How do I navigate the FX Option Strategies Ticket?

What is the FX Options Strategy Ticket?

The FX Option Strategies ticket enables you to trade up to 10 FX vanilla options simultaneously within a single transaction. All option legs are executed together in one seamless action. This ticket supports all currency pairs available for FX options.

What are the benefits of the FX Option Strategies ticket?

Improved Pricing Efficiency: Enjoy tighter spreads compared to executing option legs individually. (especially beneficial for strategies that combine both buys and sells, where Vega netting applies.)

Streamlined Execution: Execute all option legs in a single transaction, offering greater convenience and control than trading each leg separately.

Delta Exchange Capability: Access mid-spot pricing through Delta Exchange, enabling further spread reduction and enhanced execution quality.

Visual Risk Insights: Leverage the risk graph to clearly visualise the strategy’s pay-off profile at expiry, aiding in better decision-making.

The ticket is accessible in SaxoTraderGO and SaxoTraderPRO:

Right-click on an FX instrument from the search, watchlist, screener, positions, orders...

Option chain’s Strategy button

How to use the FX Option Strategies ticket?

Launch the module, select the account and capture the legs details. The ticket supports from 1 to 10 legs.

Bid/Ask are available at the leg level and will reflect the spread netting. They are shown in pips for enhanced readability.
The strategy price is available in the trade button in monetary terms and will be tradable if the trade button has a green square (some dealability criteria apply on notional or delta). Only the right side, corresponding to the direction of the legs as specified, is tradable. The other side is also shown on the left side for transparency purposes. You can, of course, trade the other side by simply flipping all the legs’ direction in one go by clicking on ‘Buy/Sell’.

Spot Delta exchange allows you to trade simultaneously the option leg(s) as well as the spot position making your strategy Delta neutral. The trade button will reflect the spot position that will be executed at the same time as the options legs. When trading delta exchange, the spot is done at Mid-rate which also constitutes to a tighter spread.

N.B. If the Delta amount is below the minimum spot trade size, no spot position will be executed.
Bid, Ask, Mid Volatility, Delta (currency 1), Delta %, Gamma (currency 1), Vega (currency 2), Theta (currency 2), premium in monetary term (for the direction specified), Mid forward and expiry value date columns are available and can be customized by simply doing a right click on the header.

The risk graph provides a visual representation of the Profit and Loss of the strategy at expiry.

How to close an FX Option Strategy?

Once traded, a strategy will be booked as individual option positions with no link between them.

Closing legs separately could involve margin impact and it is therefore recommended to close a strategy by booking a new strategy in the opposite direction.

It can be achieved by: