Position Modeler

Build a structure, understand its payoff and compare scenarios.

Find your way around the Position Modeler

Use the symbol search at the top of the Position Modeler. The toolbar controls the workspace, and the strike ruler lets you pan or recenter the modeled book.

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  1. Search for a symbol or company at the top of the Position Modeler. Select the supported result.
  2. Use the toolbar to choose your workspace and add a strategy. The strike ruler shows your contracts by strike and expiration.
  3. Pan or recenter the strike ruler, then inspect the payoff chart and the tabs below it.

Understand Sim, Live and Both modes

Sim models a hypothetical structure. Live shows connected holdings. Both lets you compare holdings with simulated changes.

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  1. Choose Sim to build a hypothetical structure without changing your connected holdings.
  2. Choose Live to inspect your connected positions.
  3. Choose Both to model adjustments alongside held positions. Review which legs are simulated before saving anything to paper.

Load brokerage positions into the Modeler

Use My positions to select connected holdings. Broker filters and bulk selection let you choose which positions to load.

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  1. Open My positions in the Position Modeler.
  2. Use the broker filters and selection controls to choose the holdings to inspect.
  3. Load the selected positions and verify their quantities, expirations and strikes in the model.

Create your first paper trade

Build the modeled structure, check its contracts and quantities, then use Save trade to book it to paper trading.

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  1. In Sim mode, choose a supported symbol and use Add to select a structure such as Long Call.
  2. Check the expiration, strike, quantity, estimated cost and payoff. Modeling a position does not place an order.
  3. Choose Save trade to book the structure to paper trading, then find it under Open in Trades & Templates. No live brokerage order is sent.

Edit an option contract

Select the contract on the strike ruler to edit its strike, quantity or call/put type. Check the resulting legs and chart after the change.

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  1. Select an option on the strike ruler to open its contract controls.
  2. Change its strike, quantity or call/put type using the available controls.
  3. Review the resulting legs and payoff after each edit. Positive quantities are long and negative quantities are short.

Read the contract card

Select a contract to inspect its price, days to expiry and Greeks. Distinguish the per-share readings from the exposure of the whole position.

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  1. Select a contract to open its card.
  2. Read the quote, expiration, days remaining and Greeks. Check whether a figure describes one contract or the entire position.
  3. Compare the contract readings with the combined model summary before interpreting your total exposure.

Edit positions from the contract card

Select a leg to open its contract card, adjust its supported fields and review the result. The card also exposes actions for that contract.

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The current contract card also supports dollar sizing. The video demonstrates the earlier quantity controls.

  1. Select the contract you want to adjust.
  2. Edit the quantity or other available fields and confirm the numeric edit. The current card also supports dollar sizing: check the resulting whole-contract quantity before applying it.
  3. Review the selected leg and combined payoff. Use undo if the adjustment is not what you intended.

Change expiration dates

Use expiration controls to choose the date for new legs, move a selected leg, or move an expiration group. Review which legs change before continuing.

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  1. Use the expiration controls to choose the date for newly added legs.
  2. To change an existing leg or expiration group, select its expiration and choose the new date.
  3. Check which legs moved and whether the structure still has the intended expiration relationships.

Build a two-leg spread

Add a bull call spread from the strategy catalog and inspect its two legs and limited payoff.

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  1. In Sim mode, use Add → Intermediate → Bull Call Spread to add the complete two-leg structure.
  2. Inspect the lower-strike long call and the higher-strike short call. Confirm equal quantities and the same expiration.
  3. Read the payoff at expiration: the flat ends show the limited profit and limited loss of the spread.

Link leg quantities

Enable Link qty to resize linked legs while keeping their relationship. Turn it off to edit a quantity independently.

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  1. Turn on Link quantity before resizing the current editable structure.
  2. Edit a leg quantity and confirm it. Other editable legs scale with it while its long/short direction is retained.
  3. Check every resulting quantity: whole-contract rounding can change uneven ratios. Turn linking off to edit one leg independently.

Add strategies from the catalog

Open Add in the Modeler, browse a strategy category, preview the structure and select it. Check the available expirations and resulting legs.

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  1. Open Add and browse the strategy categories.
  2. Preview the structure and choose the strategy. Calendar and diagonal structures need different expirations.
  3. Review the mapped strikes, expiration dates, signed quantities and combined payoff.

Read the payoff chart

Read the price axis against the profit and loss curve. Compare the current-date and expiration outcomes, then check breakevens and risk in the summary.

