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ThinkOrSwim Basics Tutorial - How to Buy Options - YouTube
Channel: ClayTrader
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hey this is Nate from clique traitor
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calm here with another thinkorswim
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intro video if you watch some of the
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previous videos you'll get a pretty good
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overview of what the layout of the
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thinkorswim platform looks like and how
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things are laid out and where things are
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at today we're going to look at trading
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options and how to view the options
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chain and just kind of how that's laid
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out and nicker swim so we're going to
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jump right into the trade tab as you can
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see right here and you're going to enter
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in our ticker symbol right here so we're
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just going to take a look at the go pro
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I can type that right go pro options
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chain here so a quick overview of this
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window kind of a recap from previous
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videos this is going to be the
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underlying information up here so this
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is going to be the current price of the
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stock itself and this is what you'd be
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using if you're actually going to buy a
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single stock or sell a single stock I
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guess as well what we're going to be
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looking at in this video is going to be
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this options chain right here and that's
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actually let us view the different
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expiration dates and stuff for the
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option with an option like I just
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mentioned there's lots of different
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expiration dates and those are all
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listed for us right here so let's just
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take a look at this one and what this
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information actually means is no this is
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the November 415 means it's the fourth
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week of November in 2015 and that ends
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on and it's actually 45 days away is
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what the expiration date is so that's
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kind of with that information there
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there tells us so we're going to go
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ahead and expand this here across the
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top you can kind of see what these
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different columns are we have implied
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volatility probability even the money
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the Delta the bid the ask and you have
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that for both calls here and then over
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here on the right we have that for puts
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as well so you can see all that same
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information right here then in the
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middle we have expiration date and the
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strikes as well
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you can change what information is there
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based on what you like to see you can
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just use this layout button here so
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layout and you can change the different
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types of data and stuff that's displayed
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for you there so I'm just going to leave
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that how it is now another thing that
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you might be interested in is this
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strikes option here so right now I have
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this set to show me all the strikes
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available for this on for this
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particular expiration date but I can
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change it if I just want to see the four
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closest to in the money or at the money
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or the ten or whatever so I'm just going
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to leave that at all of them and then
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coming down here
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basically the difference between each
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hour each one of these option lists here
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is a strike price so right here is the
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list of all the strike prices and you
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can see that this side the top of them
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are in black and the bottom is in purple
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and then the exact opposite here purple
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and black and basically what that saying
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is in the money or out of the money so
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this lie anything in purple is in the
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money and anything black is out of the
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money so you can see right here that's
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actually right between the 28th and the
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2850 price points as you can see the
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last price of the stock is 28:22 so
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that's how we get that that the current
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price let's knock is right between those
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two so out of the money and in the money
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so if we're actually looking at buying a
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option or selling an option or whatever
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we wanted to do it works almost
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identical that it does - buying and
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selling stocks so let's just say we're
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going to buy just out of the money call
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so on this right hand side we have the
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calls as I said this first one in the
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black is gonna be the first one out of
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the money so it's going to right click
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on it and go by and now rather than just
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like the stock where we've had one
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option now we have all kinds of
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different options that we can do we can
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do all kinds of different strategies in
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place and such a single is basically
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just buying one contract or how many
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contracts you want not doing any kind of
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other strategies like that so that's
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we're going to do today go up here and
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we're now it's going to pull up the same
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window just like we had for trading
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stocks as you can see here we're still
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doing a spread there's no a single
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there's no special spread that we're
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buying it and at this point we're doing
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10 option or 10 contracts so let's just
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change that let's make it 2 let's make
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that one for now
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you can see our ticket symbol is GoPro
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and you can see our expiration date here
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we can change that if we wanted to
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adjust our expiration date if we chose
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the wrong one or kind of compare our
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prices are we can see our start strike
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price is the 28 50 strike price and
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we're doing a call we could buy a put as
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well we could sell a put we could sell a
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call you only want that one in terms of
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the order types and such over here
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that's going to be the exact same as is
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when buying a stock as well so we're
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going to stick with a limit order and
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we're going to say we're interested in
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this if this if it's available for $2 so
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if this stock if this option is
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available for $2 go ahead and exit
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disorder and we'll keep it good for
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today so I'll go ahead and hit confirm
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and send here it's going to bring up the
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same window as it does when we trade
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stocks just basically confirm what we're
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wanting to do what it's going to cost us
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and make sure we're using the right
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account so we're going to go ahead and
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hit send there and our order is sent in
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through the software now if you go up
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here to the monitor tab you can see that
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here's our order that we placed we're
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going to buy one contract of GoPro on
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the expiration date of November 415 for
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a 28 50 strike price and we're willing
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to pay $2 for that contract you can
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change that modify it here by
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right-clicking on it you do a cancel and
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replace order and that's going to pull
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up that exact same exact same window we
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just had open so we're just going to
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delete that because we don't actually
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want to trade that so you can see it's
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still available here and another place
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to view this same thing is on the charts
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page just like we could with our stock
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entry or our stock orders we can go over
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here to the chart and we'll type in
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GoPro and you can see right here at the
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bottom here is our GoPro option order
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that we have out there and the price you
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can drag it up and down you can cancel
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it just like you do with a stock so say
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I want to cancel this I don't want this
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order anymore I'm just going to go ahead
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and hit that X it disappears you can see
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our notification comes it up here if
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cancel that order just to confirm that
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we can go to the monitor tab we can see
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canceled orders and here it is right
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here the order we just cancel so if you
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have any other questions about trading
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options or anything else you'd like to
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see and make your swim please let us
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know in the comments below and we'll see
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if we can't make a video for you thanks
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one of the questions that we get on a
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daily basis is how do we find stocks to
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trade to answer this question we went
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ahead and made a free resource guide the
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guide lists the five tools that we use
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every day that helps us find stocks that
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are in play the guide is short sweet and
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to the point and best of all it's free
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go ahead and click that box enter your
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email address and we'll send it to you
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right away as always if you like this
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video or find it helpful please leave us
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a thumbs up or a comment below thanks
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for watching and have a great day
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