The Positions manager includes a range of analytical functions that allow you to:

  • Work with trading accounts
  • Manage strategies
  • Create, edit, and move positions (real and modeled)

The Positions manager opens by default when you launch Option Workshop, or by clicking the button. The Positions form is divided into three blocks:

  • Accounts – accounts and asset portfolios (underlying assets)(for details, see Account) [1]
  • Strategies – strategies (for details, see Strategies) [2]
  • Positions – open positions on the strategy (for details, see Positions) [3]

Accounts, strategies, positions

When Option Workshop successfully connects to a data source, it fills the list of accounts with data loaded from an external system. For example, on the screenshot below, Option Workshop has loaded two accounts: Account1 and Account2.

Trading accounts

If an account contains any positions (and thus any strategies) then its item in the account list is expandable by clicking the button. When expanded, it shows a sublist of strategy groups – these groups are called asset portfolios. Each portfolio is associated with a specific asset and contains only strategies on this asset – so strategies are grouped by their asset. On the screenshot below, Account1 contains three portfolios: AAPL, AAOI, and GOOG.

Asset portfolios

By selecting a portfolio in the sublist we get a list of strategies on the selected asset contained in the selected account.

A list of strategies

Choosing a strategy in the left block will open a list of positions.

Accounts

The Accounts section contains a list of accounts available for trading. There are two account types:

  • Trading, loaded from the data source. The T mark is displayed next to the account name.
  • Custom, User-Created.

Accounts

The L mark indicates accounts, which are used by any trading automation tools.

Money limits

You may view the trader's account limit by right-clicking on the account and choosing the View money limits command from menu.

View money limits command

This command is available only for trade accounts. On the following window, you can find the information about Account1.

The trader's account limit

The set of parameters depends on the trading system.

Adding accounts

Along with accounts loaded from the data source, Option Workshop allows you to create custom accounts (for example, you may wish to create a separate account for modeling strategies). To create a new account:

  • Click the button on the toolbar above the accounts list. You will see the following dialog:
  • Сustom accounts

  • Enter the desired account name in the text field.
  • Click the OK button (you also may press the Enter key on keyboard). Note that the account name cannot be empty.

If you create an account and then another account with the same name is loaded from the data source, these two accounts will be merged into one single account. The list of strategies and positions of the loaded account will be added to the existing one.

Deleting accounts

To delete an account:

  1. Right-click on the account to be deleted.
  2. Select the Delete command from the menu.
  3. Click the OK button in the information message to confirm the action. All strategies and positions on this account will be deleted.

The trading account cannot be deleted. The account used by automated trading features (L mark) cannot be deleted (see Delta hedger and Market maker).

Fill routing

You can configure the fill-to-strategy routing for a trading account. You need to bind the exchange/underlying asset/instrument to the strategy, using the following steps:

  1. Right-click on the trading account and select the Configure fill routing command.

    Fill routing

    This will open a form with trading instruments, grouped by series, underlying assets and exchanges. A dropdown list with strategies is available for each row. If you expand the list, you will see the strategies created in Option Workshop, and the default strategy. When the fill is received and it has no strategy name set, it will be routed automatically into the default strategy.
  2. Fill routing

  3. Select a strategy from the drop-down list or enter a new strategy name (it will be created automatically). For our example we have specified for the ES asset the strategy with same name. Child elements have inherited ES strategy name from their asset.
    To rearrange old fills, you need to set the switch on the bottom panel of the form and choose the date from which to sort the fills. The operation may take some time.
  4. Click the OK button.

Only real and manual fills are sorted.

The old fills were moved to the created strategy after rearrang.

All affected positions were updated accordingly to the fills.

When a fill is received (or created manually) and it has no strategy name set, it will be routed into a strategy according to the routing conditions

Hiding unused accounts

To hide unused accounts from the accounts list:

  1. Click the button.
  2. Accounts list

    The list containing all accounts (loaded from the data source and user-created) will appear.
  3. Uncheck the box next to any accounts you want to hide and click the OK button. Click the Select all button to select all accounts with one click, click the None button to clear selection.
  4. Positions and strategies also will be hidden.

    Hiding unused accounts

The selected account will appear in the list. Hidden accounts are available for use when you create new fills, add positions. Check the box next to any accounts in the Configure visible accounts form to show it in the list again.

