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Options Trading

The Options API lets you trade options through the same unified order endpoints as stocks. Options are differentiated by setting instrument_type: OPTION and providing option-specific parameters including the legs array with strike price, expiration, and option type.

For stock and ETF trading, see the dedicated Stock Trading page.

Supported Order Types​

Order TypeDescription
MARKETExecute at the best available market price
LIMITExecute at the specified price or better
STOP_LOSSTrigger a market order when the stop price is reached
STOP_LOSS_LIMITTrigger a limit order when the stop price is reached
caution

TRAILING_STOP_LOSS is not supported for options. Supported order sides are BUY, SELL, and SHORT, subject to the account's permissions and position requirements.

Time in Force​

Options support both of the following values:

ValueDescription
DAYValid for the current trading day only
GTCGood till cancelled

Supported Strategies​

StrategyDescription
SINGLESingle-leg option order
COVERED_STOCKBuy/sell stock + sell/buy call (covered call or buy-write)
VERTICALTwo options of the same type with different strikes
STRADDLEBuy/sell a call and put at the same strike and expiration
STRANGLEBuy/sell a call and put at different strikes, same expiration
CALENDARTwo options of the same type and strike with different expirations
BUTTERFLYThree-strike strategy combining a bull and bear spread
CONDORFour-strike strategy with two middle strikes
IRON_BUTTERFLYSell a straddle and buy a strangle for protection
IRON_CONDORSell a strangle and buy a wider strangle for protection
COLLAR_WITH_STOCKOwn stock + buy put + sell call
DIAGONALTwo options of the same type with different strikes and expirations

Key Parameters​

Order-Level Parameters​

ParameterRequiredDescription
account_idYesTrading account identifier
client_order_idYesUnique client-defined order ID (max 32 chars, must be unique per account)
combo_typeYesNORMAL for standard orders; MASTER, STOP_PROFIT, and STOP_LOSS are available for supported single-leg take-profit/stop-loss scenarios. OTO, OCO, and OTOCO are equity-only and are not supported for options.
option_strategyYesStrategy type (see table above)
instrument_typeYesOPTION
marketYesUS
order_typeYesMARKET, LIMIT, STOP_LOSS, or STOP_LOSS_LIMIT
sideYesBUY, SELL, or SHORT
quantityYesNumber of contracts
entrust_typeYesQTY
time_in_forceYesDAY or GTC
limit_priceConditionalRequired for LIMIT and STOP_LOSS_LIMIT
stop_priceConditionalRequired for STOP_LOSS and STOP_LOSS_LIMIT
position_intentNoPosition intent: BUY_TO_OPEN, BUY_TO_CLOSE, SELL_TO_OPEN, or SELL_TO_CLOSE. For combo orders, set it only on the MASTER order.
symbolYesUnderlying symbol (e.g., AAPL)

Leg Parameters (legs[])​

ParameterRequiredDescription
sideYesBUY or SELL
quantityYesNumber of contracts for this leg
symbolYesUnderlying symbol (e.g., AAPL)
strike_priceYesStrike price of the option
option_expire_dateYesExpiration date in YYYY-MM-DD format
instrument_typeYesOPTION (or EQUITY for stock legs in covered strategies)
option_typeYesCALL or PUT
marketYesUS

Request Examples — Single-Leg​

Buy 1 AAPL call option at a limit price of $11.25, strike price $220, expiring 2026-06-19.

{
  "account_id": "<your_account_id>",
  "new_orders": [
    {
      "client_order_id": "<unique_id>",
      "combo_type": "NORMAL",
      "order_type": "LIMIT",
      "limit_price": "11.25",
      "quantity": "1",
      "option_strategy": "SINGLE",
      "side": "BUY",
      "time_in_force": "DAY",
      "entrust_type": "QTY",
      "instrument_type": "OPTION",
      "market": "US",
      "symbol": "AAPL",
      "legs": [
        {
          "side": "BUY",
          "quantity": "1",
          "symbol": "AAPL",
          "strike_price": "220.00",
          "option_expire_date": "2026-06-19",
          "instrument_type": "OPTION",
          "option_type": "CALL",
          "market": "US"
        }
      ]
    }
  ]
}

Request Examples — Multi-Leg​

Buy 200 shares of TSLA + sell 2 covered calls. This is a covered call strategy.

{
  "account_id": "<your_account_id>",
  "new_orders": [
    {
      "client_order_id": "<unique_id>",
      "combo_type": "NORMAL",
      "option_strategy": "COVERED_STOCK",
      "order_type": "MARKET",
      "quantity": "2",
      "side": "BUY",
      "time_in_force": "DAY",
      "entrust_type": "QTY",
      "instrument_type": "OPTION",
      "market": "US",
      "symbol": "TSLA",
      "legs": [
        {
          "side": "BUY",
          "quantity": "200",
          "symbol": "TSLA",
          "instrument_type": "EQUITY",
          "market": "US"
        },
        {
          "side": "SELL",
          "quantity": "2",
          "symbol": "TSLA",
          "strike_price": "220.00",
          "option_expire_date": "2026-06-19",
          "instrument_type": "OPTION",
          "option_type": "CALL",
          "market": "US"
        }
      ]
    }
  ]
}

What's Next​