---
id: options
---
import Tabs from '@theme/Tabs';
import TabItem from '@theme/TabItem';

# 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](stock.md) page.

## Supported Order Types

| Order Type | Description |
|------------|-------------|
| `MARKET` | Execute at the best available market price |
| `LIMIT` | Execute at the specified price or better |
| `STOP_LOSS` | Trigger a market order when the stop price is reached |
| `STOP_LOSS_LIMIT` | Trigger 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:

| Value | Description |
|-------|-------------|
| `DAY` | Valid for the current trading day only |
| `GTC` | Good till cancelled |

## Supported Strategies

| Strategy | Description |
|----------|-------------|
| `SINGLE` | Single-leg option order |
| `COVERED_STOCK` | Buy/sell stock + sell/buy call (covered call or buy-write) |
| `VERTICAL` | Two options of the same type with different strikes |
| `STRADDLE` | Buy/sell a call and put at the same strike and expiration |
| `STRANGLE` | Buy/sell a call and put at different strikes, same expiration |
| `CALENDAR` | Two options of the same type and strike with different expirations |
| `BUTTERFLY` | Three-strike strategy combining a bull and bear spread |
| `CONDOR` | Four-strike strategy with two middle strikes |
| `IRON_BUTTERFLY` | Sell a straddle and buy a strangle for protection |
| `IRON_CONDOR` | Sell a strangle and buy a wider strangle for protection |
| `COLLAR_WITH_STOCK` | Own stock + buy put + sell call |
| `DIAGONAL` | Two options of the same type with different strikes and expirations |

## Key Parameters

### Order-Level Parameters

| Parameter | Required | Description |
|-----------|----------|-------------|
| `account_id` | Yes | Trading account identifier |
| `client_order_id` | Yes | Unique client-defined order ID (max 32 chars, must be unique per account) |
| `combo_type` | Yes | `NORMAL` 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_strategy` | Yes | Strategy type (see table above) |
| `instrument_type` | Yes | `OPTION` |
| `market` | Yes | `US` |
| `order_type` | Yes | `MARKET`, `LIMIT`, `STOP_LOSS`, or `STOP_LOSS_LIMIT` |
| `side` | Yes | `BUY`, `SELL`, or `SHORT` |
| `quantity` | Yes | Number of contracts |
| `entrust_type` | Yes | `QTY` |
| `time_in_force` | Yes | `DAY` or `GTC` |
| `limit_price` | Conditional | Required for `LIMIT` and `STOP_LOSS_LIMIT` |
| `stop_price` | Conditional | Required for `STOP_LOSS` and `STOP_LOSS_LIMIT` |
| `position_intent` | No | Position intent: `BUY_TO_OPEN`, `BUY_TO_CLOSE`, `SELL_TO_OPEN`, or `SELL_TO_CLOSE`. For combo orders, set it only on the `MASTER` order. |
| `symbol` | Yes | Underlying symbol (e.g., `AAPL`) |

### Leg Parameters (`legs[]`)

| Parameter | Required | Description |
|-----------|----------|-------------|
| `side` | Yes | `BUY` or `SELL` |
| `quantity` | Yes | Number of contracts for this leg |
| `symbol` | Yes | Underlying symbol (e.g., `AAPL`) |
| `strike_price` | Yes | Strike price of the option |
| `option_expire_date` | Yes | Expiration date in `YYYY-MM-DD` format |
| `instrument_type` | Yes | `OPTION` (or `EQUITY` for stock legs in covered strategies) |
| `option_type` | Yes | `CALL` or `PUT` |
| `market` | Yes | `US` |

## Request Examples — Single-Leg

<Tabs groupId="option-order-type">
  <TabItem value="buy-call-limit" label="Buy Call (Limit)" default>

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

```json
{
  "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"
        }
      ]
    }
  ]
}
```

