Option type

The option type setting allows you to control the type of option contract you want to trade. The option type can be set to one of the following values:

• Both: Uses long calls on bullish signals and long puts on bearish signals. This approach involves buying call options when expecting the underlying asset to rise and buying put options when expecting it to fall.
• Call: Uses long calls on bullish signals and short calls on bearish signals. This means buying call options when expecting the asset to rise and selling (writing) call options when expecting it to fall.
• Put: Uses short puts on bullish signals and long puts on bearish signals. This involves selling (writing) put options when expecting the asset to rise and buying put options when expecting it to fall.

You can override the configured default option type by providing the optionType field in the webhook payload. The field accepts one of the following values: both, call, or put.

{
    "ticker": "TSLA",
    "action": "buy",
    "optionType": "call"
}

You also have the ability to send the full option contract symbol in the ticker parameter instead of using the option chain scanning functionality. This example will override all the options settings in the strategy settings:

{
    "ticker": "AAPL 210121C325",
    "action": "buy"
}