Ispread Pro Guide

OptionTrader ProSM User Guide
Fidelity ATP version 5.2

Table of Contents Page
Introduction 3
Eligibility 3
Launching OptionTrader Pro 3

• OptionTrader Pro Toolbar 4
Trading with OptionTrader Pro 5

• Single leg trading 5
• Routing choices and destinations 7
o Trade 8
o Directed 8
o SEEK 8
o Stage 9
• Monitoring and Trading staged orders 9
• Simulated Trades 12
• Speed Ticket 14
• Multileg trading 15
o Using Spreadmarket windows 15
o “building” multi-leg orders 18
• Trading Preferences 19
Greeks and Analytics 20

• On individual positions 20
o Based on implied volatility 20
o Based on user entered information 22
• On account level 23
• On portfolio level 24
Charting 25
Execution Quality 26
• Single Market NBBO for multi-legs 27
User Preferences (user configuration) 28

• OptionLook window 28
• SpreadMarkets window 29
• Staged Orders window 30
• Filters 30
Contract Details Window 31
Group orders 32
Recommended System Requirements 32
Troubleshooting common problems 33
Appendix 35
• OptionLook market Window 35
• Spread Markets window 38
• Staged orders window 45
OptionLook and iSpreads are trademarks of First Traders Analytical Solutions, L.L.C.
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The goal of this document is to provide a step-by-step guide to help customers use and
learn both versions of OptionTrader ProSM (iSpreads Pro is now OptionTrader Pro to more
accurately reflect the robust functionality the tool possesses for both single and multi-leg
options) for all of their option needs. .This document focuses on instructing users on how
to leverage all of OptionTrader Pro’s robust option functionality.
We will update this document regularly to keep you up to date on any changes to the
product.
Introduction
OptionTrader Pro is an option tool developed by First Traderstm Analytical Solutions and
made available to eligible Fidelity customers (see eligibility section) with an option
agreement on file.
OptionTrader Pro is an option analysis and trading tool that allows you to trade options
like a professional — smarter, faster, and at potentially better prices. There are two
versions of OptionTrader Pro, the original and now a new streamlined version. Both are
fully configurable, offer streaming pricing, directed trading, and full Greeks and analytics.
The amount of contracts a customer executes will determine which version they qualify for
(see eligibility section).
Eligibility
The original version of OptionTrader Pro is a professional quality option tool with an
expansive amount of features including, streaming prices, Greeks and analytics, directed
trading and intelligent order routing, what if analysis, simulated trading, ability to plot
positions, portfolio analysis and multi-leg option strategies at National Best Bid or Offer
(NBBO). This version is available to customers who execute 250 contracts a month.
The new streamlined version of OptionTrader Pro features streaming prices, Greeks and
analytics, directed trading and intelligent order routing. This version is available to
customers who execute 50 contracts a month.
How to sign up: Customers who meet the above criteria will be invited to utilize the tool. If
you feel you qualify and would like to use the tool, please contact an ATS representative
at 800-544-5115.
OptionTrader Pro Version Overview
OptionTrader Pro Streamlined Version Full Version

Access streaming option Yes Yes
chain
View streaming quote and Yes Yes
size from all six options
exchanges
Direct or Intelligently order Yes Yes
route their orders
View Greeks and analytics Yes Yes
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OptionTrader Pro Streamlined Version Full Version
Trade single leg options Yes Yes
Trade multi-leg options No Yes
Simulate trades No Yes
Plot simulated or actual No Yes
positions
Position level Greeks and No Yes
analytics
What if analysis by price, No Yes
interest rate or volatility
Launching OptionTrader Pro

If you are entitled to use OptionTrader Pro, there are multiple ways you can access the
tool.
• First, add OptionTrader Pro to your ATP toolbar. Select Preferences on ATP,
choose function toolbar, under general, scroll down, and check OptionTrader Pro
box, click ok, OptionTrader Pro will now be part of ATP toolbar.
Adding iSpreads P
to the ATP toolb
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• Second, from ATP’s trade drop down menu, select OptionTrader Pro, this will
launch the OptionTrader Pro toolbar.
• Third, go to the ATP trade ticket and select “Multi-Leg Options.” On the Multi-Leg
Option trade ticket there will be a button labeled “OptionTrader Pro.” Click the
“OptionTrader Pro” button to launch the OptionTrader Pro toolbar.
• You can also launch OptionTrader Pro off of the quote or option chain of ATP by
right clicking your mouse and selecting OptionTrader Pro.
Access OptionTrader Pro from the

trade drop down menu of ATP or the
OptionTrader Pro button on the
multileg option ticket of ATP
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OptionTrader Pro Toolbar
The Toolbar will appear on your screen after logging into the system. The Toolbar allows
you to navigate to the various screens and functionality that OptionTrader Pro offers. You
can easily open the OptionLook Markets Window, Plot Window, Staged Orders Window,
and Spread Markets Windows from the Toolbar shown below.
Customers with the streamlined version of OptionTrader Pro will have the OptionLook
Market window launch automatically and do not have access to the Plot, staged orders or
Spread Markets windows.
Toolbar
Toolbar Icon Descriptions

Icon/Drop-down Description/Note
View drop-down Includes the same functions as Markets and Plot
icons.
Tools drop-down Selects Configure View, Add Group and Delete
Group functions.
Options drop-down Selects function for hiding the tool bar.
Opens a document. Right click once to customize.
Saves a document. Right click once to customize.
Opens OptionLook™ Markets Window.
Opens Plot Window.
Launches Speed Ticket
Opens Staged Orders Window.
Opens Spread Markets Windows.
Trading with OptionTrader Pro
Fidelity offers customers entitled to either version of OptionTrader Pro, with the tools and
information needed to choose how your option orders are sent to the marketplace.
Fidelity gives you the power to direct or intelligently route your option orders without
paying any additional premiums. Bottom line, we want you to receive the best possible
execution and experience.
OptionTrader Pro users who are entitled to the full version can trade Multi-leg or complex
options trades by strategy. Fidelity customers are entitled to the single market NBBO for
all multi-leg strategies. Of course, customers can leg into a complex trade if they choose
as well, but this does expose you to market risk.
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OptionTrader Pro users who are entitled to the full version have the ability to stage orders
for future release or simulate trades to test how their trades would perform in the actual
market without risking capital.
Single Leg Trading
Customers can trade single leg options through either version of OptionTrader Pro by
accessing the straight order ticket. There are multiple ways to access the ticket.
To access the straight order ticket you can:
1. Click on the order ticket icon at the top of the OptionLook window
2. “right click” the bid or ask of the strike in OptionLook window and select
order ticket.
3. Double click the bid or ask of the option you are interested in from the
OptionLook window
This information is provided for information purposes only and should not be used or construed
as an indicator of future performance, an offer to sell, a solicitation of an offer to buy, or a
recommendation for any security. Fidelity cannot guarantee the suitability or potential value of
any particular investment.
Once the order ticket launches customers must:
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1. Enter number of contracts they wish to trade
2. Choose the order type and or limit price
3. Choose the account
4. Select if they are buying or selling
5. Select if this will be an opening or closing transaction
6. Choose the account type
7. Choose the Time in Force
8. Select Routing Choice on how the order should be sent to the

marketplace (see Routing Destinations)
9. “Place” the Trade
Speed Ticket
The speed ticket, as its name suggests, is a quick way to enter your order when you know
the strike and underlying security of the order you want to place. Speed ticket streamlines
the process as you don’t need to launch any other windows and you can get a quote on
the underlying and option you are interested in right on the ticket.
The Speed ticket can be accessed in one of two ways (streamlined users
do not have access to the speed ticket):
1. Click on the “speed ticket” icon on the iSpreads Pro toolbar

2. Select “directed trading” from the View drop down menu of the
OptionTrader Pro toolbar
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Using the Speed Ticket

The speed ticket can be used for single or multi-leg orders. It allows you quick access to
trade ticket, but gives you the information necessary to place the trade ie: streaming price
of underlying security and the options. The speed ticket also provides the price and size
of the option on each of the six exchanges, so like the straight ticket, the speed ticket
gives you the information necessary to direct your own orders.
To enter an order using the Speed Ticket:

