How to trade options in Questrade Edge Desktop

Looking up an option quote table (sometimes called an option chain) using Questrade Edge desktop is easy.

First, launch the application on your PC or Mac, and log in.

Next, click Options from the top menu, and enter the ticker symbol of the underlying security.

1. The Symbol lookup box here allows you to switch between different underlying securities.
2. The menu on the left allows you to switch between viewing single-leg options (buying or selling a call or put), or complex multi-leg options strategies which involve combining different types of options or stock ownership.
   1. Check out this article on Option levels for more information about the different types of strategies available.
3. The menu here allows you to switch between viewing different expiration dates.
   1. You can choose to view only options expiring soon (near), in a long time (far),  All expirations, or a select date.

4. You can also choose to change how many Strike prices are shown in the quote table below.
   • You can view any amount from 4-9, or choose to view All strike prices
   • Please note: If you choose All strike prices, and All expiration dates, depending on the speed and performance of your computer, you may experience slowdowns due to the amount of information streaming and processing in the background.
     
5. Below the menus and symbol lookup, you’ll see a simplified level 1 quote with important information about the underlying asset like the Bid, Ask, Volume and change in price.
6. The Settings button on the top right allows you to edit the default columns of information displayed here in the options quote table.
   • By default, you’ll see the Bid, Ask, Last traded price, Change in $, Volume, Open interest, and Implied volatility.
   • The additional columns available are: Ask size, Bid size, Change in %, and the various Options “Greeks”:
     • The “Greeks” (Delta, Gamma, Rho, Theta, and Vega) are explained in more detail in the section down below.

With the default view, Calls are shown on the left, and Puts are shown on the right side.

Options highlighted in blue are considered to be In-the-money, in this example, SPY’s price per share is $452.64.

You can also edit this default view by jumping into the Settings at the top right of the widget. Pick from custom colours, fonts, and much more.

1. On the top left, we’ll see the expiration date for the 4 strike prices shown.
   1. You can also click to hide this specific expiration date, or click to expand any other dates below.
2. On the top right, we’ll see the amount of days left until expiry.
3. Click on any of the Bid or Ask prices to quickly add this specific option to a new order entry widget.
   1. Clicking the Bid or Ask will set up a limit order with that specific price.

Tip: You can also ‘link’ this widget with any other widgets (level 1, order entry, charts..) by clicking the chain icon in the top right, and choosing a colour. This widget will then be associated with that colour, and if you link any other widgets such as a level 1 quote with the same colour, both widgets will automatically update to the same symbol. (I.e. Green link for options and green link for chart.)

Note: Securities shown are for illustrative, educational, and visual purposes only, and should not be relied upon as financial advice. The information provided is not intended to be and should not be construed as a recommendation, offer, or solicitation to buy or sell.

Transactions in options can carry a high degree of risk, and may not be suitable for investors with a limited risk profile. Purchasers and sellers of options should familiarize themselves with the type of option (i.e. put or call) they contemplate trading and the associated risks. 

Note: The information in this blog is for educational purposes only and should not be used or construed as financial or investment advice by any individual. Information obtained from third parties is believed to be reliable, but no representations or warranty, expressed or implied, is made by Questrade, Inc., its affiliates or any other person to its accuracy.