Option Quote Cube

In the WTP Toolbar select Analyze --> Option Quote Cube.

Alternate Method:

From the WTP menu select Option Quote Cube.

The Option Quote Cube can be setup to display the number of visible strikes by expiration. Values are in the following increments— 5,10,15,20,25 and All.

Select a value from the drop-down list (centered between Call and Put). The selected value reflects the number of strikes closest to being in the money. If the desired number of displayed strikes is not available in the drop-down list, it may be manually entered at the top of the drop-down list.

Selecting All will display all strikes.

When a single product is selected in the Option Montage Grid of the Option Quote Cube, issuing the View Expirations for Strike command (by right-clicking in the grid) will launch a new window in which data for all expiration dates is displayed. Multiple strike prices can be selected before or after issuing the command.

If a different security is selected in the Option Quote Cube, it will be reflected in the View Expirations for Strike window.

The newly-launched window responds as other WTP grids in which the Order Ticket can be launched when selecting a bid or ask value. Also, the grid data can be exported and the send to command can be issued.

Note: Only one option side can be shown at a time. If a call and a put are selected in the Option Quote Cube, the View Expirations for Strike window will display the most recently selected option side.

The Option Quote Cube display can be customized to view security details, ticker and order ticket.

Security Detail

Show or Hide Security Detail

There are three methods to show/hide the Security Detail portion of the Option Quote Cube:

• From the Config menu, select Show Security Detail

• Right-click in the Option Quote Cube and select Show Security Detail

• Press the Show Security Detail button 

The feature toggles between show and hide.

Initiate an Order from the Security Detail Window 

A bid or ask order can be initiated from the Security Detail Window.

Click on either Bid or Ask or on the quote adjacent to each. The Order Ticket will open.

The Order Ticket

 There are a number of ways to display the Order Ticket with the Option Quote Cube:

• From the Config menu select Show Order Ticket

• Press the Show/Hide Order Ticket button 

• Right-click anywhere in the Option Quote Cube and select Show Order Ticket

Create a New Order with the Order Ticket

The Order Ticket can be accessed to create a new order. There are three methods:

• From the Action menu select Order Ticket.

• Type Ctrl + n.
  

• Double click a quote in either the montage or detail grids.

Display or Hide the Ticker

 The ticker displays relevant option data, time and sales fields, expiry dates, a summary, and more.

 There are 4 ways to display or hide the Ticker:

• Press the Ticker button 

• From the Config menu select Show Ticker

• Right-click anywhere on the Option Quote Cube and select Show Ticker

• From the Configuration window, select the Ticker tab. Check the Show Ticker box. Click OK. Uncheck the box to hide the ticker.

Configure the Ticker

 Choose one of the following methods to configure the ticker.

• Press the Config button

• Select Config -->Configuration

• Right-click on the Option Quote Cube and select Configuration

Allow historical ticks 

Check this box if historical ticks from the defined quote connection is desired.

Note: WTP must be connected to a WORMS Market data server.

Number of ticks

Enter a value in the Limit to ___ ticks window to display the maximum number of ticks to be reported.

Filter by selection

The ticker will only display ticks of the Option that is selected in either the Call or Put tables. The Option name will be displayed next to the checked Filter by selection box.

Configure the Ticker Grid

See Grid Columns and Formatting for information on customizing the look of the ticker grid.

Launch buttons for the Order Ticket, Crossing Ticket, Staged Order Ticket, Spread Agent and Vol Trader are available when a row in the grid has been selected.

The launch buttons are unavailable if:

• A row has not been selected

• More than one row has been selected

• The user does not have permission

When the Crossing Ticket button is selected, it will open and the security name will display in the Sec field.

When Spread Agent or Vol Trader is selected, the applet will open along with the Managed Order Console if it isn't open already.

Launch Vol Trader from the Montage Grid

Vol Trader can also be launched from the montage grid in the Option Quote Cube.

Select an order row and double-click in either the Bid IVol, Ask IVol, or Mid IVol column. Vol Trader and the Managed Order Console will open

Display the depth of various exchanges with this command.