  </TabItem>
  <TabItem value="buy-put-limit" label="Buy Put (Limit)">

Buy 2 TSLA put options at a limit price of $8.50, strike price $250, expiring 2026-07-17.

```json
{
  "account_id": "<your_account_id>",
  "new_orders": [
    {
      "client_order_id": "<unique_id>",
      "combo_type": "NORMAL",
      "order_type": "LIMIT",
      "limit_price": "8.50",
      "quantity": "2",
      "option_strategy": "SINGLE",
      "side": "BUY",
      "time_in_force": "DAY",
      "entrust_type": "QTY",
      "instrument_type": "OPTION",
      "market": "US",
      "symbol": "TSLA",
      "legs": [
        {
          "side": "BUY",
          "quantity": "2",
          "symbol": "TSLA",
          "strike_price": "250.00",
          "option_expire_date": "2026-07-17",
          "instrument_type": "OPTION",
          "option_type": "PUT",
          "market": "US"
        }
      ]
    }
  ]
}
```

  </TabItem>
  <TabItem value="sell-call-limit" label="Sell Call (Limit)">

Sell 1 AAPL call option (covered call) at a limit price of $5.00, strike price $230, expiring 2026-06-19.

```json
{
  "account_id": "<your_account_id>",
  "new_orders": [
    {
      "client_order_id": "<unique_id>",
      "combo_type": "NORMAL",
      "order_type": "LIMIT",
      "limit_price": "5.00",
      "quantity": "1",
      "option_strategy": "SINGLE",
      "side": "SELL",
      "time_in_force": "DAY",
      "entrust_type": "QTY",
      "instrument_type": "OPTION",
      "market": "US",
      "symbol": "AAPL",
      "legs": [
        {
          "side": "SELL",
          "quantity": "1",
          "symbol": "AAPL",
          "strike_price": "230.00",
          "option_expire_date": "2026-06-19",
          "instrument_type": "OPTION",
          "option_type": "CALL",
          "market": "US"
        }
      ]
    }
  ]
}
```

  </TabItem>
  <TabItem value="sell-put-limit" label="Sell Put (Limit)">

Sell 1 NVDA put option (cash-secured put) at a limit price of $6.00, strike price $100, expiring 2026-07-17.

```json
{
  "account_id": "<your_account_id>",
  "new_orders": [
    {
      "client_order_id": "<unique_id>",
      "combo_type": "NORMAL",
      "order_type": "LIMIT",
      "limit_price": "6.00",
      "quantity": "1",
      "option_strategy": "SINGLE",
      "side": "SELL",
      "time_in_force": "DAY",
      "entrust_type": "QTY",
      "instrument_type": "OPTION",
      "market": "US",
      "symbol": "NVDA",
      "legs": [
        {
          "side": "SELL",
          "quantity": "1",
          "symbol": "NVDA",
          "strike_price": "100.00",
          "option_expire_date": "2026-07-17",
          "instrument_type": "OPTION",
          "option_type": "PUT",
          "market": "US"
        }
      ]
    }
  ]
}
```

  </TabItem>
  <TabItem value="stop-loss" label="Stop Loss">

Sell 1 AAPL call option when the option price drops to $3.00 (triggers a market order).

```json
{
  "account_id": "<your_account_id>",
  "new_orders": [
    {
      "client_order_id": "<unique_id>",
      "combo_type": "NORMAL",
      "order_type": "STOP_LOSS",
      "stop_price": "3.00",
      "quantity": "1",
      "option_strategy": "SINGLE",
      "side": "SELL",
      "time_in_force": "DAY",
      "entrust_type": "QTY",
      "instrument_type": "OPTION",
      "market": "US",
      "symbol": "AAPL",
      "legs": [
        {
          "side": "SELL",
          "quantity": "1",
          "symbol": "AAPL",
          "strike_price": "220.00",
          "option_expire_date": "2026-06-19",
          "instrument_type": "OPTION",
          "option_type": "CALL",
          "market": "US"
        }
      ]
    }
  ]
}
```

  </TabItem>
  <TabItem value="stop-loss-limit" label="Stop Loss Limit">

Sell 1 TSLA put option when the price drops to $4.00 (stop), then place a limit order at $3.80.

```json
{
  "account_id": "<your_account_id>",
  "new_orders": [
    {
      "client_order_id": "<unique_id>",
      "combo_type": "NORMAL",
      "order_type": "STOP_LOSS_LIMIT",
      "stop_price": "4.00",
      "limit_price": "3.80",
      "quantity": "1",
      "option_strategy": "SINGLE",
      "side": "SELL",
      "time_in_force": "DAY",
      "entrust_type": "QTY",
      "instrument_type": "OPTION",
      "market": "US",
      "symbol": "TSLA",
      "legs": [
        {
          "side": "SELL",
          "quantity": "1",
          "symbol": "TSLA",
          "strike_price": "250.00",
          "option_expire_date": "2026-07-17",
          "instrument_type": "OPTION",
          "option_type": "PUT",
          "market": "US"
        }
      ]
    }
  ]
}
```

  </TabItem>
</Tabs>

## Request Examples — Multi-Leg

<Tabs groupId="option-multi-leg">
  <TabItem value="covered-stock" label="Covered Stock" default>

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

```json
{
  "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"
        }
      ]
    }
  ]
}
```

  </TabItem>
  <TabItem value="vertical" label="Vertical Spread">

Bull call spread on AAPL: buy a $180 call and sell a $190 call, same expiration.

```json
{
  "account_id": "<your_account_id>",
  "new_orders": [
    {
      "client_order_id": "<unique_id>",
      "combo_type": "NORMAL",
      "option_strategy": "VERTICAL",
      "order_type": "LIMIT",
      "limit_price": "3.50",
      "quantity": "1",
      "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": "180.00",
          "option_expire_date": "2026-06-19",
          "instrument_type": "OPTION",
          "option_type": "CALL",
          "market": "US"
        },
        {
          "side": "SELL",
          "quantity": "1",
          "symbol": "AAPL",
          "strike_price": "190.00",
          "option_expire_date": "2026-06-19",
          "instrument_type": "OPTION",
          "option_type": "CALL",
          "market": "US"
        }
      ]
    }
  ]
}
```

  </TabItem>
  <TabItem value="iron-condor" label="Iron Condor">

Iron condor on AAPL: sell a $175/$185 call spread and sell a $165/$155 put spread.

```json
{
  "account_id": "<your_account_id>",
  "new_orders": [
    {
      "client_order_id": "<unique_id>",
      "combo_type": "NORMAL",
      "option_strategy": "IRON_CONDOR",
      "order_type": "LIMIT",
      "limit_price": "2.00",
      "quantity": "1",
      "side": "SELL",
      "time_in_force": "DAY",
      "entrust_type": "QTY",
      "instrument_type": "OPTION",
      "market": "US",
      "symbol": "AAPL",
      "legs": [
        {
          "side": "BUY",
          "quantity": "1",
          "symbol": "AAPL",
          "strike_price": "155.00",
          "option_expire_date": "2026-06-19",
          "instrument_type": "OPTION",
          "option_type": "PUT",
          "market": "US"
        },
        {
          "side": "SELL",
          "quantity": "1",
          "symbol": "AAPL",
          "strike_price": "165.00",
          "option_expire_date": "2026-06-19",
          "instrument_type": "OPTION",
          "option_type": "PUT",
          "market": "US"
        },
        {
          "side": "SELL",
          "quantity": "1",
          "symbol": "AAPL",
          "strike_price": "185.00",
          "option_expire_date": "2026-06-19",
          "instrument_type": "OPTION",
          "option_type": "CALL",
          "market": "US"
        },
        {
          "side": "BUY",
          "quantity": "1",
          "symbol": "AAPL",
          "strike_price": "195.00",
          "option_expire_date": "2026-06-19",
          "instrument_type": "OPTION",
          "option_type": "CALL",
          "market": "US"
        }
      ]
    }
  ]
}
```

  </TabItem>
</Tabs>

## What's Next

- [Stock Trading](stock.md) — Stock and ETF order management
- [Futures](futures.md) — Futures contract trading
- [Crypto](crypto.md) — Crypto trading
- [Event Contracts](event-contract.md) — Binary outcome event trading
- [Trading API FAQ](faq.md) — Common questions and troubleshooting