1. Enter the Basecode (ie: symbol of underlying security ex: MSFT for Microsoft).
2. Select the expiration month you want leg 1 of your strategy to be in.
3. Select the strike from the available strikes for that month for leg 1.
4. Select the rootcode, if applicable, for the option you are attempting to trade.
5. Select the quantity you would like for leg 1.
6. Select the order type (limit or market), dollar amount (1.25 in the example) and
net amount (debit, credit, even)
7. Enter an account in the “Account” field, or select one from the list below the
“Account” field.
8. Select an account type from the “Account Type” drop-down list.
9. Select either the “Bid” or “Offer” position designation for the order.
10. Select either the “Open” or “Close” position designation for the order or for
each leg individually. The default would be for both positions to be opening
transactions.
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11. Under “Timing,” select the contingency that should be associated with the
spread from the drop-down list.
12. Select the AON checkbox if that is a desired trade condition.
13. Select a radio button for call or put. (if single leg, go to step 15)
14. Switch leg 1 to leg 2 and repeat above steps for 2nd leg.
15. Select the “Trade” checkbox to route to the marketplace immediately or the
“Stage” checkbox to place the order but route to the marketplace in the future.
16. Review the order and click “Place.”
Please Note: Some single leg orders, similar to multi-leg orders may be subject to review
by a representative prior to being sent to the marketplace. This includes Directed and
SEEK orders.
Routing Destinations:
Trade- Fidelity offers you the ability to leverage our proprietary order routing system to
send your option orders to the marketplace. By selecting “Trade”, your orders will be sent
via Fidelity’s routing system. Fidelity’s routing system is designed to offer you the best
possible execution based on our research on how each exchange handles certain
securities. Fidelity routes options based on historical execution price, size and speed of
execution for a particular security on each exchange. We route your order based only on
our goal to provide you the best possible price. Fidelity monitors execution quality
regularly and changes where we route if we feel the destination is underperforming.
Directed- View real time streaming prices and size for each of the six option exchanges
(AMEX, BOX, CBOE, ISE, PCX or PHLX), so that you can direct your order to the
exchange of your choice. Directing a trade based on this information can be
accomplished with a click of a button.
To direct your order, simply choose the market destination you want the order to be routed
to. You can select the destination by either clicking “Directed” and selecting the exchange
you want the order routed or “double click” the bid/ask on the order ticket for your
exchange of choice. Fidelity will route the customers order to the exchange requested
SEEK- Intelligent order router which automatically routes order to the marketplace with
the NBBO at the time the order is sent. SEEK looks across all 6 market destinations at
the time the order is sent and routes it to the NBBO.
SEEK orders go to the NBBO at the time the order was sent. If multiple exchanges have
the same price, SEEK uses a combination of size and speed to determine where to
route the order.
• If multiple exchanges have same price, SEEK uses size as first differentiator
(CBOE and AMEX both show bid of $1.45, but AMEX has a size of 10 and CBOE
shows 43, customer order is for 50, then trade would go to CBOE due to size)
• If multiple exchanges have same price and size is not an issue, SEEK uses Speed
of execution as tie breaker. Speed of execution of each exchange is determined
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based on historical execution figures and SEEK routes based on hierarchal matrix
of these destination. Speed of execution matrix is as follows:
o BOX
o ISE
o PHLX
o CBOE
o AMEX
o PCX
Therefore, If BOX, ISE, CBOE and PCX all had same price and size was greater
than customer order, the order would be routed to BOX.
Stage- (not available to streamlined users) Selecting Stage as your route allows
you to “manage” your order as you can place the order, view it and monitor an indicator
which will inform you if it is due before submitting it to the marketplace.
Staged orders will remain on the staged order window until the option expires or until you
cancel the “staged” order.
Please Note: “staged” orders are not live at the marketplace. If the order lines up and is
sent to the marketplace it is not guaranteed a fill as it is based on the price when the order
is sent not what you saw on the staged order window.
View, Monitor or Trade a Staged Order:
View Staged Orders

Users can view their staged orders on the “Staged Orders” window.
To open a Staged Orders Window either:
1. Click on the Staged Orders icon, , on the Toolbar, or

2. Click “View” on the Toolbar, and select “Staged Orders.”
This will open a window similar to the one below.
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The staged order window will contain any and all single or multi-leg orders that you have
staged.
Using the Staged Order Screen

The Staged Orders Window allows customers to enter a single or multi-leg trade without
sending it to the marketplace. Customers can manage their own orders as they can use
the CER field to determine if an order is due to be filled and route their order to the
marketplace when they feel market conditions are right for the order.
The staged orders window assists customers in determining if their trade is entitled to an
execution through the CER field. The CER field uses a color-coded field to display
whether or not the customer is due a fill. It works as follows:
CER/IER Fields
The CER fields are color coded fields, which indicate whether the order you have staged
is eligible for an execution. The text simply displays what the color means ie: Yellow
means your limit is a tick away (nickel or dime depending on strike) from being eligible for
execution.
Color Text Definition

Green Live The order is buying at the offer or higher or selling at the bid or
lower
Yellow Tick The order is ‘one tick’ away from buying at the offer or selling at
the bid
Brown Visible The order is buying at the bid or higher or selling at the offer or
lower
Red Away The order is buying below the bid or selling above the offer
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Grey Unknown The current eligibility is unknown (usually because the market is
closed)
Trade Staged Orders
To send a staged order to the marketplace:
1. select the order to be routed by clicking on it in the “Staged Orders” window

2. Click on the “Resend” icon, , which will open the order ticket with all of your
order information populated.
3. Choose a destination ie: Trade, Directed or SEEK
4. Click Place and the order will be routed to the marketplace selected.
If you would like to bypass the order ticket and readback screen to increase the speed to
the marketplace, you can do this by choosing it as a preference from the Order ticket
Preferences screen, which can be accessed from any trade ticket by clicking preferences
box
From order ticket preferences screen, select the trade direct from Stage preference and
all orders sent from stage will use SEEK and be intelligently routed to the marketplace.
Making this change will impact all staged orders sent to the marketplace and you will
receive no order ticket or readback script prior to the order being sent.
Any order sent from the Staged orders window will remain on the staged order window
until it expires or is cancelled by the user. If you send an order the marketplace however,
the status of the staged order will change from “stage” to “sent”. The sent count field will
go from zero to one. Since the staged order window keeps the order on it for the life of
the option or until you cancel, you can send the order multiple times throughout its life. If
you do this the sent qty will increase for each time you send the order.
Please Note: If you “send” a staged order to the market, please be aware that a copy of
the order will remain on the “Staged Order Screen.” You can review that the order was
sent by viewing the “status” field on the staged order screen. However, to verify the status
of the order after it has been sent you should use Fidelity’s order status screens on ATP
or Fidelity.com. Do not attempt to send a staged order to the market more than once in
an attempt to remove it from Staged Orders as you will be sending multiple duplicate
orders to marketplace.
If you have sent your order to marketplace and you no longer want to see the “Staged”
order on the Staged Order screen, you can cancel the order and this will delete the order
from the Staged Order screen. Any adjustments or cancel attempts to an order that has
been sent to marketplace must be done on the Order Status screens of ATP or
Fidelity.com
Staged orders are good for life of the option or until you delete the staged order whichever
comes first. If you have entered a multileg order with different expiration months, the
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order will stay on the staged order window until the option with the near month expires or
you cancel the order.
The staged orders window is fully user configurable. You can delete columns by right
clicking and selecting delete. Move columns around by dragging and dropping them or
you can add new columns or change colors or add filters by clicking the “configure view”
text and adjusting as you would like. You must “save” any changes that you make to the
window or they will be lost.
Canceling Staged Orders
There are two options for canceling staged orders:
1. Select the order to be canceled by clicking on it in the “Staged Orders” window.

Then,
a. Click on the “Cancel” icon, , or
b. Right-click and select “Cancel.”
The status of the order is now “Cancelled.”
*You can cancel all staged orders by right-clicking on any staged order and selecting
“Cancel All.”
Simulated Trades (not available to streamlined users)
If you would like to test a strategy or view the impact of a trade on your portfolio without
risking real capital you can enter a simulated trade. Simulated trades, often called “paper”
trades, are done using live market data and can be included in a review of your portfolio,
so that you can analyze the individual trade or the overall portfolio. You can view Greeks
and analytics on the trade, plot a graph of the trade, or simply review the hypothetical
profit or loss.
Simulated trades are an excellent way to test your theories and understand the option
market without risking capital. You can simulate single or complex option trades, however
to simulate the complex option you would have to leg into the trade ie: For a vertical call
spread you would have to simulate the long call and then simulate the short call in two
different trades. A future enhancement will allow you to simulate by strategy.
To Simulate a Trade:
1. Open a OptionLook Markets Window from the OptionTrader Pro Toolbar by
clicking on the explained previously, and type a symbol into the “Symbol”
field or use the quick switch buttons (QQQQ is used in the example on the next
page).
2. Select the put or call strike that represents the option you would like to trade.
3. Right-click the bid or ask for the selected put or call strike and select the
“Simulated” trade ticket. Warning: Do not use the Order Ticket or you will be
placing a new order for this position.
4. Review the Simulated trade ticket and adjust the quantity or price as needed
and click “Send.”
5. The calls and puts fields of the position pane and the quantity fields of the
market pane will now reflect the “simulated” trade
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6. The OptionLook window defaults to the market price of the underlying on the
first time that the particular underlying was selected. If a price override or
analysis is done using an alternative price, volatility, etc… those will be
retained and become the new default unless returned to the “market” default.
To go back to market price, type a zero in the price field and hit enter. This will
return the option chain and analytics to being calculated from the market price.
Please Note: To remove a simulated trade from your position pane, you may buy or
sell them out of your position or “right click” on the bid or ask window and select either
“clear” or “clear all” simulated positions. If you buy or sell them out of the simulated
window you must be sure to sell any options that you purchased and buy any options
sold to close the position. It is important that you buy or sell them at the same price
you originally submitted to ensure that you keep your overall position information
accurate.
Simulated Trade Example

1. Right-click either a Bid or Ask cell, or the Qty cell for the strike you want to simulate a
trade for. Select “Simulated Trade Ticket” and a Simulated Trade Ticket will open like
the one below.
2. Input the number of contracts in Quantity, enter the Price, and then click the Place
button. The Qty (call) and pQty (put) columns adjacent to the appropriate strikes in the
Market Pane will now reflect the contract quantity that was simulated.
3. The Market window below reflects the “simulated” buy of 10 QQQQ Aug 38
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• Spreads can be simulated as well, but each leg must be simulated separately. For
example to put on a vertical spread on QQQQ, in addition to the buy of the 10 QQQQ
Aug 38, you would have to simulate a sell as well and the qty would be accurately
reflected in your qty column and in your position window
Multileg Trades (not available to streamlined users)

OptionTrader Pro allows you to enter multileg or “complex orders” by strategy.
OptionTrader Pro gives you the flexibility of entering a complex order using the Spread
Market window or “building” the trade through the straight order or speed ticket. All
complex orders entered through Fidelity are entitled to the single market NBBO for the
strategy.
Spread Markets Windows

The Spread Markets windows allow the user to view an underlying security’s strike prices
paired into a selected multi-leg strategy. The Spread Markets windows will display the
“natural” or net bid/ask price per strategy on a specified exchange (CBOE), the best
bid/ask for the strategy, and the potentially improved iSpreadstm price, which is the NBBO
price for the spread. NBBO is based on the best prices for the individual legs as priced on
one of the six exchanges (AMEX, BOX, CBOE, ISE, PCX or PHLX).
Each strategy (buy write, vertical spread, straddle, strangle, butterfly spread, calendar
spread, diagonal spread, collar, condor, iron condor, ratio spread and combination) has its
own Spread Markets Window.
Opening Spread Markets Windows
There are two ways to open Spread Markets windows:

1. Click “View” on the Toolbar and select “Markets” or
2. Click on the drop-down arrow next to the “Spread Markets” icon. This will
open a drop-down listing of all the Spread Markets Windows. Click on the name of
the strategy you want to open. Below is an example of a “Vertical” Markets Window.
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Note: the default for all Spread Markets Windows is Microsoft (MSFT), which can be
changed to anything you want using the order preferences screen.
Column definitions for the Spread Markets Windows can be found in “Appendix A” at the
end of this document.
Entering Spread Orders

To enter an order, use the following steps:
1. In the Spread Market Window, double-click on the spread bid or ask cell that
relates to the spread you would like to buy or sell. This will open a partially
populated OptionTrader Pro Ticket (see below)
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2. In the “Quantity” field enter the number of spreads you want to buy/sell.
3. The order type (limit, market), dollar amount (4.95 in above example, shown
below “Order Type” field) and type (debit, credit, even) will be pre-filled based on
your selection off of the spread market window. The user can change these
values, but if you modify, the market may have to move for your order to
execute.
4. Enter an account in the “Account” field, or select one from the list below the
“Account” field.
5. Select an account type from the “Account Type” drop-down list.
6. Select either the “Bid” or “Offer” position designation for the order.
7. Select either the “Open” or “Close” position designation for the order, or for each
leg individually (between “Quantity” and “Ratio” at bottom of ticket). Default
would be for both positions to be opening transactions
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8. Under “Timing,” select the contingency that should be associated with the spread
from the drop-down list.
9. Under conditions, select AON if that is a desired trade condition.
10. The price field is pre-populated with the spread price you clicked on in the
spread bid/ask cell, but you can alter the price using the up/down arrows next to
the price, found below the “Order Type” field; you can type in a new price; or you
can click on the package Bid or Ask price found in the bottom row of the
Regional Quotes section.
11. Set the ratio by typing a number in the fields (the default is 1 for buy and -1 for
sell). Ratio fields will multiply your leg quantity from the “Quantity” field to
populate the individual leg quantities.
12. Select the “Trade” checkbox to route to the marketplace immediately or “stage” if
you want to send to the staged orders window.
13. Review the order and click “Send.”
Building a Multi-leg order
Customers can “build” a multi-leg order one leg at a time using OptionLook and the
straight order ticket or the Speed ticket (see entering order through speed ticket to see
how to build multileg with speed ticket.)
1. Double clicking on the bid or ask of the leg 1 strike. This will open and pre-
populate the order ticket (Do not send order and leave ticket open)
2. Go back to OptionLook window and “right click” the bid or ask of the leg 2 strike
and select “add a leg”. This will bring the leg 2 information into the order ticket. A
description of the order type will be included in the summary box, such as vertical
or straddle based on the strikes and action selected.
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3. Complete the order ticket information ie: qty, acct, tif etc..
4. Choose whether you want to “stage” order or send it to the marketplace (“trade”)
5. Click Place .
Please note: Multi-leg options may not be directed. All multi-leg option orders are routed
to the CBOE, however customers are entitled to the single market NBBO price based on
all 6 exchanges.
Trading Preferences
OptionTrader Pro gives both the streamlined and full version user the flexibility to
customize their experience by setting a range of order preferences from preset quantities
to warning limits.
To access the trading preferences screen, click the trade preferences icon at the bottom
of any trade window,
After clicking on the order preferences window, you will launch the order preferences
screen. On the screen there are five tabs, the order, account and misc tabs are where the
majority of the customization is available. Not all preferences are applicable and
therefore not available to streamlined users.
Order Tab:
• Choose your default order trade ticket ie: straight or spread

• Choose your preset contract qty amount
• Choose if you want orders to default to being to open or to close
• Choose Time in force default Day or GTC
• Set Warnings for number of contracts per order or market value for order (issues a
warning, but allows you to trade through)
• Set Limits for contracts or number of contracts per order or market value for order
(Can’t trade through Limits)
• You can keep the order ticket open after sending an order (easily allows you to
switch same trade to a different acct)
• You can turn off the order review, so that trade goes straight to market (please
note: turning order preview off prevents any warnings that normally are passed to
you regarding your order from displaying and doesn’t allow you to review the order
again before sending. Once you send, the order will go direct to marketplace).
This is a preference that someone directing their order or who uses SEEK may
want to do as speed to market may be critical.
• Gives you the ability to trade direct from Staged orders window without having to
go back to order ticket. If you select this option, your order will go from the staged
order window directly to the market via SEEK for single legs or direct to the CBOE
for multileg orders (where you will be entitled to the single market NBBO)
Account Tab:
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• If you have multiple accounts, you can select the account you want as the default
for trades. This speeds up trading as it is one less field for you to have to populate.
• You can also select Margin or Cash as the default, which will speed up the order
entry process as you have one less field to populate.
Misc Tab:
• Enter multiple frequently requested symbols. These will populate the quick switch
buttons on the bottom of OptionLook window, as well as be listed in the Speed
ticket to easily start an order.
• Change the default for the market windows to one of your preference. Instead of
MSFT, you can make it EBAY etc…
Quick Switch Buttons:
Customers can change underlying symbols on OptionLook without having to type them by
using quick switch buttons. Customers go to the order ticket preference page and enter
they underlying symbols they frequently request and these will then display on the bottom
of the position page. All you have to do is click the symbol and OptionLook will be re-
populated with information on the underlying you clicked. This information will also carry
over to the speed ticket, so that you can easily build trades using that ticket.
Greeks and Analytics

OptionTrader Pro offers a full complement of Greeks and Analytics for the option trader.
OptionTrader Pro users can look at Greeks multiple different ways, including at the
individual strike level, the account level, simulated position level or entire portfolio level.
Customers have the flexibility to view Greeks based on the implied volatility of the
underlying or view Greeks based on user entered volatility and price information.
Individual position
Greeks and implied volatility are available for every strike within an option chain. This
information is based on live streaming data and can be presented one of two ways:
1. Greeks based on implied volatility
Customers who would like to view the Greeks on individual option positions based on the
implied volatility of the underlying can do this easily by adding new columns to the
OptionLook Market window. Each Greek is its own column, so if you wanted to see the
Delta for puts and calls based on the implied volatility, you would add the DeltaIV and
pDeltaIV for the call and put Deltas. This will allow you to view the Greeks for the each
strike of a selected “option chain”.
The Greeks based on implied volatility will change as the implied vol and price move,
however you can not model these with your own “user vol” entry. The implied vol will
always be the driver of the calculation for Greeks based on implied vol.
To add Greeks based on the implied volatility:
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• go to the user configuration button on the OptionLook window and select
“configure market window”.
• go to the “column” tab of the configure window