1. From the Config menu select Configuration

Alternate Method:

Select the Configure this Window button 

2.  Under Level-2 Exchanges individually select the reporting exchanges or to select all, choose <All Exchanges>.

Select the Show Volatility Chart button  to launch the Volatility Chart Viewer.

Learn more about the Volatility Chart Viewer here.

More detailed views of a call or put order are displayed in the Price Consolidation (or Average Liquidity) and Quote Detail tables.

Click on any row in the montage grid to display Price Consolidation and Quote Detail information.

Column Order

Click on a column head to toggle the display of data in ascending or descending order.

Select Price Consolidation or Average Liquidity

Either Price Consolidation or Average Liquidity can be displayed.

From the Config menu select Consolidated Quote Mode --> Price Consolidation (or Average Liquidity).

Alternate Method:

Right-click in the Option Quote Cube window and select Consolidated Quote Mode --> Price Consolidation (or Average Liquidity).

The Option Quote Cube can be configured to display market data about a single option.

To view quote details about an option

1. Select an option in the call or put portion of the Option Quote Cube by clicking on it.
    

2. From the Config menu select Open Selected in Single Option Tab.
   
   Alternate Method:
   
   Right-click in the Option Quote Cube window and select Open Selected in Single Option Tab.

A new tab will be created and the selected quote displayed:

Option Quote Cube in Single Option Mode

The Show Montage Filters window allows for the display of selected contract types and expiration types.

Launch Show Montage Filters Window

1. Select the Montage Filters Window button .

2. Select Contract Type(s) and Expiration Type(s)

Contract Types:

• Binary

• Mini*

• All Other**

*Mini contracts control 10 shares of stock compared to the standard of 100 shares.
**All Other contract types include Cash-in-Lieu, and odd lots that are not Mini contracts.

Expiration Type

• Weekly

• Quarterly

• All Other*

*All Other refers to non-standard expiration types.

The Option Builder displays detailed information about a security, its expiration date and strike price, and bid/ask/last prices.

Access the Option Builder

Select a quote to display.

Select a quote to display.

1. Click on the Option Builder button to bring up the Option Builder.

2. Make selections from the drop-down fields (security, expiration, strike, root), and select Call or Put.
    

3. Press OK. The Option Quote Cube will now display the option details in Single Option Mode. 

A shortcut to issuing an order through the Option Quote Cube can be accomplished through a Quick Trade. A Quick Trade can be made from the Option Quote Cube in either montage or single option modes.

Making a Quick Trade

1. Click on a row in the Option Quote Cube that corresponds to the trade that is to be made.
    

2. Right-click and select Quick Trades --> and select the quick trade parameters.
   
   Alternate Method:

   Type Ctrl +b.

To open the Option Quote Cube's configuration window, press the configuration button .

Alternate Methods:

• From the Config menu select Configuration

• Right-click in the Option Quote Cube and select Configuration

General Configurations

Show Detailed Quotes

In Single Option Mode, check this box to view Delta data in the detail section of the Option Quote Cube.

Show Consolidated Quotes

Check the Show Consolidated Quotes to display

Select Price Consolidation or Average Liquidity (the price per share at which any given quantity is available)

Alternate Methods:

From the Config menu, select Show Detailed Quotes and/or Show Consolidate Quotes

For Consolidated Quotes, select one: Price Consolidation or Average Liquidity.

Scroll To ATM

When the price of an underlying security is equal to the strike price, the option is ATM (At The Money).

Check this box to have the Option Montage Grid to scroll to the ATM quote.

Single Option Mode

When the Option Quote Cube is in Single Option Mode, check Show Advanced Quote Detail to view detailed quotes data (last, delta, gamma, etc.).

Note: Show Advanced Quote Detail is only available for selection when viewing a quote in Single Option Mode.

Filters

Show Filter Summary

Check this box to display all the filters that are currently in force.

The filter summary is displayed below the Security Detail portion of the Option Quote Cube.

Display all strikes/Display only xxx strikes

See Filter Visible Strikes By Expiration.

Show Live Orders

Check this box to view Live Orders in the Option Quote Cube.

Show At Top Always

Check this box to view Live Orders at the top of the Option Quote Cube.

