MEXEM FAQ Tags

option

Trading

Where can I find SPX weekly options?

In TWS OptionTrader or TWS/Mosaic Option Chains, select SPXW as the Trading Class from the drop-down menu. This displays SPXW Weekly options. Find more weekly expiries under the 'More' tab. Refer to the Users' Guide for more information.

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General Questions

What does the error message Account May Not Hold Positions: Short Call mean?

Cash Accounts or Limited Option Trading recipients can't hold uncovered short call positions. To upgrade to a margin account, access Account Management > Settings > Account Settings > configure gear icon. Limited Option Trading available with select investment objectives. Turn off Limited Option Trading at Account Management > Settings > Trading Permissions > configure gear icon > uncheck "Limited Option Trading" box for US Options.

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Trading

How do I exercise or lapse an option?

In TWS Desktop, go to Account > Option Exercise, select option(s), choose "Exercise" or "Partial" (if applicable) and transmit the instruction. You can make the request final until cutoff time in Global Configuration > Orders and Settings. In MEXEM Mobile, go to Menu > Option Exercise, select an option, choose "Exercise/Lapse", set contract number, and tap Submit. If needed, "Override and Transmit". For time-sensitive issues, call MEXEM Trade Desk. If TWS or MEXEM Mobile isn't available, create a ticket via Client Portal with "Option Exercise Request" in the subject.

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Trading

How can I roll an option in MEXEM Mobile?

The Rollover Options tool isn't available in MEXEM Mobile. To roll an option, click 'Order Ticket', input the symbol, and tap 'Option Chain & Combo Builder'. Activate the 'Strategy Builder' and select your portfolio option to add a sell/buy leg. Find your new option and add a sell/buy leg. Click the order button, configure order fields, and submit when ready. Further details are in the MEXEM Mobile Users' Guides.

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Trading

Can I trade credit option spreads in my account?

To enter an option order, an account needs approved US option trading permissions. Margin accounts can trade naked short calls and option combo spreads with a short call leg. In a margin account, a Bull credit put combo spread is allowed. However, in a Cash account, the short put leg must be fully cash secured. For more details, visit our website's Margin page and the MEXEM Knowledge Base for Trading Permissions in an IRA account.

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