• Select the Greeks based on implied vol of your choice (if you want both calls and
puts be sure to select both ie: DeltaIV and pDeltaIV or GammaIV and pGammaIV)
• Once you have selected the columns you are interested click ok and these will be
added to your OptionLook window at the far right side
• You can drag and drop the columns to your desired location
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• You can edit the colors of the column etc.. using the “format” tab of the configure
window for OptionLook
Please note: be sure to save any of your changes using the file menu of the OptionTrader
Pro toolbar to ensure they are not lost when accessing in the future.
2. Greeks based on User entered Volatility (not available on streamlined version)
In addition to Greeks based on the implied volatility, OptionTrader Pro gives customers
the power to model the Greeks on individual positions based on their own perceptions of
where and what the market is doing. Therefore, customers can create Greeks based off
of a user entered volatility, price and interest rate. To view the Greeks calculated by user
entered volatility you can simply add new columns to the OptionLook Market window.
Each Greek is its own column, so if you wanted to see the Delta for puts and calls based
on the user volatility, you would add the Delta and pDelta columns for the call and put
Deltas. This will allow you to view the Greeks calculated by the user volatility for each
strike of a selected “option chain”.
The Greeks based on user volatility will change as you amend the user vol or evaluation
price, however they will not move based on live market price movement only based on the
user changing the evaluation price. To enter a user vol, you can apply one volatility
across all strikes by going to the Vol field on the OptionLook window and typing in your vol
number. If you want to change individual strikes to a specific volatility you can access the
user vol column for Puts or Calls and type the vol you want to enter for that strike. This will
change the selected strike only.
23
OptionTrader Pro also gives you the ability to model with a “user vol” at expiration in
addition to the user vol. To do this access, the exp vol field on the OptionLook window and
enter the expected user vol at expiration.
When you enter a user volatility in the vol column or exp vol columns these will always be
driver of the user defined Greeks ie: Delta, whereas if you choose DeltaIV the implied vol
will always be the driver.
To add Greeks based on the user volatility, please follow steps on adding Greeks for
implied volatility, but select Greek columns without the IV ie: Delta, pDelta, Gamma,
pGamma etc….
Greeks and Analytics at the Acct or Simulated acct level (not available on
streamlined version):
OptionTrader Pro allows you to view Greeks and analytics at the account or simulated
account level. You can view all actual and simulated positions you have in the underlying
security for that account or simulated account. All of your positions, including stock
holdings for that underlying will be broken down into their call or put equivalents (Long 100
shares = 1 long call + 1 short put, Short 100 shares = 1 short call + 1 long put)and
displayed by account.
Please note: All odd or mixed lots are rounded down to the nearest 100.
You can view account level information at the individual strike level or at the rolled up
position level.
To view individual strikes owned for a particular account you should:

1. Go to the “portfolio” drop down menu on the quote pane of OptionLook market
window
2. Select the account or simulated acct you would like to review

3. Choose the symbol and expiration you would like to review
4. All of the put and call contracts you own for the underlying and expiration month
will be displayed in the QTY field or PQty Fields.
5. You will be able to view all of the Greeks and analytics for any of these positions
as long as you have selected these columns as described previously.
To view all of the stock and options owned for a particular underlying in an account
or simulated acct you should:
1. Launch OptionLook market window and put in the underlying symbol
2. Go to the “position” pane of the OptionLook market window (see below)
24
3. Find the account or simulated acct in the portfolio field that you are interested in
reviewing
4. All puts, calls and stock positions for that underlying regardless of month will be
rolled by your account.
5. You can review the Greeks, theoretical and profit loss and market value based on
your current positions
Please note: if Fidelity does not have your cost basis for a position then your P/L number
may not be accurate. If this is the case Fidelity will disclose this in the disclosure field
Portfolio level
If you would like to view Greeks and analytics on all of your accounts rolled up together,
including simulated positions you can now do this by “grouping” the accounts together.
To do this you need to:

1. Launch the OptionLook window as previously described
2. Add the UL column to the position pane of OptionLook (click on “configure view”
and select “configure position pane”. Go to column tab, add UL column. Click ok)
3. Drag the UL column to be the first column on the far left in front of portfolio
column
4. Highlight all of the accounts and simulated accts in the position pane and click on
the group icon, , at the top of the OptionLook quote pane.
5. This will group or rollup all of your positions, simulated and actual, for all
accounts in one “portfolio” view. See below.
Quote Pane
Market Pane
Position Pane
Column
Layouts
25
Column Layouts
In addition to the default layout when you launch the OptionLook markets window, you
now can switch to one of three additional predefined layouts: Analysis, Basic, or Greeks.
Of course you also have the ability to create one entirely your own, please see the
“configuration section”.
Analysis: This layout is for the user who wants to analyze the impacts of various what if
scenarios including changes in price, interest rate or volatility on Greeks and theoretical
values.
Basic: This layout as its name implies offers all the necessary basics including: streaming
prices, size, volume, and open interest
Greeks: This layout offers all of the Greeks and analytics based on the implied volatility as
well as streaming prices, size, open interest and volume.
Like the default layout, you may customize the column layouts, but if you do you must
save them or your changes will be lost. When you save your layout it will not be held
within the dropdown column layout, but rather you simply click file open on the toolbar
and you will see the layout you named.
Charting
OptionTrader Pro allows you to view your account or simulated positions graphically by an
underlying security. You can graph various analytics against price, time or volatility. The
plot automatically loads your position data from OptionLook, so it saves you the time of
having to re-key all of the information. Changes made on OptionLook, including
underlying price are automatically carried over to the Graph
You can view plot information by a simulated portfolio, a specific account or your entire
portfolio, which would include any simulated positions. The plot window gives you a visual
representation of how your positions are performing. You can also easily model what if
scenarios and view their impact on the plot.
How to chart your positions:
1. From the OptionTrader Pro toolbar select the OptionLook Plot icon, .
2. Enter a stock symbol in the Symbol box of the Plot window
3. All data and positions you hold for the underlying symbol in OptionLook will
automatically be loaded into the plot screen
4. If you make changes, to the evaluated price or on what you would like to plot ie:
Greeks vs Theoreticals you simply have to click the refresh icon to repopulate
the chart.
26
5. You can graph the x and y axis by multiple different categories including the
Greeks and theoreticals against price, time or volatility. This is easily
accomplished using the various drop down menus on the top of the plot screen.
6. Once a plot is created, you can go back to OptionLook and model by changing
volatility, interest rate or price. These changes will populate and change your plot
Note: Any time a variable is selected or changed in the graph function, the Refresh--
icon located next to the Symbol input box must be selected. This holds true for all
instructions below.
If you are modeling based on volatility numbers it is important to note that numbers
greater than 3 are assumed to be a straight percent ie: 5 is 5%, whereas numbers less
than 3 are assumed to be the decimal format of the percentage ie: 1 is 100% whereas .01
is 1%.
Execution Quality
Fidelity routes all orders to where we feel we will get customer’s the absolute best
possible execution.
Fidelity also allows OptionTrader Pro customers the ability to direct their own trades or
intelligently order route their orders at no additional cost. This is again a result of our
interest in the customer receiving the best possible execution regardless of how the order
is delivered to the marketplace. Unlike some firms we give you the power to send your
order to the destination of your choice
Fidelity orders are made available to the price improvement process on the BOX when
eligible and we will be utilizing the ISE’s PIM process shortly. These are two additional
ways that Fidelity is seeking to provide better executions to our customers. The PIP on
the BOX is regularly executing trades at the inside market with an average savings of $2 a
contract.
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NBBO Price Improvement
Fidelity customers are eligible to receive the single market NBBO or better for any multi-
leg option trade placed using OptionTrader or Fidelity’s multi-leg option tickets on ATP or
Fidelity.com.
All multi-leg option orders are routed to the CBOE. Fidelity offers customers the ability to
receive the best price regardless of the exchange. Customers will receive the NBBO or
better as based on the best single leg prices on a single market from any of the six option
exchanges, (AMEX, BOX, CBOE, ISE, PCX or PHLX). You will receive the best possible
price on your multi-leg strategy available at the time the order was executed or within 30
seconds of the order being received by the CBOE’s order routing system.
Option quotes received from the traditional option chain, or just an individual option quote,
are composite prices. If you look at two options on an option chain and want to execute a
spread based on these, it may not be possible due to the fact that those prices are
composite prices and each may come from a different exchange. To execute a multi-leg
strategy trade on one ticket, each leg of the order must be executed on the same
exchange. Therefore, Fidelity’s new “improved” pricing gives you the ability to execute at
the NBBO for the strategy you are attempting to place without having to route your order.
When viewing or entering a multi-leg strategy, the quote for each single leg will be the
best available price from the CBOE, however the net amount or “natural” price will be the
best available price for both legs on one of the six option exchanges (AMEX, BOX, CBOE,
ISE, PHLX, or PCX). Due to this, when viewing the quotes on the OptionTrader tool or
trade tickets you may notice the prices don't necessarily match up. For example: If you
attempted to do the following:
BCO XYZ 50 @$3
SCO XYZ 55 @$2
Net Bid/Ask: Debit $0.80
Notice the debit is $0.80 instead of $1. This means that the NBBO price was better than
the CBOE price on this particular order. In many cases, the net bid/ask may be the same
as the individual legs. In that case, the CBOE price was the NBBO for that order.
Note: The strategy prices displayed represent indications of interest. The indicative
prices are not firm quotes and may not be available when an order is sent for execution.
These are theoretical values based on the disseminated prices of the individual legs
Certain market conditions may impact eligibility for NBBO pricing, including orders entered
during fast market conditions, orders entered when a security has halted trading, and
orders entered when circumstances result in a non-firm quote condition.
User Configuration
OptionTrader Pro can be modified to fit your needs. You have the ability to configure the
OptionLook Markets, Staged Orders or SpreadMarket windows so they work best for your
trading needs. Configuring any of these is easily done by clicking on the “configure view”
text on these windows.
Each window can be configured to add or change colors (text, columns, up or down tick),
columns can be added, changed, deleted, or columns can be rearranged to suit the user’s
needs. Filters and sounds can be added to notify or highlight certain actions or market
28
moves . While each pane is configured
separately, the screens to modify them are
similar.
Configuring OptionLook Markets Window
1. To configure OptionLook Market

