General Tab

The General tab contains all of the fields needed to complete the basic Option order entry process.

Select the Option Order Entry icon from the REDIPlus Application bar, and the Option Order Entry dialog box appears.
Select whether you want to [Buy] or [Sell] options in the Side field by clicking the corresponding button.
Enter the number of option contracts to be traded in the Quantity field. The Quantity field provides you with three different ways to enter this value:

Enter the value manually (i.e., key it in).
Increase or decrease the value by clicking the to the right of the field.
Use the drop-down calculator (click ).
If you click [CALC] on the Quantity drop-down calculator, the quantity associated with the transaction will be based on a multiple of the default value for the underlying symbol, and your current position. See the Calc Quantity Rule topic for more information.

Select whether your option order is a [Call] or [Put] in the Type field by clicking the corresponding button.
Type the symbol of the option’s underlying stock in the Symbol field.

If you do not know the symbol of the underlying stock, click and perform a search for it. see the Symbol Search topic more information about the Symbol Search functionality. Once you press [Enter], tab to the next field, or select a symbol using the Symbol Search, the data corresponding to the symbol you entered is displayed on the Quote bar (see the description of the Quote bar in the Interface Elements topic for more information).

Select the Month that the option contract will expire from the drop-down list box. Values are in the following format: 2 Dec, 3 Jan, 3 Feb, etc. The number refers to the year (e.g., “2” = 2002, “3” = 2003).
Select the Strike price at which the option contract may be exercised from the drop-down list box.

Once the fields up to and including the Strike field have been completed, the Option Order Entry dialog box’s Title bar displays the Option order you are entering (e.g., IBM Dec 115.00 Call) and the corresponding root symbol is displayed in the Root Symbol field.

Select the Price Type (e.g., Limit, Market, Market close) associated with the option contract transaction from the drop-down list box.
Enter the price of the option contract in the Price field. The Price field provides you with four different ways to enter this value:

Enter the value manually (i.e., key it in).
Increase or decrease the value by clicking the to the right of the field.
Use the drop-down calculator (click ).
Click any one of the applicable prices from the Quote bar (e.g., Bid, Ask, Last, Close, High, etc.).

Select the Exchange from the drop-down list box. If you select SMART, your order will be routed to the appropriate options exchange.
A default account number appears in the Account field based on the underlying symbol you entered or the exchange you selected. You can select a different account number from the drop-down list box, if necessary.
Select the time period that your option order will be active from the TIF (Time In Force) drop-down list box.
Click [Open] or [Close] in the Position field to indicate whether this transaction will open a new option position for the stock or close an existing option position; click [Auto] to have REDIPlus automatically make this determination.
Click [Cvrd] or [Uncvrd] in the Covered field to indicate whether your option order is covered or uncovered.

The Covered field only applies to Sell side option orders (i.e., the Covered field will not be active unless you select [Sell] in the Side field).

Select the type of commission (e.g., Per Order, Per Contract) associated with the transaction from the Comm Type drop-down list box.
Enter the commission value associated with the transaction in the Comm field, if applicable. The Comm field provides you with three different ways to enter this value:

Enter the value manually (i.e., key it in).
Increase or decrease the value by clicking the to the right of the field.
Use the drop-down calculator (click ).
If you select STD from the drop-down calculator, the standard commission associated with the Contra will be applied to the transaction.
The [X] button is for internal REDIPlus use only.

When you have completed the General tab, you can click [Submit] to submit the order. Optionally, you can modify the Advanced tab.