Trade Template: Overview
1. Purpose of the Trade Template
A Trade Template bundles all specifications for a single opening order including Legs, P&L Actions (Stops, Targets, time-based Exits, ...) as well as execution and closing logic. All defined rules are transmitted to IB/TWS as a single Order upon Entry. Partial Stops (partial closures of the overall structure) are possible; in the reporting, OptionsApp still treats the trade as a single trade.
2. Structure: Groups, Legs, Levels
Groups (Group 1, Group 2 ...): Organize Legs (e.g. Put side / Call side of an Iron Condor).
Legs: can be configured as dependent or independent.
- Independent Legs: Strike via own search criterion (Premium/Delta/Percentage/Offset ATM). Identifiable by the round dot on the left.
- Dependent Legs: Strike via an Offset relative to the Main Leg. Identifiable by the chain symbol.
For detailed information see article: Dependent and independent Legs
P&L Actions levels: Actions can be defined at Leg, Group, or Combo level.
3. Search Criteria & Contract Approximation Logic
3.1 Search criteria per (independent) Leg
- Premium, Delta, Percentage (OTM), Offset (ATM).
- Optional Use Price Range (min/max price per Leg).
- Optional Use Closer Strikes (more efficient Strike pairs at same premium).
For detailed information see article: Search Criteria for Contracts
3.2 Approximation to target (Nearest/Above/Below)
Controls which Contract is selected when multiple are close.
For detailed information see article: Contract Approximation Logic (Nearest, Above, Below)
4. Ratio per Leg
Leg ratios within the Combo (specify smallest possible ratio; trade size via Quantity in the Strategy).
For detailed information see article: Ratio Configurations
5. P&L Actions (Extract)
Can be activated at Leg/Group/Combo, can be combined multiple times as long as technically reasonable.
For detailed information see article: P&L Actions: Overview
5.1 Profit Target
Percentage or fixed Amount, optionally Partial Close, multiple targets possible.
For detailed information see article: P&L Action: Profit Target
5.2 Stop Loss
Calculated as Percentage of Premium or Fixed Loss; Trigger Type (Single/Double Bid, Mid). Optional REL Order and Stop Adjustments.
- Stop Loss: P&L Action: Stop Loss
- Stop Adjustment: P&L Action: Stop Adjustment
5.3 ITM Protection
Only visible if a REL Stop is active; protects X minutes before close if Y USD in the money.
For detailed information see article: P&L Action: ITM Protection
5.4 Exit when underlying price moves
Closes if underlying crosses above/below a level relative to a selected Leg (Offset in points or %).
For detailed information see article: P&L Action: Exit When Underlying Price Moves
5.5 Delta Exit
Closes if Delta below / above (Leg/Group/Combo). Close as Market or Limit (with Exit Behaviour).
For detailed information see article: P&L Action: Delta Exit
5.6 Early Exit
Time-based Exit at DTE X and t minutes before/after (Close/Opening). Optional Auto-Adjust DTE.
For detailed information see article: P&L Action: Early Exit
6. Execution: Entry & Exit Behaviour
- Entry Behaviour: Number of attempts, wait time, price increment, Start at price (Bid/Mid/Ask).
- Exit Behaviour: identical parameters for Limit Exits (e.g. Delta / Early Exit as Limit), optionally "Market after last attempt".
For detailed information see article: Execution Logic (Entry & Exit Behaviour)
7. Expiration Accuracy (Use Exact DTE)
- Active: only the exact specified expirations are traded; otherwise no Entry.
- Inactive: nearest DTE is selected per Leg.
For detailed information see article: Expiration Accuracy (Use Exact DTE)
8. Orders outside RTH (Use Ext. Hours Orders)
- Entry: automated only during RTH; 0-DTE manually possible.
- Exit: Market/Stop in Extended Hours not available; REL possible (only on Legs, not on Combos).
- Profit Target: separate "Activate on ext. hours" possible.
For detailed information see article: Trading outside Regular Trading Hours (Use Ext. Hours Orders)
9. Min/Max Entry Premium (Combo Range)
Price band for the overall Combo (Min/Max; Debit > 0, Credit < 0). Entry only if the calculated Combo premium is within range.
For detailed information see article: Use Min/Max Entry Premium
10. Re-Entry (automatic re-entry)
Triggered after Stop Loss, Profit Target, Exit Conditions or Early Exit; same or different Template, Delay/Limitations, optionally "Active on partially closed".
For detailed information see article: Re-Entry