window click on “configure view” button.
2. Select the pane you would like to
configure ie: Market, Quote, Position
Quote Pane
Market Pane
Position Pane
3. The configure window (below) will open and has five tabs (Format, columns, filters,
sounds and Misc.)
4. Choose the Format tab for the following:
• Changing colors of the columns or the font
• Changing color or font of up tick down tick alerts
• Alignment of data in the windows
• Bolding text or numbers of window
• Changing name of column headers
• Format how data is displayed ie: 1000.00 or 1000
5. Choose the Column tab to:
• Add or remove columns (you can delete columns from main window as well)
6. Choose the filters tab to
• Create filters to highlight certain conditions
7. Choose Sounds tab to:
• Add sound to alert you to changes to a column
8. Choose Misc tab to:
• Modify the gridlines of the window (remove lines, change color etc..)
29
9. Click ok when finished with changes and your modifications will be applied
10. Be sure to save the new window when finished modifying
11. To save, click file on the main OptionTrader Pro toolbar then “save as” whatever
you want to name the new window.
12. When you want to access the new window in the future click on file on the toolbar
and click open and click on name of window you saved.
Configuring Spread Markets Window
Similar to OptionLook Market window, the Spread Market window can be easily
configured based on customer preference. The spread market window has two panes,
quote and market and each can be configured as described above in the OptionLook
market section
Quote Pane
Market Pane
Columns can be easily dragged and dropped on the main screen or deleted by right
clicking on the field
Configuring Staged Orders Window

Similar to OptionLook Market window, the Staged Orders window can be easily configured
based on customer preference. The staged orders window has only one pane and can be
easily configured by clicking on the text on the window.
From the configure view, you will get the configure window with five tabs as described in
OptionLook section above
30
.
Columns can be easily dragged and dropped on the main screen or deleted by right
clicking on the field.
Adding and Removing a Filter
1. Open a Configure View Window as described previously.

2. From the tabs listed at the top of the window select Filters.
3. Select the column to receive the filter. The columns are listed on the left hand side
of the window in the box labeled Columns.
4. Select the comparison mechanism from the drop-down menu labeled Comparison.
The following comparison mechanisms are available in the system:
a. “=” Filters for a particular value (i.e. IBM, orders that equal 50, etc).
b. “<>” Filters for everything but the particular value. “>” Filters for everything
greater than the particular value entered.
c. “<” Filters for everything less than the particular value entered.
d. The “in” filter is similar to the “=” filter. It filters for a particular value, or more
than one value.
e. The “not in” filter is similar to the “<>” filter. It filters for everything but the
particular value, and can be used for more than one value.
5. In the Compare to: field type the value for the comparison mechanism to be
applied.
To filter for strikes of less than 20, select the Strike column, then select the less
than comparison, and type 20 in the Compare to: box.
THIS WILL FILTER THE STRIKE COLUMN FOR VALUES LESS THAN 20.
31
6. Once the above criteria are input, press the Add button. This will add the filter to
the Active Filters list.
7. Press Apply to apply the filter to the active window.
8. To remove the filter from the Active Filter list, select it in the Active Filters field and
press the Remove button.
9. Press Apply to apply these changes to the active window.
*Multiple Filters can be applied to the same window at the same time, but there can only
be one filter assigned to each column.
Contract Details Window

To view detail on an underlying, click on the “Contract Details” icon, . This will open
the “Contract Details” window. The Contract Details window will provide such details as
the multiplier on the stock to assist in determining if the underlying and the option trade at
the same multiplier. An example of a Contract Details window is shown below.
Grouping Orders
You can group your staged orders by any column you choose. Simply move the column
you want to group by to the far left side of the window and click the “Add Group” icon, .
You now have one group. To add additional groups, move the next column you want to
group by to the immediate right of the first grouping column and click the “Add Group” icon
again. You now have a main grouping and a secondary grouping. You can continue to
add as many groups as you like.
To remove a group, click the “Remove Group” icon, . This removes the last group you
added. Continue clicking this icon until you have removed all of the groups you want
deleted.
Recommended System Requirements
32
Below are the recommended system requirements if you are attempting to run the ATP
and OptionTrader Pro applications at the same time. You may be able to run both with
lower system requirements, but there may be some system and performance degradation.
The client workstation may use the following operating system(s):
• Windows® 2000 Professional or Server

• Windows® XP Home or Professional
• Windows® NT Workstation or Server
• Windows® 98
• All systems require Microsoft Internet Explorer Version 5.0 or later
Recommended Hardware:
The disk and memory sizes as well as processor requirements will depend on the users'
data requirements and acceptable user interface reaction time.
• 2.5 GHz
• 512 MB RAM
• 120-200 MB Hard Disk
• VGA (4MB+ RAM) Video Card
• SVGA Video Display (1024x768), (256 Colors)
• Windows 2000 or Windows XP
Networking Requirements:
The network requirements will depend on the users' connection speed requirements and
acceptable application latency.
• We strongly recommend that eligible users of streaming market data use a broadband
connection.
• Standard Network Adapter Card (10/100mbs)
• All installations require properly configured TCP/IP protocol
These are the minimum recommended requirements and faster processors and an
increase in RAM will improve overall performance of OptionTrader Pro.
Printers
In general, OptionTrader Pro can use any printer fully supported by the operating system
you’re using. This includes laser printers, color printers, and inkjet printers.
Troubleshooting
Following are some troubleshooting tips to refer to if you’re experiencing problems with
the application.
33
ATP and OptionTrader Pro
You must be connected to Fidelity and ATP in order to run OptionTrader Pro. If you close
the ATP application or lose connection to Fidelity, OptionTrader Pro will also close. ATP
must be up and connected for OptionTrader Pro to run.
If OptionTrader Pro loses connection, the client software will display a message that the
connection has been lost. If this were to occur, you will have to re-launch OptionTrader
Pro by clicking on the OptionTrader Pro button.
Browser Configuration
OptionTrader Pro relies on the information entered by the user for "Internet Options."
These options are chiefly comprised of address settings enabling the user to access the
Internet. OptionTrader Pro will use the Internet by accessing the parameters that have
been set by you the user. By opening "Internet Options" from the Control Panel, the user
can display the current settings. Typically, a user who can successfully browse the Web
via a browser can make use of OptionTrader Pro.
There are rare instances whereby a connection is not possible due to strict firewall
security. Ensure that your configuration is correct for your proxy server (if used) under the
"LAN Settings..." button of the "Connections" tab. Please call your Fidelity Customer
support representative if you feel that this may be the case with your connection
difficulties.
Other Potential Issues:

• OptionTrader Pro is not Mac compatible, nor is it virtual PC compatible
• Hardware components must be compatible with the operating system being used
as defined in Microsoft’s Hardware Compatibility List (HCL)
• OptionTrader Pro will not operate when the computer language is set to any
language other than United States - English
If you have any questions or issues, please call one of our Active Trader Services
representatives at 800-544-5115.
34
Appendix
OptionLook Markets Window
Quick Guide for Markets Icons
Icon Description
Opens a new Markets Window.
Saves changes that were made to the Markets Window
with the Preferences or Configure View windows.
Saves the changes made to the Markets Window under a

different name.
Opens a Print View Window.
Copies information for use in Excel.

