Order entry shouldn’t be like a game of Pin the Tail on The Donkey. Prices can jump around so we’ve made it easy to make sure you can nail the price you want during order entry. The platform automatically defaults multi-leg spreads to mid-price, which can cause the price to jump around during order entry. Prices can also jump around on single-leg and stock orders as well.
To learn how to set the default price on single-leg options order or stock order then click here.
The lock icon which is displayed immediately to the right of the order price can help you with inputting a specific price.
*Please Note: Using this Lock feature does not guarantee that you will get the price that is entered. It’s purpose is to ensure that you are entering the specific price you want to get filled at. Typically, when using the lock feature it creates a Limit Order so you be filled at the inputted price OR better.
In the example below, the spread is jumping between a $1.34 and $1.35 credit. Clicking the lock icon next to order price prevents the price from jumping back down to $1.34.
In the example below, the spread is jumping between a $0.19 and $0.20 credit. Clicking the lock icon next to order price prevents the price from jumping back down to $0.19.
The lock is displayed during order entry in the Trade tab. To engage the lock, tap the lock. Or, when you adjust the price the lock will engage.