Understanding the Chainless Trading Interface
Chainless provides a clean, efficient trading interface designed specifically for Interactive Brokers options trading. This guide walks you through every section and feature.
Interface Overview
Chainless is organized into two main sections:
- Configuration - Connection and settings
- Trading - Complete trading workflow with three subsections:
- Buy To Open - Opening new positions
- Sell to Close - Closing existing positions
- Orders - Managing active orders
Let's explore each section in detail.
Configuration Section
The Configuration section controls license verification, connection settings, and data management.
License Settings
License Verification:
- Email: Your license email address
- License Key: Your license key from purchase
- Verify and Save License: Button to activate/verify your license
- License Status: Displays current license status and expiration date
Connection Settings
IBKR Connection:
- Host: Usually 127.0.0.1 (localhost)
- Port:
7497 (TWS paper) / 7496 (TWS live)
4002 (Gateway paper) / 4001 (Gateway live)
- Client ID: Unique identifier (1-999)
Connection Controls:
- Save Settings: Save your connection configuration
- Connect: Establish connection to Interactive Brokers
- Connection Status: Shows "Disconnected" or "Connected" at bottom right
Data Management
Clear Saved Data:
- Red "Clear Saved Data" button removes saved settings and data
- Use with caution as this will reset your configuration
Trading Section
The Trading section contains your complete trading workflow with three integrated subsections.
Buy To Open - Opening New Positions
The Buy To Open section is where you research and open new options positions.
Adding a Symbol
- Enter Contract: Type any stock or index symbol in the "Enter Contract:" field (e.g., "AAPL", "SPY", "QQQ")
- Add Symbol: Click the "Add" button or simply press return/Enter
- Symbol Appears: The symbol is added to your watchlist table below
Stock vs Index Selection
Stock Options (Default):
- When adding a symbol, the "Type:" dropdown is set to "Stock" by default
- Most equity symbols use stock options behavior
Index Options:
- Manual Selection Required: When adding an index symbol (SPX, NDX, RUT), you must manually select "Index" from the "Type:" dropdown
- Index options have different settlement and exercise characteristics
- Important: The system doesn't auto-detect index symbols - you must select "Index" manually
Choosing Calls and Puts
You can select call or put options in two ways:
Before Adding Symbol:
- Use the "Call/Put:" dropdown at the top of the interface
- Select "C" for calls or "P" for puts
- This sets the default for when you add the symbol
After Adding Symbol:
- Each symbol row has its own call/put dropdown in the "Call/Put ▼" column
- Switch between "C" (calls) and "P" (puts) for each symbol individually
- The options chain updates instantly when you change the selection
Flexibility:
- You can have different symbols showing calls while others show puts
- Each symbol maintains its own call/put selection independently
- No need to remove and re-add symbols to switch between calls and puts
ITM/ATM/OTM Display Options
Control which options are visible using the checkboxes:
- Show ITM: Display in-the-money options
- Show ATM: Display at-the-money options
- Show OTM: Display out-of-the-money options
You can check/uncheck any combination to focus on the options you want to see.
Strike Population with "Strike At"
The "Strike At" feature helps you quickly find relevant strikes:
Manual Entry:
- Enter a specific price in the "Strike Price" column for any symbol
- Press Enter or click outside the field
- Options chain populates around your specified price
Default Behavior:
- When first adding a symbol, you need to set the "Strike Price" to populate the options chain
Managing Your Symbol List
- Clear All Symbols: Use the "Clear All Symbols" button to remove all symbols from your watchlist
- Remove Individual Symbols: Click the "X" in the first column for any symbol you want to remove
Placing Orders
Order Quantity:
1. Set Quantity: Enter quantity in the "Quantity" column for the symbol you want to trade
2. Default: Usually starts at 1 contract
Order Execution:
1. Order Type Selection: Choose your order type from the "Order ▼" dropdown for that symbol:
- MKT (Market): Executes immediately at market price
- MID: Uses mid-point between bid/ask
2. Strike Selection: Click any strike price button in the ITM Strike, ATM Strike, or OTM Strike columns
3. Order Placed: Order is sent directly to Interactive Brokers immediately
Important: You must select MKT or MID from the "Order ▼" dropdown BEFORE clicking the strike price. The order executes immediately when you click the strike.