User's Orders Only

When selected, all orders not generated by the current user will be hidden.

Display Prices in Basis Points

Check this box to have the Option Quote Cube show prices in basis points.

Track Selected Symbol

Check this box to enable Toggle Symbol Tracking.

Show Security Detail

Check this box to view Quote and Delta data in the details portion of Option Quote Cube.

Alternate Method:

Press the Show/Hide Security Detail button .

Enable Automatic Tab Adding

Automatic Tab Adding information can be found here.

Other Tabs in Configure Option Quote Cube

Option Montage Grid, Strike Detail Grid, Consolidated Quotes Grid, Ticker, and Grid Colors

Learn how to format columns and grids and define grid colors here.

Note: To disable the montage grid from displaying exchange colors, check the Disable Colors box (found under the Grid Colors tab).

An Order Ticket can be attached to the Option Quote Cube.

From the Order Ticket tab in the configuration window, check Show Attached Order Ticket.

Alternate Methods:

• From the Option Quote Cube window, right-click and select Show Order Ticket.

• From the Config menu select Show Attached Order Ticket.

• Select the Show/Hide Order Ticket button .

Additional order options such as start/stop times, % volatility, IOC routes, and Stop Limit and Stop Market orders are available in the ticket's advanced mode.

Detailed advanced mode information is available here.
 

Position Display Mode

The position field in the Option Quote Cube order ticket can be configured to display one of five positions:

• Global Default (Port)

• Firm Position

• Account Position

• Portfolio Position

• Day Position Only

The Account Position reports position adjustments, while Portfolio and Day Position Only do not.

If the position is unknown or unobtainable, "unknown" will be displayed in the position fields.

The Global Default (Port) position references the Default Position Mode that was selected in Global Configuration.

Tracking

The Order Ticket can be configured to track (i.e., match) a value in the Option Quote Cube and automatically place that value in the Order Ticket.

Tracking Options:

Track Price—The ticket will use the price of the currently selected quote.

Track Quantity—When a security is clicked in the Option Quote Cube, the order quantity will be placed in the QTY field of the Order Ticket. Select one of two options for quantity tracking:

• Sweep—The ticket will use the sum of the quantities for all quotes above and including the selected quote. This is useful when taking the market to "sweep" up the top of the book. 

• Single Quote—The ticket will use the quantity of the selected quote.

 Track Side—If selected, when a quote is clicked in the ASK grid, the Order ticket will track its side to BYO. When clicked in the BID grid, it will track its side to SLO.

 Join Market—Causes the ticket to select the BUY side for a Bid and the SELL side for an Ask.

Track Route by Exch/MM—If checked, the Order Ticket will select a route based on the Exchange or Market Maker of the selected quote and the Option Quote Source mapping in Global Configuration.

All other instructions for configuring the Order Ticket can be found here.

Note: Order Tickets launched from the Option Quote Cube (via the send to-->Order Ticket command) also obey the tracking configuration.

Side Types

Show Separate Side Btns—Check this box to display all the selected side types from the drop-down list (BYO, BYA, SLO, SLA, etc.) on the Order Ticket. If unchecked, only the Buy and SEL buttons (or SSH depending on your configuration) will display.

Show Sides—To display any or all of the available Side Types, choose the Side Type(s) to display from the drop-down list. Select <All Sides> box to show all Side Types on the Order Ticket.

The Order Ticket in Option Quote Cube supports the following Side Types:

• BYO (Buy option)

• BYC (Buy to close)

• BYA (Auto buy)

• SLO (Sell option)

• SLA (Auto sell)

• SLC (Sell to close)

Notes on Option Side Types

BYC—Generally used for options, but can be used for stocks on a per-route basis. Not allowed for futures.

BYA—The order will be a BUY if it results in a positive position. The order will be a BYC if it results in a zero or negative position.

Note: BYA is enabled for equities only and can only be used if the selected route supports equity BYC.

SLA—Equities only, not allowed for futures The auto sell side type automatically chooses between SEL and SSH based on the current position.

SLC—Not allowed for futures.

