Modifying Option Order Entry Defaults

Default values are initially assigned to Option Order Entry dialog box fields by REDIPlus; a generic set of default values exists for all Symbols, and each Exchange has a corresponding set of default values and valid fields. You can modify the existing generic default values for all Symbols, create a new set of default values by Symbol, modify the default values and valid fields assigned to each Exchange, and/or specify the default Commission by Exchange and Account combination.

To modify the default values for Underlying Symbols

Right-click the Option Order Entry dialog box, select Defaults from the shortcut menu, and the Option Defaults dialog box appears.
The Underlying Symbol combo box contains the underlying symbol to which the option default values correspond; the value of <Default> indicates that the default values correspond to all underlying symbols that do not have their own set of defaults. Select the underlying symbol whose corresponding option default values you want to modify from the Underlying Symbol combo box, or, if the underlying symbol you want is not listed, enter it.

Once option default values for an underlying symbol have been saved (by clicking [Apply] or [OK]), the underlying symbol is added to the drop-down list of the Underlying Symbol combo box. You can remove an underlying symbol from the drop-down list by selecting it and clicking [Delete].
You can prevent orders from being processed for the underlying symbol you selected or entered by selecting the Block All Orders For This Underlying Symbol checkbox, and then [Apply] or [OK]. Otherwise, continue with the next step.

Enter the number of option contracts you want to default in the General tab's Quantity field in the Quantity field.
Enter the increment you want the quantity to increase or decrease (when clicking the to the right of the Quantity field on the General tab) in the Quantity Increment field. For example, if the Quantity is 1 and the Quantity Increment is 2, clicking the up arrow to the right of the field would increase the quantity to 3, 5, 7, etc.
Enter the increment you want the option contract price to increase or decrease (when clicking the to the right of the Price field on the General tab) in the Price Increment field.
Select the Account number that will default for the symbol you selected from the drop-down list box.
Click [Apply], then select or enter another underlying symbol and repeat the process above. If otherwise finished modifying Symbol option default values, you can continue with the Exchange or Commission values, or click [OK].

To modify the default values for Exchanges

Right-click the Option Order Entry dialog box, select Defaults from the shortcut menu, and the Option Defaults dialog box appears.
Click the Exchange tab.
REDIPlus lists the valid exchanges (based on your access rights) in the Exchange drop-down list box. Select an exchange whose default values you want to modify.
Select the Default Exchange checkbox to set the exchange as the default; otherwise, continue with the next step.
Select a value from the Non NBBO A term applying to the SEC requirement that brokers must guarantee customers the best available ask price when they buy securities and the best available bid price when they sell securities. drop-down list box to determine what should happen to an order on the exchange when you submit it with a Buy or Sell price outside the National Best Bid or Offer:

Warning - (defaults) a pop-up message will appear.
No Warning - no feedback is generated.
Error - the order is considered in error, and is not processed.

Select the default Price Type (e.g., Limit, Market, Market close) that you want to be associated with option contract transactions from the drop-down list box.
Select the default time period that your option order will be active on the exchange from the TIF (Time In Force) drop-down list box.
Select the Account number that will default for the exchange you selected from the drop-down list box.

The default account assigned to an underlying symbol will always override the default account assigned to an exchange. If there are no default values for an underlying symbol, the applicable exchange’s default account will be populated. If there is no default account for the exchange, the <Default> account number is populated. For example, if you enter IBM BB as the Symbol on the Option Order Entry dialog box'sGeneral tab, REDIPlus checks if default values were entered for IBM (the underlying symbol) through the Option Defaults dialog box’s Symbol tab. If so, IBM’s default account is populated in the Account field. If not, REDIPlus checks if a default account was assigned to the exchange through the Option Defaults dialog box’s Exchange tab. If so, the exchange’s default is populated in the Account field. If not, the <Default> account number is populated.

Select the All Or None checkbox to select the button on the Advanced tab of the Option Order Entry dialog box by default.
Click [Apply]; then select another exchange and repeat the process above. If otherwise finished modifying Exchange option default values, you can continue with the Symbol or Commission values, or click [OK].

To modify the default values for Commission

Right-click the Option Order Entry dialog box, select Defaults from the shortcut menu, and the Defaults dialog box appears.
Click the Commission tab.
Select the Exchange and Account combination to which you want to assign a default commission value from the corresponding drop-down list boxes. The available values are based on your REDIPlus access rights.
Select the Commission Type (e.g., Per Order, Per Contract) you want to default for transactions corresponding to the Exchange/Account combination you selected.
Enter the Commission you want to default for the Exchange/Account combination you selected. The Commission 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.

Click [Apply]; then select another Exchange/Account combination and repeat the process above. If otherwise finished modifying Option Commission default values, you can continue with the Symbol or Exchange values, or click [OK].