click Save in the Settings.

⚠️ The change only takes effect once it has been saved. OptionsApp then automatically reconnects to TWS.

The button also shows how many Underlyings are currently activated and how many Underlyings your list contains in total.

Example: Activated (7/20) means that 7 of 20 stored Underlyings are activated.

⚠️ Recommendation for activating Underlyings:
Only activate Underlyings that you actually want to trade automatically with OptionsApp.
Each activated Underlying creates additional data requests via TWS. A targeted selection of the required Underlyings reduces the data load and supports stable processing.

4. Filtering and Sorting the List of Underlyings

In the Activate / Deactivate Underlying window, a search field is available above the list.

You can use it to filter your own Underlying list. This is helpful when many Underlyings are stored and you want to find a specific one quickly.

In addition, the list can be sorted. Sorting is alphabetical, in ascending or descending order.

An existing Underlying can be edited via the edit icon. This is particularly relevant when you want to adjust the Trading Classes of an Underlying.

5. Adding a New Underlying

New Underlyings are added via the plus icon in the Activate / Deactivate Underlying window.

Procedure:

• Open the Activate / Deactivate Underlying window.
• Click the Add Underlying plus icon.
• Search for the desired Underlying in the search window.
• Select the matching Underlying from the result list.
• Check or select the Trading Class.
• Confirm with OK.
• Then activate the Underlying in the list.
• Click Confirm.
• Click Save in the Settings.

5.1 Search by Ticker Symbol

You can search directly for the ticker symbol in the search field.

Example: If you search for PG, OptionsApp shows various results that contain PG. In this case, you need to select the matching Underlying.

For Procter & Gamble, for example, you would select the result with the symbol PG and the Type STK.

5.2 Search by Name

Alternatively, you can search for parts of the company or index name.

Example: If you search for "Procter", you can also find and select Procter & Gamble.

6. Selecting and Prioritizing Trading Classes

Some Underlyings have several Trading Classes. The Trading Class determines which option class is used for the contract search and for trading.

A typical example is SPX:

• SPXW for weekly options
• SPX for regular monthly expirations

6.1 Selecting the Trading Classes

If several Trading Classes are available for an Underlying, you can select them specifically.

Procedure:

• Open the Activate / Deactivate Underlying window.
• Select the desired Underlying.
• Click the edit icon.
• Select the desired Trading Classes.
• Confirm with OK.
• Then click Confirm.
• Click Save in the Settings.

7. Selecting the Trading Class in the Trade Template

If more than one Trading Class is activated for an Underlying, an additional selection for the Trading Class appears in the Trade Template.

This selection is located in the upper section of the Trade Template.

There you can define whether the Trade Template:

• should take all activated Trading Classes into account
• should only use one specific Trading Class

Example for SPX: All, SPXW, SPX

If All is selected, OptionsApp uses the previously defined prioritization of the Trading Classes.

If a specific Trading Class is selected, this Trade Template uses only that Trading Class.

This way, different Trade Templates for the same Underlying can be targeted at different option classes.

8. Display in the Dashboard and in the Configuration

A separate section is shown in the Dashboard for each activated Underlying. Within these sections, the respective trades are visible separately.

The Configuration section is also managed per Underlying. Strategies, Trade Templates and Entry and Exit Conditions are managed separately for each Underlying.

This keeps the trading overview and the configurations clearly separated from each other.

9. Live Market Data and Trading Permissions

Activating an Underlying does not automatically mean that this Underlying is also fully tradable.

Before activating an additional Underlying, make sure that:

• Live market data is available for the Underlying and its options (see Required Live Market Data for Using OptionsApp).
• Trading permissions for the Underlying and its options have been enabled (see Video 10: Checking Market Data & Trading Permissions).

Without these requirements, proper trading is not possible.

10. Notes on the Liquidity of New Underlyings

When trading new Underlyings, pay attention to the liquidity of the respective options.

Not every Underlying is equally suitable for automated options trading. Particularly with less liquid options, the following issues can occur:

• Wider bid-ask spreads
• Irregular pricing
• Missing or incomplete option chains
• Fewer available strikes
• Worse execution prices
• More difficult stop management

The settings in the Trade Template should always match the liquidity of the respective Underlying. This applies in particular to price limits, strike search criteria, Entry Behaviour, Exit Behaviour and P/L Actions.

Detailed information can be found in the article: Risks of Trading Illiquid Options

11. Futures

Most futures are currently excluded from the dynamic Underlying selection.

The reason is the more complex contract and expiration logic of futures. It differs significantly from that of stocks, ETFs and indices. Trading options on futures will therefore only come in one of the next versions.

Currently, only options on the ES future are possible. The ES future can be added via the dynamic Underlying selection. Details: Options on the ES Future: Trading Hours, Configuration, and Stops

Options on stocks, ETFs and indices can be managed via the dynamic Underlying selection, provided they are offered by IBKR and the required market data and trading permissions are in place.