Snap Side Types to Defaults On Security Change

When you change a Symbol in the Order Ticket, default sides types will be displayed in the Order Ticket if you check this box. Buy Side Types are BUY and BYC. Sell Side Types are SEL, SLA, SSH, SSE.

Button Set (for Single Option Mode)

Button Set: Standard Ticket Buttons

Button Set: Quick Execute/Cancel Buttons

When the Option Quote Cube is in single option mode, one of two button sets can be selected:

• Standard Ticket Buttons

• Quick Execute/Cancel Buttons

Controls

Show Qty/Px Spinners—Spinners are the up/down arrows adjacent to the Qty and Px fields and are used to adjust the quantity and price without the need to manually key in a value:

Price field with Spinners enabled

Show Quick Qty Btns

Quick Qty Btns

Quick Qty buttons reflect the values to be added to the Qty field are displayed in the Order Ticket. The values are:

• +1

• +5

• +10

• +25

• +50

• +100

Each button can be combined with other buttons for a desired total (i.e., +100 button  +  +500 button = Qty of 600).

Select the Clear Qty button to set the Qty value to zero.  

Show Quick Buy/Sell Btns—Check this box to display six quick buy/sell buttons in these amounts:

Quick Buy/Sell Btns

• SLO 10

• SLO 5

• SLO 1

• BYO 1

• BYO 5

• BYO 10

The selected side types are reflected in the quick buy/sell buttons (for example, if the side type is BYC, the quick sell buttons will be BYC 1, BYC 5, and BYC 10)

Use Separate Buy/Sell Btns

When checked, the default ticket layout of one Buy button, one Sell button, and a third button that reflects buy/sell and price will be replaced by two buttons each reflecting the price. If applicable (based on routes and permissions), each button allows for the selection of a different side type.

Separate buy/sell buttons showing quantity and price. Side types can be selected from each button.

Show Cancel Button—The Cancel button allows you to cancel all live orders for the security selected in the Option Quote Cube. Check the Show Cancel Button to display it.

Cancel all live orders for a security with the Cancel button.

Lock Selections

Lock override default settings in the Global Configuration.

Global settings such as routes, portfolios, price types, etc. can be associated with certain symbols or security types. When a symbol is entered, the global settings are called in automatically. If the defaults are to be overridden (for example QTY is changed to 500 from the default of 100), and Lock Selection is enabled, each symbol that's entered in the Order Ticket will have a QTY value of 500.

As an alternative to the configuration window, the lock buttonon the Order Ticket can be employed to lock selected fields.  

Order Ticket - Portfolios

The Portfolio Firms and their respective portfolios that are available for selection in the Port field of the Option Quote Cube Order Ticket are listed here.

In the top portion of this window check the Portfolio Firms that are to have their portfolios listed. Check <All Firms> to select all Portfolio Firms.

The portfolios for each Portfolio Firm will be displayed in the bottom portion of the window. Check the portfolios that will be available for selection or <All Portfolios> to select them all.

Alternate Method for Selecting Portfolio Firms:

In the drop-down menu in the Port field, you can also select the Portfolio Firms:

Option Quote Cube displays a portfolio or account position in the montage grid. Here, an account position of 300 at the $155.00 strike price is seen.

Account Positions and Firm Positions can be viewed in the Option Quote Cube (in the Position column).

The value displayed in the Position column is associated with the selected portfolio in the Quote Cube's order ticket. The row in which the position is listed reflects the strike associated with that position. In the example above, the executed position of 300 shares is displayed on the row containing the $155.00 strike price.

Add various position fields with the Field Chooser, under the category Account Position or Firm Position.

Learn more about tabs in grids here.

See Toggle Symbol Tracking for details on this feature.

Data in the Option Quote Cube can be sent to other WTP applets.

To send Option Quote Cube Data:

1. Right-click on the Option Quote Cube.
    

2. Select Send To-->xxx (where xxx is the name of the applet)

The chosen applet will open displaying its data of the sent symbol.

Select the Equity Quote Cube button to exit the Option Quote cube and open the Equity Quote Cube.

Alternate Method:

From the Action menu select Switch to Equity Mode.