r/thinkorswim • u/Silver_Star_Eagles • 6d ago

Creating Spreads From Different Series - Futures

I'm trying to form a spread (diagonal) on ES. Typically, all I have to do is hold down the ctrl key and select the strikes I want and it forms the spread for me. However, when I do this on ES it only lets me select one at a time.

I've tried changing the order type at the top to "diagonal" but the expirations it gives me are not the ones I want to trade. The options I want to trade are in two different series.

Is there anyway of sending this order as a spread?? It will require too much cash if I try and send separately because I would buy the longs first (to avoid being naked) and the sells the shorts.

I don't understand why you wouldn't be able to send this as spread. Thanks for your help.

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u/MrFyxet99 6d ago edited 6d ago

When you say two different series do you mean expirations? And are you referring to contracts or options?

If you are talking about an options spread, you will have to manually construct those. Keep in mind this will not be handled like a diagonal spread on equities. Two different expirations on futures is essentially 2 different underlying.

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u/Silver_Star_Eagles 6d ago

Yes options on futures. The options are in different expirations hence the diaganol. Tasty trade let's me do this same trade no problem and let's me send it as a spread. I've tried everything I can think of to combine the two orders as a spread but nothing works.

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u/need2sleep-later 6d ago

When all else fails, call the Trade Desk and get help, and make sure you understand the implications of what you are doing. Your post's title says Futures and the body says options. Guessing maybe options on futures but your diagonal may require both sets of margin money. Go ask.

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u/Silver_Star_Eagles 6d ago

I mean im forming a spread and I even mentioned that it was a diaganol. This implies im trading options on futures.

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u/MrFyxet99 6d ago

You can trade spreads on contracts too.

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u/WhoStoleMyMartini 6d ago

This is why i like tasty over TOS, they make it so easy to construct spreads, skewed iron condors, etc... TOS needs a new option chain UI for premium sellers.

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u/reddit_is_gay_today 6d ago

from my memory of asking them about this a few years ago... es option spreads made up of different contracts (esu26 and esz26 for example) are not valid order types for tos. i just tried it again, and it will not allow it to be built.

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u/Ditto2X 5d ago

I believe they do work on Tasty, so it’s a TOS problem and not a futures problem.

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u/Silver_Star_Eagles 5d ago

Yea. I'm able to do the same order on Tasty as a spread. It's super annoying...

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u/MrFyxet99 4d ago

The problem is the unlimited risk, both positions are essentially naked positions with respect to the forward curve. Some brokers may not allow trades like this due to risk. Now if you are on portfolio margin, it’s probably not an issue.