ThinkorSwim Web Options Spreads Tutorial | Verticals, Iron Condors, Butterfly
Today we'll be learning how to buy and sell spreads within the ThinkorSwim website. We'll be specifically focusing on long and short vertical spreads, iron condors, and butterly spreads.
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Vertical spread: A vertical spread involves the simultaneous buying and selling of options of the same type (i.e., either puts or calls) and expiry, but at different strike prices. The term 'vertical' comes from the position of the strike prices.
Iron condor: A short iron condor spread is a four-part strategy consisting of a bull put spread and a bear call spread in which the strike price of the short put is lower than the strike price of the short call. All options have the same expiration date.
Butterfly spread: A butterfly spreads is an options strategy that combines bull and bear spreads with a fixed risk and capped profit. These spreads are intended as a market-neutral strategy and pay off the most if the underlying asset does not move prior to option expiration.
We'll also dig into the option chain within the website to ensure you understand how to navigate and customize it. We'll be adding additional strikes to see further out of the money and add additional info columns to provide additional information.
Timestamps
0:00 Intro
0:28 How to open option chain
1:10 Option chain explained
4:23 Long vertical spread
8:57 Edit working order
9:57 Close open spread
11:11 Short vertical spread
15:09 Iron condor
19:15 Butterfly spread
22:52 Outro
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