Drop-down arrow to the right of the icon opens a Market,
Quote or Position Pane “Configure View” window where all
formatting, column editing, and filtering is done.
Turns the Mute function on or off.
Opens an order ticket when a Bid or Ask is selected.
Adds a leg to an order when a Bid or Ask is selected.
Opens a simulated trade ticket when a Bid or Ask is

selected.
Enables single-click functionality for opening an order ticket

rather than the standard double-click on a Bid or Ask.
Opens the Contract Details window.
The OptionLook Markets Window Has Three Components
The OptionLook Markets Window is divided into three sections. The quote pane, market
pane and position pane.
Quote Pane Definitions
1. Portfolio- Allows customer to view positions by individual account or

simulated portfolio
2. Symbol—Where the characters representing a company’s stock symbol on
an exchange are entered (IBM, MSFT, for example).
3. Expiration—A particular option’s expiration dates throughout the year.
35
4. Exchange—Sets the Exchange quotes are shown for.
5. Strikes—Determines the number of strikes, 5, 10, 20, or all, to be viewed at
one time in the Market Pane (discussed below).
6. Price—The stock’s current trading price.
7. Vol—Sets the volatility to be tracked.
8. Exp Vol—Changes volatility for a specific expiration for one or all
expirations according to individual preference.
9. Rate—Interest rate.
10. Symbol (Yellow box)—Highlights the underlying currently being evaluated.
11. EvalPrice—The stock’s current trading price.
12. Quantity—Number of shares that have been traded or are being evaluated
13. Ex-the primary exchange for underlying
14. Bid Ex-Exchange with best bid for the underlying
15. BidSz—Number of shares available at Bid price.
16. Bid—Price at which underlying can be sold.
17. Ask—Price at which underlying can be bought.
18. AskSz—Number of shares available at Ask price.
19. AskEx-Exchange with best ask for underlying
20. Last—The price the stock traded at last.
21. Tick-The tick on the underlying
22. Last Ex-Exchange where last trade was done
23. Res-Whether contract is restricted
24. Net—The change in price of the underlying from previous day’s close to the
last price.
25. Open—Stock price at market open.
26. High—Highest price at which stock traded since market open.
27. Low—Lowest price at which stock traded since market open.
28. Close-The Closing price for the underlying
29. Volume—Number of shares traded since market open for that underlying.
Market Pane definitions
CALL COLUMNS/Call Orders

1. Qty—The number of call options entered into the position for that particular
strike.
2. BAvgIV—The average implied vol. for calls using the NBBO.
3. UVol—(User volatility) Sets the volatility to be used for calculating call values
for that strike.
4. Delta—Displays in real time the sensitivity (rate of change) of an option’s
theoretical value (assessed value) for a one-dollar change in price of the
underlying instrument. Expressed as a percentage, it represents an equivalent
amount of underlying at a given moment in time. Calls have positive deltas;
puts have negative deltas.
5. Gamma— Displays in real time the sensitivity (rate of change) of an option’s
delta at a given moment in time. It is the change in delta with respect to a one-
dollar change in the underlying.
6. Theta— Displays in real time the sensitivity of theoretical value with regard to
small changes in time. Theta measures the rate of decay in the time value of
options.
7. Vega—Displays in real time the sensitivity of an option’s theoretical value to a
one-unit change in the volatility assumption.
8. Rho— Displays in real time the sensitivity of theoretical value with regard to
small changes in interest rates.
36
9. BBidIV—Best Bid’s implied vol. for calls.
10. BstBidX—Exchange(s) with Best Bid price for calls.
11. SizeBid—Number of calls available at Bid price for exchange selected in drop
down list.
12. BBid—Best Bid price for calls.
13. BAsk—Best Ask price for calls.
14. SizeAsk—Number of calls available at Ask price for exchange selected in drop
down list.
15. BstAskX—Exchange(s) with Best Ask price for calls.
16. BAskIV—The implied volatility based on the Best Ask for calls.
17. Theo— Displays in real time the calculated theoretical value of an option
derived from a mathematical model such as Black-Scholes formula.
18. Strike—The Option Strike price for an order. Can be set in ascending or
descending order by clicking once on the heading of the strike column.
PUT COLUMNS/Put Orders

1. pTheo— Displays in real time the calculated theoretical value of an option
derived from a mathematical model such as Black-Scholes formula.
2. pDelta— Displays in real time the sensitivity (rate of change) of an option’s
theoretical value (assessed value) for a one dollar change in price of the
underlying instrument. Expressed as a percentage, it represents an equivalent
amount of underlying at a given moment in time. Puts have negative deltas;
Calls have positive deltas.
3. pGamma— Displays in real time the sensitivity (rate of change) of an option’s
delta at a given moment in time. It is the change in delta with respect to a one-
dollar change in the underlying.
4. pTheta— Displays in real time the sensitivity of theoretical value with regard to
small changes in time. Theta measures the rate of decay in the time value of
options.
5. pVega— Displays in real time the sensitivity of an option’s theoretical value to
a one-unit change in the volatility assumption.
6. pRho— Displays in real time the sensitivity of theoretical value with regard to
small changes in interest rates.
7. pBBidIV— The implied volatility based on the Best Bid for puts.
8. pBstBidX— Exchange(s) with Best Bid price for puts.
9. pBidSize— Number of puts available at Best Bid price.
10. pBBid— Best Bid price for puts.
11. pBAsk— Best Ask price for puts.
12. pAskSize— Number of puts available at Ask price for exchange selected in
dropdown list.
13. pBstAskX— Exchange(s) with Best Ask price for puts.
14. pBAskIV— The implied volatility based on the Best Ask for puts.
15. pUVol—(User Volatility) Sets the volatility to be used for calculating put values
for that strike.
16. pBAvgIV— The average implied volatility for calls using the NBBO.
17. pQty—The number of put options entered into the position for that particular
strike.
Spread Market Window Column Definitions
37
The Quote Pane includes the following columns:
1. Ask--The price at which shares can be bought.
2. AskSz--The number of shares available at the offer price
3. Bid--The price at which shares can be sold
4. BidSz--The number of shares available at the bid price
5. High--The highest price the stock traded for on the current day.
6. Last--The most recently traded stock price
7. Low--The lowest price a stock traded for on the current day.
8. Net--The change in price since the previous regular trading session's close
9. Open--The price of the stock on the current day.
10. Symbol--The characters used to represent a company's stock symbol on an
exchange. (i.e. Cisco Systems Inc., CSCO)
11. Volume--Total number of shares traded during the current day
The Market Pane includes the following columns:

