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| About the Trade Options
Screen |
Use this screen to buy or sell
options.
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To place an on-the-close option
order, call a Fidelity representative at 800-544-6666 for approval and, if approved, to place the
order.
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| To place an option order, you must
have an Option Agreement on file with
Fidelity. |
| Also, be sure to read Important Information. |
| To access the Trade
Options screen: |
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1. |
Select the Accounts & Trade tab and then
select Trade. |
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2. |
From the Table of Contents, select Trade
Options. |
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3. |
Select an account for the trade
order. |
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| How to
Place an Options Order |
| 1. |
From the Trade Options screen, select an action for the order. |
| 2. |
Enter the quantity, number of contacts, to trade. |
| 3. |
Enter the option trading symbol. Place a dash in front of the symbol (e.g., -ibmkk) |
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Tip: Select Lookup Symbol to look up an option trading symbol. |
| 4. |
Select the Order Type. If you select Stop Loss,
you must enter a trigger price in the Stop Loss Order field. |
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Tip: Fidelity accepts stop loss orders on equity options between 9:30 AM and 3:55 PM ET.
Stop orders in the options market work differently than stop orders in the equities market. Exercise caution when
placing these orders. Due to market volatility, your order may be triggered and/or executed with little movement
in the underlying stock, triggered and/or filled outside the current Bid/Ask, or cancelled at any time without notification. Fidelity recommends that customers do not place stop orders on expiration Friday for options expiring that day. |
| 5. |
Select Trade Type. |
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Tip: The trade type field only displays if you have a Margin Agreement on file with Fidelity
When this field displays, Margin is selected. However, you can change the selection to Cash. If this field does not display,
the Trade Type for the order is Cash, because Cash is the only applicable option.
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Do not select the Tax Lots Choose Specific Shares field unless you want to specify the tax lot shares to trade as part of the
order. If you select this field, refer to Standard Market Session Specific Shares Order
and begin with step 5 for further instructions. |
| 6. |
Click Preview Order to continue, or click Clear to start over. |
| 7. |
Review the order to make sure the information is
correct. You can click Quick Balances and Quick Positions to see your account balances and positions without leaving the verification page. Do one of the following: |
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If correct, click Place Order |
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To change the order details before placing the order, click Edit Order. |
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To cancel the order and return to the order entry page, click the Cancel link. |
| 8. |
After you place the order, you receive a
confirmation. |
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Tip: From your browser's File menu, select Print to print the confirmation
screen. From the Orders screen, you can select Details and use the order confirmation number and market session information to identify particular orders
placed during different market sessions. |
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How to Place a Multi-leg Option Order |
| To place a multi-leg option order, do the
following: |
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1. |
On the Trade Multi-leg Options screen,
select a Strategy Type.
If you used a multi-leg option tool such as the Strategy Evaluator or Pairing Tool to access the multi-leg trading
ticket, Strategy Type is pre-filled. If you did not use a multi-leg option tool to initiate your multi-leg option trade
but would like to, go to Quotes & Research > Options.
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2. |
If you are buying or selling stock as part of this multi-leg
transaction, enter the symbol, action, and quantity. If not, leave this field blank. If you used a multi-leg option
tool such as the Strategy Evaluator or Pairing Tool to access the multi-leg trading ticket, these fields are
pre-filled. |
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3. |
Enter your option symbol, select an action, and enter a quantity.
If you used a multi-leg option tool such as the Strategy Evaluator or Pairing Tool to access the multi-leg
trading ticket, these fields are pre-filled. |
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4. |
Enter an order type, amount, time in force, and conditions (if
applicable). |
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5. |
Click Preview Order to continue, or click Clear to start over. |
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6. |
Review the order to make sure the information is
correct. You can click Quick Balances and Quick Positions to see your account balances and positions without leaving the verification page. Do one of the following: |
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If correct, click Place Order |
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To change the order details before placing the order, click Edit Order. |
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To cancel the order and return to the order entry page, click the Cancel link. |
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7. |
After you place the order, you receive a
confirmation. |
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Tip: From your browser's File menu, select Print to print the confirmation
screen. From the Orders screen, you can select Details and use the order confirmation number and market session information to identify particular orders
placed during different market sessions. |
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How to Place an Option Order and Specify the Tax Lots from which to Trade Shares |
| The option to trade specify shares from particular tax lots is available when
you use an eligible account and select a valid action for an order, Sell or Buy to Cover. |
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1. |
On the Trade Options screen, select an Action for
the order, Sell or Buy to Cover. |
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2. |
Enter the Quantity, number of options, to trade.
Do not include commas in the amount you enter in the Quantity field. |
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3. |
Enter the option's trading Symbol. You can select
Symbol Lookup to find symbols. Place a dash in front of the symbol (e.g., -ibmkk). |
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4. |
Select the Order Type. |
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5. |
If Trade Type is displayed, select the trade
type, borrow against Margin or pay for the shares in Cash. |
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The Trade Type field only displays if you have a
Margin Agreement on file with Fidelity. If this field does not display, the trade type for the order is
Cash, because Cash is the only applicable option. |
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6. |
Make sure you select the Tax Lots Choose Specific
Shares field. After the field is selected, you will see the Continue button instead of the Preview Order
button at the bottom of the screen. |
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The Tax Lots Choose Specific Shares field is
available when you use an eligible account and the Action is Sell or Buy to Cover. |
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If this field is not available, click Preview
Order to continue without specifying tax lot shares. |
| 7. |
Click Continue to display the Choose
Specific Shares screen. |
| 8. |
Select how you want to
sort and view your shares by selecting a Primary Sort Term and a Secondary
Sort by Cost. |
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9. |
Click
Continue. |
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The Specify Shares screen
appears. |
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How to Specify Shares |
| The option to trade specific shares from particular tax lots is available when
you use an eligible account and select a valid action for an order, Sell or Buy to Cover. |
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1. |
From the Specify Shares screen, enter the number
of shares for the individual tax lots that are displayed in the table. |
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Tip: You can edit the number of shares specified by selecting the amount displayed in
the Shares Specified field and typing over it. |
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2. |
Click Preview
Order to continue or, click Back to clear the order and start over. |
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3. |
Review the order to make sure the information is
correct. You can click Quick Balances and Quick Positions to see your account balances and positions without leaving the verification page. Do one of the following: |
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If correct, click Place Order. |
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To change the order details before placing the order, click Edit Order. |
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To cancel the order and return to the order entry page, click the Cancel link. |
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4. |
After you place the order you receive a confirmation. |
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Important Information |
| Use caution when placing market order
because the price of securities may change sharply during the trading day or after-hours. |
| If you have limited asset to pay for
a transaction, such as in a retirement account with contribution restrictions, you may wish to consider
placing a limit order. If you cannot pay for a transaction,
Fidelity may be required to liquidate account assets at your risk. |
| During periods of heavy trading or
volatility, real-time quotes may not reflect current market prices or quotes. Please review the order
information and quote provided on the Trade Options Verification screen before sending your order to the
marketplace. |
| Refer to About Authorized Accounts for information on
privileges available for each account authorization level. |
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