Saxo Bank, a multi-asset broker, announced this Wednesday that it has added multi-legged options strategies to its online trading platforms SaxoTraderGO and SaxoTraderPRO.
According to the statement released by the Danish firm, clients trading listed options via either of the platforms now have access to a combination order ticket.
This means, instead of trading options leg-by-leg with multiple trade tickets, customers of the firm can now execute orders for different legs as one order.
The combinator order ticket is now available for all United States-listed equity, exchange-traded fund, and index options offered on Saxo Bank.
By adding a combination order ticket, traders can now use established option strategies, such as straddle, ratio spreads, and iron condor, the statement said.
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The straddle option strategy involves the buying of a put and a call of the same underlying stock, striking price, and expiration date simultaneously.
An iron condor, on the other hand, is an options strategy involving four different contracts and the ratio spread is when a trader buys a number of options and sells more options of the same underlying stock and expiration date but at a different strike price.
On the SaxoTraderGO and SaxoTraderPRO platforms, the options strategies are pre-filled, and clients can place orders to buy and/or sell different options from the same order ticket simultaneously.
Saxo Bank Sees Growing Appetite for Options
Commenting on the announcement, Patrice Henault, Saxo’s Global Head of Trader Experience, said: “We see growing appetite among traders to harness the opportunities in multi-legged options trading.
“With this new combination order ticket, we have enhanced the ease of use by enabling our clients to quickly access and participate in established option strategies such as straddle, butterfly or iron condor, from one trade ticket.”
The SaxoTraderGo platform is a cross-device platform that allows investors to trade across multiple asset classes and more than 35,000 financial instruments.