Configure visible accounts

Strategies

A strategy is a set of positions. To view the strategies on any underlying asset, you must select an instrument in the Accounts section. The list of available strategies will display in the Strategies section.

Trading strategies

There are 4 types of strategies:

  • Actual strategy – created by the system. Contains positions that are loaded from a data source
  • Custom strategy – a user created strategy. Contains user and Market maker/Delta hedger/FOS created positions
  • Default strategy – created by the system. When the fill is received and it has no strategy name set, it will be routed automatically into the default strategy
  • Total strategy – created by the system. Contains the net positions of the selected strategies

The L mark indicates strategies, which are used by Market maker, Delta hedger, FOS. The r/o indicates the actual strategy, which cannot be changed.

Right-clicking on the strategy will open a context menu with the following commands:

The context menu for several selected strategies displays commands:
  • Build strategy charts,
  • Open the Add positions form,
  • Open positions in a separate window,
  • Delete strategies.
  • Selected strategies

Click on the button to open Configure fill-to-strategy routing form (see Fill routing)

Fill routing

Actual strategy

For trading accounts, Option Workshop creates a special strategy named actual in each portfolio. This strategy always shows up-to-date positions received from the data source. Note that the actual strategy's positions cannot be edited, moved or deleted.

Total strategy

The total strategy is created when you select multiple strategies in the list (except the actual strategy). This strategy will contain the net positions of the selected strategies.

Total strategy

For example: Let’s say you select from the list strategy "A" with a position of size 4, and "B" strategy with a position of size -7, then the net strategy "A + B" will be created with a position of size -3. The total strategy is also displayed on the profit/loss chart and the Greeks charts.

Total strategy chart

A strategy is temporary. After changing the selection the strategy will be deleted.

Adding strategies

There are two ways to add a new strategy:

  • Click the Add new account button button on the toolbar above the strategies list; or
  • Right-click on the account and select the Add strategy command from the pop-up menu.

This will open a dialog window where you must:

Adding strategies

  1. Select an account from the drop-down list or enter a new account name (it will be created automatically).
  2. Select an asset from the drop-down list.
  3. Enter the desired strategy name in the text field.
  4. Click the OK button (you also may press the Enter key on keyboard).

Note that the account and asset fields will be prefilled with the selected account and asset names. The strategy name actual is reserved for system-defined strategies. You cannot create strategies with the actual name.

Deleting strategies

In order to delete a strategy, right-click on the strategy name in the strategy list to open its context menu. Then, select the Delete command. Strategies that do not contain any real fills are deleted without confirmation. The actual strategy cannot be deleted. To delete the strategies, used by Market maker/Delta hedger/FOS (marked with L), you should first disable the Market maker/Delta hedger/FOS.

Position

Rows in the Positions table are colored by position type:

  • Long positions (their size is greater than zero) have a green background
  • Short positions (their size is less than zero) have a red background
  • Zero positions (their size is equal to zero) have a default gray background
  • Total positions (options type) (they show aggregated information on option positions within a strategy) have a violet background
  • Total positions (total type) (they show aggregated information of all positions within a strategy) have a violet background

Option positions

You may view more than one strategy simultaneously by holding down the Ctrl or Shift key on the keyboard while selecting strategies. However, you can only simultaneously view strategies within the same asset portfolio.

The Positions table has the following columns:

  • – delete position button (this button will be disabled if a row doesn't contain a position that can be deleted)
  • – exclude positions from the calculations (see Excluding positions from the calculations)
  • Q – position size
  • Instrument – instrument's symbol
  • TypeCall means call option, Put means put option and Fut means futures
  • Strike – option strike
  • Position type – R – contains a real fill, M – doesn’t contain any real fills
  • Exp – number of days until the position instrument's expiration
  • Vola – volatility
  • Price – the opening price of a position
  • Last price – price of the last trade
  • Theo – theoretical price
  • PnL – profit/loss (points)
  • Theta, Vega, Gamma, Delta – option greeks
  • Volume – position size measured in points, calculated as number of contracts (negative for short positions) multiplied by contract price
  • PnL(M) – profit/loss (money)
  • Bid/Ask – best ask/bid prices
Font style indicates a position’s type:
  • Positions containing real fills, are displayed in bold
  • Positions containing adjusted fills, are displayed in italic
The Position type column also indicates that the position contains real fills:
  • R – contains a real fill
  • M – doesn’t contain any real fills

Positions

Also, Option Workshop display fills and positions on instruments that have already expired. Placing the cursor over the row will open a tooltip containing information about position.

