OptionX FAQs - Page 3

Question 1

What information does the Option Chain widget provide?

Accepted Answer

The Option Chain widget displays real-time option prices, Open Interest (OI), Greeks (Delta, Gamma, Theta, Vega), and volume data for quick decision-making. This comprehensive view helps traders analyze option pricing, identify high-volume strikes, understand market sentiment through OI changes, and make informed option trading decisions.

Question 2

How does the Price Ladder XY widget work?

Accepted Answer

Price Ladder XY is a comparison widget that lets you view two instruments side-by-side in ladder format. This is particularly useful for comparing related instruments like Nifty vs Bank Nifty, allowing you to spot arbitrage opportunities, analyze relative strength, and make informed decisions when trading correlated instruments simultaneously.

Question 3

What is the Price Ladder widget used for in workspaces?

Accepted Answer

The Price Ladder widget is a fast execution interface designed for scalping and quick entries. It allows you to place orders with single clicks directly from the price ladder interface, making it ideal for high-speed trading strategies where quick execution is crucial for capturing small price movements.

Question 4

What widgets are available in OptionX workspaces?

Accepted Answer

OptionX offers eight powerful widgets: Price Ladder for fast execution and scalping, Price Ladder XY to compare two instruments side-by-side, Option Chain for real-time option prices and Greeks, Strategy Builder for multi-leg strategies with payoff charts, Charts for technical analysis, Watchlist to monitor selected instruments, Spread Ladder for trading spreads, and Straddle/Strangle for quick option structures.

Question 5

How do I create a custom workspace in OptionX?

Accepted Answer

To create a custom workspace, click on "Workspace" from the leftmost side of the navigation bar, then click on "Create New Workspace". Give it a descriptive name like "Nifty Scalping" or "Bank Nifty Strategy", add a description to define its purpose, and click Save. This creates a personalized trading dashboard tailored to your specific needs.

Question 6

What are Workspaces in OptionX and how do they help traders?

Accepted Answer

Workspaces in OptionX are customizable trading dashboards that help you trade smarter and faster. They allow you to create separate dashboards for different trading styles, quickly switch between market perspectives or instruments, customize layouts with various widgets, and save time with ready-made templates that match your specific trading approach.

Question 7

What's the best order type for beginners in options trading?

Accepted Answer

Beginners should start with Cover Orders or Bracket Orders as they enforce disciplined risk management through automatic or compulsory stop-losses. These order types prevent the common beginner mistake of not setting stop-losses and help develop good trading habits from the start.

Question 8

How do OptionX order types help with risk management?

Accepted Answer

OptionX order types provide multiple layers of risk management: Single Orders give you manual control, Bracket Orders provide automatic stop-loss and target management, and Cover Orders enforce compulsory stop-loss. This variety allows traders to choose the risk management approach that best fits their trading style and strategy.

Question 9

How to place stop loss orders in options trading?

Accepted Answer

OptionX offers multiple ways to place stop-loss orders: Single Stop Loss Orders for manual management, automatic stop-loss through Bracket Orders that also include profit targets, and compulsory stop-loss through Cover Orders. All can be placed with single clicks using the intuitive Price Ladder interface.

Question 10

What are the best order types for options trading in India?

Accepted Answer

For Indian options traders, OptionX offers three powerful order types: Single Orders for full manual control, Bracket Orders (OCO) for automated risk management with both stop-loss and target, and Cover Orders for fast execution with compulsory stop-loss. Each serves different trading styles from conservative to aggressive scalping strategies.

Question 11

What are the advantages of using Cover Orders for scalping?

Accepted Answer

Cover Orders are perfect for scalping because they offer extremely fast execution, require lower margin due to predefined risk, and force disciplined risk management through compulsory stop-loss. This combination allows scalpers to take multiple quick trades with controlled risk and efficient capital usage.

Question 12

How do I set up Target Points and Stop-Loss Points in Bracket Orders?

Accepted Answer

When placing a Bracket Order, you enter Target Points (how much above your entry price you want to book profits) and Stop-Loss Points (how much below your entry price you want to exit). These are specified in points, not absolute prices, making it easy to maintain consistent risk-reward ratios.