Note: The default exchange referred to below is the CBOE, if not listed.
1. BAsk--The best price at which calls can be bought considering all exchanges.
2. BAskEx--Indicates the exchanges that have the Best Ask price or are matching the
Best Ask price for calls.
3. BAskL1--The best price at which calls can be bought for the first leg of a spread
considering all exchanges.
4. BAskL1Ex--Indicates the exchanges that have the Best Ask price for the first leg of a
spread or are matching the Best Ask price of the first leg of a spread when it’s a call.
5. BAskL2--The best price at which calls can be bought for the second leg of a spread
6. BAskL2Ex--Indicates the exchanges that have the Best Ask price for the second leg of
a spread or are matching the Best Ask price of the second leg of a spread when it’s a
call.
7. BAskL3--The best price at which calls can be bought for the third leg of a spread
8. BAskL3Ex--Indicates the exchanges that have the Best Ask price for the third leg of a
spread or are matching the Best Ask price of the third leg of a spread when it’s a call.
9. Bbid--The best price at which calls can be sold considering all exchanges.
10. BBidEx--Indicates the exchanges that have the Best Bid price or are matching the
Best Bid price for calls.
11. BBidL1--The best price at which first leg calls can be sold considering all exchanges.
12. BBidL1Ex--Indicates the exchanges that have the Best Bid price or are matching the
Best Bid price for first leg calls.
13. BBidL2--The best price at which second leg calls can be sold considering all
exchanges.
Best Bid price for second leg calls.
15. BBidL3--The best price at which third leg calls can be sold considering all exchanges.
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Best Bid price for third leg calls.
17. BCldr Ask--The best price at which calendar spreads can be bought considering all
exchanges.
18. BCldr AskEx--Indicates the exchanges that have the Best Ask price or are matching
the Best Ask price for calendar spreads.
19. BCldr Bid--The best price at which calendar spreads can be sold considering all
exchanges.
20. BCldr BidEx--Indicates the exchanges that have the Best Bid price or are matching the
Best Bid price for calendar spreads.
21. BDiag Ask--The best price at which diagonal spreads can be bought considering all
exchanges.
22. BDiag AskEx--Indicates the exchanges that have the Best Ask price or are matching
the Best Ask price for diagonal spreads.
23. BDiag Bid--The best price at which diagonal spreads can be sold considering all
exchanges.
24. BDiag BidEx--Indicates the exchanges that have the Best Bid price or are matching
the Best Bid price for diagonal spreads.
25. BStraddleAskEx--Indicates the exchanges that have the Best Ask price or are
matching the Best Ask price for straddles.
26. BStraddleBidEx--Indicates the exchanges that have the Best Bid price or are matching
the Best Bid price for straddles.
27. BuyWriteAsk--The best price at which buy/writes can be bought considering all
exchanges.
28. BuyWriteBid--The best price at which buy/writes can be sold considering all
exchanges.
29. BuyWriteBidI--The best price at which buy/writes can be sold at the ISE.
30. BVert AskEx--Indicates the exchanges that have the Best Ask price or are matching
the Best Ask price for vertical spreads.
31. BVert Bid--The best price at which vertical spreads can be sold considering all
exchanges.
32. BVert BidEx--Indicates the exchanges that have the Best Bid price or are matching the
Best Bid price for vertical spreads.
33. cAsk--The price at which calls can be bought at the default exchange.
34. cAsk2--The price at which calls can be bought at the default exchange for the second
leg of a spread.
35. cAsk3--The price at which calls can be bought at the default exchange for the third leg
of a spread.
36. cBBfly Ask--The best price at which butterfly spread calls can be bought considering
all exchanges.
37. cBBfly AskEx--Indicates the exchanges that have the Best Ask price or are matching
the Best Ask price for butterfly spread calls.
38. cBBfly Bid--The best price at which butterfly spread calls can be sold considering all
exchanges.
39
39. cBBfly BidEx--Indicates the exchanges that have the Best Bid price or are matching
the Best Bid price for butterfly spread calls.
40. cBid--The price at which calls can be sold at the default exchange.
41. cBid1--The price at which calls can be sold at the default exchange for the first leg of a
spread order.
42. cBid2--The price at which calls can be sold at the default exchange for the second leg
of a spread order.
43. cBid3--The price at which calls can be sold at the default exchange for the third leg of
a spread order.
44. cBRatio Ask--The best price at which ratio spread calls can be bought considering all
exchanges.
45. cBRatio AskEx--Indicates the exchanges that have the Best Ask price or are matching
the Best Ask price for ratio spread calls.
46. cBRatio Bid--The best price at which ratio spread calls can be sold considering all
exchanges.
47. cBRatio BidEx--Indicates the exchanges that have the Best Bid price or are matching
the Best Bid price for ratio spread calls.
48. cCldr Ask--The best price at which calendar spread calls can be bought considering all
exchanges.
49. cCldr Bid--The best price at which calendar spread calls can be sold considering all
exchanges.
50. cDiag Ask--The best price at which diagonal spread calls can be bought considering
all exchanges.
51. cDiag Bid--The best price at which diagonal spread calls can be sold considering all
exchanges.
52. Collars Ask--The best price at which collars can be bought at the default exchange.
53. Collars Bid--The best price at which collars can be sold at the default exchange.
54. ComboAsk--The price at which combos can be bought at the default exchange.
55. ComboBid--The price at which combos can be sold at the default exchange.
56. cRatio Ask--The best price at which ratio spread calls can be bought considering all
exchanges.
57. cRatio Bid--The best price at which ratio spread calls can be sold considering all
exchanges.
58. cVertAsk--The best price at which vertical spread calls can be bought considering all
exchanges.
59. cVertBid--The best price at which vertical spread calls can be sold considering all
exchanges.
60. cVertBidI--The best price at which vertical spread calls can be sold at the ISE.
61. iSpreads™ BuyWriteAsk--The price improved ask for Buy/Write spread calls.
62. iSpreads™ BuyWriteBid--The price improved bid for Buy/Write spread calls.
63. iSpreads™ cBfly Ask--The price improved ask for butterfly spread calls.
64. iSpreads™ cBfly Bid--The price improved bid for butterfly spread calls.
65. iSpreads™ cCldrAsk--The price improved ask for calendar spread calls.
40
66. iSpreads™ cCldrBid--The price improved bid for calendar spread calls.
67. iSpreads™ cDiag Ask--The price improved ask for diagonal spread calls.
68. iSpreads™ cDiag Bid--The price improved bid for diagonal spread calls.
69. iSpreads™ CollarAsk--The price improved ask for collar spread calls.
70. iSpreads™ CollarBid--The price improved bid for collar spread calls.
71. iSpreads™ ComboAsk--The price improved ask for combo spread calls.
72. iSpreads™ ComboBid--The price improved bid for combo spread calls.
73. iSpreads™ cRatio Ask--The price improved ask for ratio spread calls.
74. iSpreads™ cRatio Bid--The price improved bid for ratio spread calls.
75. iSpreads™ cVertAsk--The price improved ask for vertical spread calls.
76. iSpreads™ cVertBid--The price improved bid for vertical spread calls.
77. iSpreads™ pBfly Ask--The price improved ask for butterfly spread puts.
78. iSpreads™ pBfly Bid--The price improved bid for butterfly spread puts.
79. iSpreads™ pCldrAsk--The price improved ask for calendar spread puts.
80. iSpreads™ pCldrBid--The price improved bid for calendar spread puts.
81. iSpreads™ pDiagAsk--The price improved ask for diagonal spread puts.
82. iSpreads™ pDiagBid--The price improved bid for diagonal spread puts.
83. iSpreads™ pRatio Ask--The price improved ask for ratio spread puts.
84. iSpreads™ pRatio Bid--The price improved bid for ratio spread puts.
85. iSpreads™ pVert Ask--The price improved ask for vertical spread puts.
86. iSpreads™ pVert Bid--The price improved bid for vertical spread puts.
87. iSpreads™ StraddleAsk--The price improved ask for straddle spreads.
88. iSpreads™ StraddleBid--The price improved bid for straddle spreads.
89. iSpreads™ StrangleAsk--The price improved ask for strangle spreads.
90. iSpreads™ StrangleBid--The price improved bid for strangle spreads.
91. pAsk--The price at which puts can be bought at the default exchange.
92. pAsk1--The price at which puts can be bought at the default exchange for the first leg
of a spread.
93. pAsk2--The price at which puts can be bought at the default exchange for the second
leg of a spread.
94. pAsk3--The price at which puts can be bought at the default exchange for the third leg
of a spread.
95. pBAsk--The best price at which puts can be bought considering all exchanges.
96. pBAskEx--Indicates the exchanges that have the Best Ask price or are matching the
Best Ask price for puts.
97. pBAskL1--The best price at which puts for the first leg can be bought considering all
exchanges.
98. pBAskL1Ex--Indicates the exchanges that have the Best Ask price or are matching the
Best Ask price for puts on the first leg.
99. pBAskL2--Indicates the exchanges that have the Best Ask price or are matching the
Best Ask price for puts on the second leg.
41
100. pBAskL2Ex--Indicates the exchanges that have the Best Ask price or are matching
the Best Ask price for puts on the second leg.
101. pBAskL3--Indicates the exchanges that have the Best Ask price or are matching
the Best Ask price for puts on the third leg.
102. pBAskL3Ex--Indicates the exchanges that have the Best Ask price or are matching
the Best Ask price for puts on the third leg.
103. pBBfly Ask--The best price at which butterfly spread puts can be bought consid-
ering all exchanges.
104. pBBfly AskEx--Indicates the exchanges that have the Best Ask price or are
matching the Best Ask price for butterfly puts.
105. pBBfly Bid--The best price at which butterfly spread puts can be sold considering
all exchanges.
106. pBBfly BidEx--Indicates the exchanges that have the Best Bid price or are
matching the Best Bid price for butterfly puts.
107. pBBid--The best price puts can be sold considering all exchanges.
108. pBBidEx--Indicates the exchanges that have the Best Bid price or are matching
the Best Bid price for puts.
109. pBBidL1--The best price at which puts can be sold considering all exchanges for
the first leg of a spread.
110. pBBidL1Ex--Indicates the exchanges that have the Best Bid price or are matching
the Best Bid price for puts on the first leg of a spread.
the second leg of a spread.
the Best Bid price for puts on the second leg of a spread.
the third leg of a spread.
the Best Bid price for puts on the third leg of a spread.
115. pBCldr Ask--The best price at which calendar puts can be bought considering all
exchanges.
116. pBCldr AskEx--Indicates the exchanges that have the Best Ask price or are
matching the Best Ask price for calendar puts.
117. pBCldr Bid--The best price at which calendar puts can be bought considering all
exchanges.
118. pBCldr BidEx--Indicates the exchanges that have the Best Bid price or are
matching the Best Bid price for calendar puts.
119. pBDiag Ask--The best price at which diagonal puts can be bought considering all
exchanges.
120. pBDiag Bid--The best price at which diagonal puts can be sold considering all
exchanges.
121. pBDiag AskEx--Indicates the exchanges that have the Best Ask price or are
matching the Best Ask price for calendar puts.
122. pBDiag BidEx--Indicates the exchanges that have the Best Bid price or are
matching the Best Bid price for diagonal puts.
42
123. pBid--The price at which puts can be sold at the default exchange.
124. pBid1--The price at which puts on the first leg of a spread can be sold at the
default exchange.
125. pBid2--The price at which puts on the second leg of a spread can be sold at the
default exchange.
126. pBid3--The price at which puts on the third leg of a spread can be sold at the
default exchange.
127. pBRatio Ask--The best price where ratio spread puts can be bought considering all
exchanges.
128. pBRatio AskEx--Indicates the exchanges that have the Best Ask price or are
matching the Best Ask price for ratio spread puts.
129. pBRatio Bid--The best price at which ratio spread puts can be sold considering all
exchanges.
130. pBRatio BidEx--Indicates the exchanges that have the Best Bid price or are
matching the Best Bid price for ratio spread puts.
131. pBVert Ask--The best price at which vertical spread puts can be bought consid-
132. pBVert AskEx--Indicates the exchanges that have the Best Ask price or are
matching the Best Ask price for vertical spread puts.
133. pBVert Bid--The best price at which vertical spread puts can be sold considering
all exchanges.
134. pBVert BidEx--Indicates the exchanges that have the Best Bid price or are
matching the Best Bid price for vertical puts.
135. pCldr Ask--The best price at which calendar spread puts can be bought consid-
136. pCldr Bid--The best price at which calendar spread puts can be sold considering
all exchanges.
137. pDiag Ask--The best price at which diagonal spread puts can be bought consid-
138. pDiag Bid--The best price at which diagonal spread puts can be sold considering
all exchanges.
139. pRatio Ask--The best price at which ratio spread puts can be bought considering
all exchanges.
140. pRatio bid--The best price at which ratio spread puts can be sold considering all
exchanges.
141. pVert Ask--The best price at which vertical spread puts can be bought considering
all exchanges.
142. pVert Bid--The best price at which vertical spread puts can be sold considering all
exchanges.
143. smNbboAsk--The spread market’s Best Ask price.
144. smNbboAskEx--Indicates the exchange with the spread market’s Best Ask price.
145. smNbboBid--The spread market’s Best Bid price.
146. smNbboBidEx--Indicates the exchange with the spread market’s Best Bid price.
147. smNbboBuyWrite--The spread market’s best price for buy/writes.
43
148. smNbboCAsk--The spread market’s Best Ask price for calls.
149. smNbboCAskEx--Indicates the exchange with the spread market’s Best Ask price
for calls.
150. smNbboCBfly--The spread market’s best price for butterfly spread calls.
151. smNbboCBid--The spread market’s Best Bid price for calls.
152. smNbboCBidEx--Indicates the exchange with the spread market’s Best Bid price
for calls.
153. smNbboCCldr--The spread market’s best price for calendar spread calls.
154. smNbboCDiag--The spread market’s best price for diagonal spread calls.
155. smNbboCRatio--The spread market’s best price for ratio spread calls.
156. smNbboCVert--The spread market’s best price for vertical spread calls.
157. smNbboCollar--The spread market’s best price for collars.
158. smNbboCombo--The spread market’s best price for combos.
159. smNbboPAsk--The spread market’s best ask price for puts.
160. smNbboPAskEx--Indicates the exchange with the spread market’s best ask price
for puts.
161. smNbboPBfly--The spread market’s best price for butterfly spread puts.
162. smNbboPBid--The spread market’s Best Bid price for puts.
163. smNbboPBidEx--Indicates the exchange with the spread market’s Best Bid price
for puts.
164. smNbboPCldr--The spread market’s best price for calendar spread puts.
165. smNbboPDiag--The spread market’s best price for diagonal spread puts.
166. smNbboPRatio--The spread market’s best price for ratio spread puts.
167. smNbboPVert--The spread market’s best price for vertical spread puts.
168. smNbboStrangle--The spread market’s best price for straddles.
169. smNbboStrangle--The spread market’s best price for strangles.
170. StraddleAsk--The best price at which straddles can be bought considering all
exchanges.
171. StraddleBid--The best price at which straddles can be sold considering all
exchanges.
172. Strangle Ask--The best price at which strangles can be bought considering all
exchanges.
173. Strangle Bid--The best price at which strangles can be sold considering all
exchanges.
174. Strike--The strike of the options for that line (both calls and puts).
175. StrikeL1--The strike of the options for that line for the first leg of the spread (both
calls and puts).
176. StrikeL2--The strike of the options for that line for the second leg of the spread
(both calls and puts).
177. StrikeL3--The strike of the options for that line for the third leg of the spread (both
calls and puts).
Staged Orders Window Column Definitions
44
1. Acct.--Customer's account number
2. Ask1--Current Ask price of the option at the Primary Market for the first leg of the
order.
3. Ask2--Current Ask price of the option at the Primary Market for the second leg of the
order.
4. Ask3--Current Ask price of the option at the Primary Market for the third leg of the
order.
5. Ask4--Current Ask price of the option at the Primary Market for the fourth leg of the
order.
6. AdjAsk--Adjusted Spread Offer. If buying the spread for a debit or selling a spread for
a credit, the AdjAsk will reflect the ask price. If buying a spread for a credit, the B/S
column is changed to sell and the AdjAsk equals the absolute value of the Bid. If
selling a spread for a debit, the B/S column will switch to a buy and the AdjAsk equals
the absolute value of the bid.
7. AdjBid--Adjusted Spread Bid. If buying the spread for a debit or selling a spread for a
credit, AdjBid will reflect the normal bid price. If buying a spread for a credit, then the
B/S column is changed to sell and the AdjBid equals the absolute value of the ask. If
selling a spread for a debit, the B/S column will switch to a buy and the AdjBid equals
the absolute value of the ask.
8. B/S--Displays what side of the order is being represented (i.e. Buy or Sell).
9. Bid1--Current Bid price of the option at the “home” market for the first leg of the order.
10. Bid2--Current Bid price of the option at the “home” market for the second leg of the
order.
11. Bid3--Current Bid price of the option at the “home” market for the third leg of the order.
12. Bid4--Current Bid price of the option at the “home” market for the fourth leg of the
order.
13. CER--Current Eligibility Ranking. A color-coded representation of the order's market-
ability at his point in time. Used in conjunction with the CER TEXT column.
14. CER TEXT--Current Eligibility Ranking. A worded representation of the order's
marketability at this point in time. Used in conjunction with the CER column.
15. Contingencies- Lists any contingencies that were entered on the order (Day, AON,
FOK or IOC)
16. Desc1-- Description for the first leg of the order. Displays the Option Month, Strike,
and Option type (call or put) of the order.
17. Desc2--Description for the second leg of the order. Displays the Option Month, Strike,
18. Desc3--Description for the third leg of the order. Displays the Option Month, Strike,
19. Desc4--Description for the fourth leg of the order. Displays the Option Month, Strike,
20. FC1--The feedcode of the option symbol for the first leg of the order (i.e. MSFT Oct02
55 calls is MSQJK).
21. FC2--The feedcode of the option symbol for the second leg of the order (i.e. MSFT
Oct02 55 calls is MSQJK).
22. FC3--The feedcode of the option symbol for the third leg of the order (i.e. MSFT Oct02
55 calls is MSQJK).
45
23. FC4--The feedcode of the option symbol for the fourth leg of the order (i.e. MSFT
Oct02 55 calls is MSQJK).
24. IER--Initial Eligibility Ranking. A color-coded representation of the order's marketability
when entered.
25. Legs--Number of legs on the order.
26. Limit--The price of the option entered by the customer.
27. MER--Maximum Eligibility Ranking. A color-coded representation of the highest level
of marketability that the order has reached.
28. OpenClose1--Indicates if leg 1 of the order is to Open or Close a position
32. Qty1--The quantity of the first leg of the order that the customer/firm has sent for
execution.
33. Qty2--The quantity of the second leg of the order that the customer/firm has sent for
execution.
34. Qty3--The quantity of the third leg of the order that the customer/firm has sent for
execution.
35. Qty4--The quantity of the fourth leg of the order that the customer/firm has sent for
execution.
36. Received--The time (EST) at which the system received the order.
37. Received Date--The date the order was received by the system.
38. Strategy--Type of spread order (i.e. Vert, Stdl, Clndr, etc.)
39. Strike--The Option's Strike Price.
40. U/L--Underlying stock symbol.
41. Status – the condition the staged order is in ie: stage or sent. Staged means the order
is still a staged order. Sent means the order has been routed to the marketplace.
42. Sent Count – number of times the order has been sent to the live marketplace
46

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OptionTrader ProSM User Guide

Fidelity ATP version 5.2

Launching OptionTrader Pro 3

Trading with OptionTrader Pro 5

Greeks and Analytics 20

User Preferences (user configuration) 28

Contract Details Window 31

Recommended System Requirements 32

Troubleshooting common problems 33

OptionTrader Pro Streamlined Version Full Version

View Greeks and analytics Yes Yes

Launching OptionTrader Pro

Access OptionTrader Pro from the

Toolbar Icon Descriptions

Opens Spread Markets Windows.

Trading with OptionTrader Pro

Single Leg Trading

Once the order ticket launches customers must:

2. Choose the order type and or limit price

3. Choose the account

4. Select if they are buying or selling

5. Select if this will be an opening or closing transaction

6. Choose the account type

7. Choose the Time in Force

8. Select Routing Choice on how the order should be sent to the

9. “Place” the Trade

1. Click on the “speed ticket” icon on the iSpreads Pro toolbar

Using the Speed Ticket

To enter an order using the Speed Ticket:

View, Monitor or Trade a Staged Order:

View Staged Orders

1. Click on the Staged Orders icon, , on the Toolbar, or

Using the Staged Order Screen

Color Text Definition

Trade Staged Orders

To send a staged order to the marketplace:

1. select the order to be routed by clicking on it in the “Staged Orders” window

Canceling Staged Orders

There are two options for canceling staged orders:

1. Select the order to be canceled by clicking on it in the “Staged Orders” window.

The status of the order is now “Cancelled.”

Simulated Trades (not available to streamlined users)

Simulated Trade Example

Multileg Trades (not available to streamlined users)

Spread Markets Windows

Opening Spread Markets Windows

There are two ways to open Spread Markets windows:

Entering Spread Orders

Building a Multi-leg order

• Choose your default order trade ticket ie: straight or spread

Quick Switch Buttons:

Greeks and Analytics

1. Greeks based on implied volatility

To add Greeks based on the implied volatility:

• go to the “column” tab of the configure window

2. Greeks based on User entered Volatility (not available on streamlined version)

To view individual strikes owned for a particular account you should:

2. Select the account or simulated acct you would like to review

To do this you need to:

How to chart your positions:

Configuring OptionLook Markets Window

1. To configure OptionLook Market