Options brokers with advanced order types

TradeStation$0 via QuantWheel · $0 exercise and assignment · naked

TradeStation opens options accounts for residents of the United States. It charges $0 via QuantWheel (Index options add $0.75 per contract). Exercise and assignment cost $0. It approves up to naked short options. It trades on Web, Desktop, Mobile, API. QuantWheel syncs positions and trades from the account and suggests; with Trade & Sync the orders you approve go to the broker from QuantWheel.

Options order typesMarket, limit, stop market and stop limit orders; for options also trailing stop, if touched, all or none and activation rules (time or price triggers on up to four symbols). OCO and OSO orders include brackets; multi-leg option orders go up to and including four legs (Options Spread Trade Bar and TITAN X).

E*Trade$0.65 per contract · $0 exercise and assignment · naked

E*Trade opens options accounts for residents of the United States. It charges $0.65 per contract ($0.50 at 30+ trades per quarter). Exercise and assignment cost $0. It approves up to naked short options. It trades on Web, Desktop, Mobile, API. QuantWheel syncs positions and trades from the account and suggests; with Trade & Sync the orders you approve go to the broker from QuantWheel.

Options order typesConditional orders for equities and OCC-listed options include trailing stop, hidden stop, bracketed, contingent, one-cancels-all, one-triggers-all and one-triggers-OCO. Power E*TRADE handles custom and four-legged option spreads.

Fidelity$0.65 per contract · $0 exercise and assignment · naked

Fidelity opens options accounts for residents of the United States. It charges $0.65 per contract (Buy to close at $0.65 or less costs $0). Exercise and assignment cost $0. It approves up to naked short options. It trades on Web, Desktop, Mobile. QuantWheel syncs positions and trades from the account and suggests; you place the orders at the broker.

Options order typesOptions take market, limit, stop loss and stop limit orders, with trailing stop for single-leg options (dollar trail only). Conditional orders for stocks and options include Contingent, One-Triggers-the-Other, One-Cancels-the-Other and One-Triggers-a-One-Cancels-the-Other, and spreads go up to 4 legs.

Interactive Brokers$0.65 per contract · $0 exercise and assignment · naked

Interactive Brokers opens options accounts for residents of the United States. It charges $0.65 per contract ($1 minimum; additional fees). Exercise and assignment cost $0. It approves up to naked short options. It trades on Web, Desktop, Mobile, API. QuantWheel syncs positions and trades from the account and suggests; you place the orders at the broker.

Options order typesIBKR has over 100 order types and algos, and for options these include stop, stop limit, trailing stop, trailing stop limit, bracket, one-cancels-all (OCA), conditional orders and volatility orders. Combination (spread) orders such as option/option and option/stock go up to 6 legs per combination order (IBKR Desktop up to six legs including a stock leg).

Webull$0 per contract · exercise fee not published · naked

Webull opens options accounts for residents of the United States. It charges $0 per contract (Oversized and index orders cost extra). It does not publish its exercise and assignment fees. It approves up to naked short options. It trades on Web, Desktop, Mobile, API. QuantWheel syncs positions and trades from the account and suggests; with Trade & Sync the orders you approve go to the broker from QuantWheel.

Options order typesSingle-leg options take market, limit, stop, stop limit, trailing stop, take profit/stop loss and conditional orders (conditional on mobile only), and multi-leg options take market, limit, stop and stop limit (no trailing stop), with day and GTC durations. Strategies include iron condors and butterflies (4 legs), a maximum leg count is not published, and large orders can use the Not Held (Algo) route.