Positions

Right-clicking on the position will open a context menu with the following commands:

Pricing model command

If a strategy name is not specified the fill and positions will be routed into a strategy according to the routing conditions. More in the Fill routing.

Positions and Fills table toggle button

You can switch between the positions table and the fills table by using the Fills and Positions buttons on the top panel.

The Positions/Fills toggle button

The fill manager description is given here.

By default, when you click on the Fills button a table with all fills in the strategy will open.

Another way to view all fills in the strategy is to right-click on the strategy and select the Display fills command.

To view the fills of a certain position, right-click on the position row and select the Display fills command.

Display fills

Adding positions

There are two ways to add a position:

  • Click the button on the toolbar above the positions table; or
  • Right-click on the account or strategy and select the Add position command from the pop-up menu.

This will open a window where you must:

  1. Select an account from the drop-down list or enter a new account name (it will be created automatically).
  2. Select a strategy from the drop-down list or enter a new strategy name (it will be created automatically).
  3. Select an instrument from the instruments tree.
  4. Correct the position, price if necessary.
  5. Adding option position

  6. Enter the position quantity.
  7. Click the OK button (you also may press the Enter key on keyboard).

Note that the position cannot be equal to zero. The account and strategy fields will be prefilled with the selected account and strategy names.

You can add a position by using drag-and-drop. Begin by dragging a row from an Option Desk's table or the Instruments tree and dropping it onto the positions table.

Adding positions by using drag-and-drop

This action brings up the same dialog window described above, with the Instrument prefilled. You may correct them if you wish. After you confirm your input, a new position will be created.

Note that if a position on a specified instrument already exists in the specified strategy, a new position will not be created. Instead, a new position's size will be added to the existing position's size.

Editing positions

Sometimes you may need to correct a position's size or price. In order to do this, click on the position's size or price to enter editing mode. Then you may enter a new value and confirm your input by pressing the Enter key.

When you change the positions, the fill will be automatically adjusted in the Fills Manager.

Moving positions

Positions can be moved from one strategy into another. Begin by dragging the position from the positions table and dropping it onto the target strategy's name in the strategies list.

Deleting positions

In order to delete a position, click the Delete button button and the position will be deleted from the strategy.

This action is irreversible and no confirmation is requested.

Note that not every position can be deleted. The actual positions cannot be deleted. Total positions (they show aggregated information of all positions within a strategy) also cannot be deleted, no matter what strategy they belong to.

Excluding positions from the calculations

A position can be excluded from the calculation, including total position rows, charts, prices and greeks. To do this, uncheck the checkbox at the beginning of the row.

Excluding positions from the calculations

When you build a chart for a strategy, excluded positions will not affect the chart.

Column display settings

To make the display user-friendly, you can customize some display settings. Settings are configured using the toolbar, located above the main table:

  • – add a position
  • Chart – view the Strategy charts (see Strategy charts)
  • What-if – view the What-if scenarios selection(see What-if scenarios). What-if scenario selection is saved when you switch between the strategies.
  • – view positions in a separate window
  • – adjust the columns' width to fit the window size
  • Reset columns button – reset to default column settings
  • – open contextual help

To configure which columns will be visible:

  1. Click the button.
  2. Select the checkboxes of the columns you wish to see on the position table.
  3. Click the OK button to apply the changes.

Table settings

To reorder the columns:

  1. Click-and-hold the left mouse button on the column to be moved.
  2. Drag the column to the desired location.
  3. Release the mouse button to drop the column in its new place.

You can also use the and buttons in the Column selection window. To return to the default column order, click the Reset to default button.

In the Settings tab the following options are available:

Positions table settings

  • Show options total row – show/hide aggregated information on an option’s position within a strategy.
  • Options total row

  • Show position tooltip – show/hide the tooltip containing information about a position.
  • Position tooltip

  • Show zero positions – show/hide closed positions.
  • Zero positions