Trading Questions

How are iron condor strike selections made?

When entering an iron condor, the application looks at all possible combinations of put and call vertical spreads that match your premium target range and width(s). Any spreads that would overlap a previous short strike with a new long strike are automatically skipped. 

The remaining spreads are sorted by highest premium and then the first two put and call spreads with the most closely matched premium are selected. In the event multiple spread options have the same price, the application will select the most narrow spread.

Can I specify more than one target spread width?

Yes, we highly recommend setting up multiple spread widths. By allowing for multiple spread widths, there are more possible spread combinations to choose from. This makes it easier to more closely match put and call premium and also to avoid previous trade overlap. Spread widths may be different on the put and call sides when entering an iron condor in an attempt to match premium.

To allow for multiple spread widths, just add a comma separated list of widths when setting up your trade template. (i.e. 40,45,50,55)

Can I change my trade template (widths, premium target, stop multiple) during the day?

Yes, you may make changes to your trade templates during the day. However, any changes will only apply to future entries using that template. Existing trades already open will keep the same stop level.

Can I open a trade manually, without scheduling it in advance?

Yes, the Instant Order page allows you to select your Trade Template entry criteria and a quantity and Enter Trade to execute the trade immediately. 

Is credit received selectable?

Yes, you can specify a range of premium to target. For single put or call spread entries, TAT will enter the highest credit spread matching your premium target range.

Are tranche entry times selectable?

Yes, for scheduled entries, you define the time you want them to execute.

How does converting stops from spreads to short only work?

You can select a time in the afternoon for the software to automatically cancel vertical stops and replace them with short stops only. The software will also monitor your vertical stops during the day and convert them as necessary. If the long strike in a spread has no bids and the short strike gets within $1.00 of the stop trigger amount, the stop will automatically be changed to short only.

Why are some stop orders canceled before placing a new trade?

IBKR does not support having both buy and sell orders for the same contract open simultaneously. When you have a stop order open and attempt to place a new order with the same contract, that creates this situation. When this occurs, the application will cancel your existing stop order, then place the new trade, and finally replace the canceled stop order(s).

What happens if only the put or call spread matches my entry criteria when trying to enter an iron condor? Will I end up with only one side filled?

If you are set up to enter an Iron Condor, it will enter an order for the whole thing, or nothing. If it finds a valid put trade, but no call trade matching your criteria, then it will get skipped. The application will retry that trade again after 15 seconds looking to find matching spreads on both sides.

I’m not seeing quotes in TAT. What should I do?

Sometimes TWS has problems receiving options quotes as expected. If you see a message indicating that TAT is not receiving quotes, we recommend you open OptionTrader in TWS to confirm you see live 0DTE SPX options quotes. If the quotes are blank there, then there is a problem with TWS. This can typically be resolved by simply closing and restarting TWS. If that doesn’t resolve the issue, you may need to contact IBKR for help. Once you have live quotes in TWS OptionTrader then restart TAT and you should see live quotes there as well.

Additionally, IBKR only allows you to be signed in on one device. If you sign in to their mobile app or website, it’s possible that will halt data streaming in TWS.

Can I send trade notifications to more than one email address?

Yes, you can simply enter multiple addresses separated by a comma on the settings page.