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  1. Read the horizontal stock-price axis against the profit-and-loss curve.
  2. Compare the current-date curve with the expiration outcome. Hover to inspect an individual modeled value.
  3. Check the breakevens and summary risk figures alongside the chart. These are estimates under the model assumptions.

Read Greeks on the chart

Use the chart metric dropdown to choose a Greek. Preview a date and pin it when you want to keep that comparison visible.

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  1. Use the chart metric selector to choose Delta, Gamma, Theta or Vega.
  2. Preview a different date to see how the exposure changes.
  3. Pin the date if you want to retain its comparison curve, and check the legend for the dates being shown.

Adjust the chart display

Adjust the chart range and expected-move band with the chart controls. Use the fullscreen button for a larger view.

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  1. Toggle the expected-move band to show or hide the volatility-based range. It is not a guaranteed price boundary.
  2. Adjust the chart range slider to widen or narrow the visible price axis. This changes the view, not the contracts or stock price.
  3. Use fullscreen for a larger chart, then exit to return to the workspace.

Understand the model summary

The summary combines the modeled result, probability of profit and net Greeks. Interpret them for the selected structure and date; they are model estimates.

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  1. Read the model summary for the currently selected structure and date.
  2. Compare value, profit/loss, risk and probability readings with the payoff chart.
  3. Review the net Greeks as combined position exposures. Treat probability and future outcomes as model estimates.

Model volatility with a calendar spread

Use the expiration-specific IV controls to set separate volatility assumptions. The overall mode controls how a master IV change is distributed across expirations.

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  1. Build or load a calendar with different expirations. Choose how the overall IV shift is distributed: Parallel, square root of time or Mean-rev.
  2. Compare the same IV change in each mode, resetting between comparisons. Parallel adds equal volatility points; time-weighted modes affect expirations differently.
  3. Adjust an individual expiration slider or double-click its IV value to set a separate assumption. Review both expirations and reset when finished.

Compare dates on the chart

Add dates with the chart date field or pin a date preview. Keep or remove individual comparison curves and check which contracts expire before each date.

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  1. Use the chart date field or a date preview to choose a comparison date.
  2. Add or pin the date to retain its curve alongside the other dates.
  3. Remove comparisons you no longer need and check whether any legs expire before each displayed date.

Explore price and volatility scenarios

Open Spot × Vol in the Modeler to compare price and volatility scenarios. Adjust the ranges and inspect individual outcomes in the grid.

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  1. Open Spot × Vol in the Modeler.
  2. Set the price range, volatility range and grid density for your scenario. IV changes are in volatility points.
  3. Hover over cells to compare modeled profit or loss relative to the current modeled value.

Explore price and time scenarios

Open Spot × Time to compare prices across future dates. Adjust the number of slices and remember that later dates may be after a short leg expires.

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  1. Open Spot × Time and choose the price range and future time horizon.
  2. Adjust the number of date slices to change the grid detail.
  3. Inspect a cell and compare its date with each leg expiration, especially for calendars and diagonals.

Explore stress scenarios

Compare preset shocks, edit scenario assumptions and inspect the resulting values and Greeks.

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The video demonstrates preset stress scenarios. Editable scenario inputs are described in the steps below.

  1. Open Stress and compare Base with the preset price, volatility and time shocks.
  2. Read modeled value, change from Base and position Greeks. Double-click an editable scenario input to change that assumption; its separate input box lets you enter a custom shock.
  3. Sort or filter the results and export CSV for the displayed scenarios. Volatility shocks represent percentage-point changes.

Read the position statement

The position statement shows contracts, quantities, prices and Greeks. Switch between By expiry and By spread, then use Copy or Export CSV.

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  1. Open the position statement below the model.
  2. Switch between By expiry and By spread to inspect contracts, quantities, prices and Greeks.
  3. Use Copy or Export CSV to take the statement into another tool.

Export the chart

Use the camera button on the chart to export a PNG. Screenshot preferences are available in Settings.

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  1. Arrange the payoff chart and choose the view you want to share.
  2. Use the chart camera button to export a PNG.
  3. Check the exported image. Screenshot preferences can be adjusted in Settings.

Use keyboard editing and undo

Select a leg before using the arrow-key editing shortcuts. Use undo and redo to reverse edits; Reset restores the relevant starting model.

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  1. Select a leg with no text field active. Arrow keys adjust strike or quantity; Control/Command plus left or right selects another leg.
  2. Use Control Z or Command Z to undo. Redo uses Control Y on Windows or Command Shift Z on Mac.
  3. Use Reset to discard model adjustments. In Both mode, held positions remain; this does not close a brokerage trade.