Question 13

How does single-click trading work on OptionX?

Accepted Answer

Single-click trading on OptionX allows you to place orders instantly by clicking on the Price Ladder. Simply select your order type, then click on the Bid column for buy orders or Offer column for sell orders at your desired price level. This eliminates the need for multiple confirmation steps.

Question 14

How to minimize slippage in options trading?

Accepted Answer

OptionX minimizes slippage through its real-time Price Ladder interface, single-click order placement, and precise Limit Order controls. By allowing traders to see live bid-offer spreads and place orders at exact price levels, OptionX helps achieve better fills and reduces the impact of market volatility on trade execution.

Question 15

What is OCO order in options trading?

Accepted Answer

OCO (One Cancels the Other) orders, called Bracket Orders on OptionX, allow you to set both profit target and stop-loss levels simultaneously. When either level is hit, the other order is automatically cancelled, providing complete trade management without manual monitoring - ideal for swing trading and risk management.

Question 16

What does LTP mean in OptionX trading?

Accepted Answer

LTP stands for Last Traded Price, which is the most recent price at which the option contract was traded. On the OptionX Price Ladder, LTP serves as a reference point for placing your buy orders (in Bid column below LTP) and sell orders (in Offer column above LTP).

Question 17

Can I place a Cover Order without setting a stop-loss?

Accepted Answer

No, you cannot place a Cover Order without specifying a stop-loss. This compulsory stop-loss feature makes Cover Orders an excellent tool for disciplined trading, as it forces traders to define their risk before entering any position.

Question 18

Why do Cover Orders require lower margin?

Accepted Answer

Cover Orders require lower margin because they have a compulsory stop-loss that predefines your maximum risk. Since the broker knows your maximum potential loss upfront, they can offer reduced margin requirements, making Cover Orders capital-efficient for active traders.

Question 19

Why should I use Bracket Orders instead of Single Orders?

Accepted Answer

Bracket Orders are ideal for automated risk management as they don't require manual monitoring. They cover both your downside risk and upside profit potential automatically. This is particularly useful for busy traders, overnight positions, or when you want disciplined trade management without emotional interference.

Question 20

What's the difference between Single Limit and Single Stop Loss orders?

Accepted Answer

Single Limit Orders execute at your specified price or better, giving you price control but no guarantee of execution. Single Stop Loss Orders trigger when price crosses a specific level - for Buy SL orders, click above LTP in the Bid column, and for Sell SL orders, click below LTP in the Offer column.

Question 21

What are Cover Orders and when should I use them?

Accepted Answer

Cover Orders are fast-execution orders with a compulsory stop-loss that must be specified at the time of order placement. They're extremely useful for scalping, high-speed trades, and situations where you need quick execution with built-in risk protection. They also require lower margin since risk is predefined.

Question 22

What are Bracket Orders and how do they work?

Accepted Answer

Bracket Orders, also known as OCO (One Cancels the Other) orders, allow you to set entry, stop-loss, and target prices in a single trade. Once either the stop-loss or target is hit, the other leg is automatically cancelled, providing complete automated risk management without manual monitoring.

Question 23

How do I place a Single Limit Order on OptionX?

Accepted Answer

To place a Single Limit Order, navigate to the Price Ladder, select "Single" and choose "Limit" in the Order Type. For a Buy order, click on the Bid column below the LTP (Last Traded Price). For a Sell order, click on the Offer column above the LTP price.

Question 24

What is a Single Order in options trading?

Accepted Answer

A Single Order is the most basic form of trading order where you simply decide to buy or sell a contract at a specific price. It gives traders full control over entry price and is ideal for manual trade management, testing strategies, or when you want to manage stop-loss and profit targets separately.

Question 25

What are the different order types available on OptionX?

Accepted Answer

OptionX offers three main order types: Single Orders (basic buy/sell orders), Bracket Orders (OCO - One Cancels the Other with automatic stop-loss and target), and Cover Orders (fast-execution orders with compulsory stop-loss). Each order type serves different trading strategies and risk management needs.

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