Reading the Options Chain
Information Displayed:
- Strike Prices: Clickable buttons in ITM Strike, ATM Strike, OTM Strike columns
- Bid/Ask: Current market prices for each option type
- Spreads: ITM Spread, ATM Spread, OTM Spread columns show bid-ask spreads
Sell to Close - Closing Positions
The Sell to Close section shows your current options positions and allows position management.
Viewing Current Positions
Position Display:
- All open options positions appear automatically
- Shows Symbol, Strike, Right (C/P), Position size, P&L, and more
- Real-time updates during market hours
- Note: "Only Options positions are added here"
Position Information:
- Symbol: The underlying symbol
- Strike: Strike price of the option
- Call/Put: C (Call) or P (Put)
- MKT Value: Current market value
- Position: Number of contracts held
- Avg Cost: Your average cost basis
- Unrealized PnL: Current unrealized profit/loss
- PNL: Total profit/loss
Position Display Options
Hide Closed Positions:
- Check the "Hide Closed Positions" box to hide positions that have been closed
- Uncheck to see all positions including closed ones
Closing Full Positions
- Locate Position: Find the position you want to close in the STC section
- Close Position Button: Click the "Close (Mkt)" button next to the position
- Immediate Execution: Full position is closed at market price instantly
Closing Partial Positions
- Set Quantity: Enter the number of contracts to close in the "Qty" column for that position
- Sell Quantity Button: Click the "Sell Quantity" button
- Partial Close: Only the specified quantity is closed at market price
- Remaining Position: The remaining contracts stay open
Position Management Tips
Quick Actions:
- Full Close: Click "Close (Mkt)" for immediate complete exit
- Partial Close: Enter quantity in Qty column, then click "Sell Quantity"
- All Sells are Market Orders: No MID option for closing positions - immediate market execution
Monitoring:
- Real-time Updates: P&L updates continuously during market hours
- Position Sorting: Positions organized by symbol and expiration
Risk Management Features
TP/SL Configuration:
- ⚙️ TP/SL Button: Click the gear icon in any position row to configure Take Profit and Stop Loss
- Automatic Suggestions: System suggests TP/SL levels based on option type and underlying price
- Custom Configuration: Set your own TP/SL prices, quantities, and order types
- Real-time Monitoring: TP/SL levels are displayed in the position table
TP/SL Display:
- Take Profit Column: Shows your Take Profit trigger level
- Stop Loss Column: Shows your Stop Loss trigger level
- Underlying Column: Current underlying stock price for reference
Orders - Managing Active Orders
The Orders section displays all active orders placed through Chainless.
Order Information:
- Order ID: Unique identifier for each order
- Symbol & Strike: Contract details
- Action: BUY or SELL
- Quantity: Number of contracts
- Order Type: MKT, LMT, etc.
- Status: Pending, Filled, Cancelled, etc.
- Fill Information: Filled quantity, remaining, average fill price
Order Management:
- Cancel Individual Orders: Click "Cancel Order" button for specific orders
- Cancel All Orders: Use "Cancel All Orders" button to cancel all pending orders
- Real-time Updates: Order status updates automatically
- Rule Information: Shows TP/SL trigger information for risk management orders
Important Notes:
- Shows application-placed orders only
- Cancelled orders are automatically removed
- Orders placed using TWS are not shown here
Tips for Efficient Trading
Quick Workflow
- Configure connection in Configuration tab
- Add symbols using "Enter Contract" field in Buy To Open section
- Set "Strike Price" and press Enter to populate options chain
- Choose ITM/ATM/OTM display options as needed
- Switch between calls/puts using the "Call/Put ▼" column dropdowns
- Choose order type (MKT/MID) from "Order ▼" dropdown for each symbol
- Set quantity in "Quantity" column
- Click strike prices to place orders instantly
- Monitor positions in Sell to Close section
- Set TP/SL using the gear icon for risk management
- Track orders in Orders section
Best Practices
- Set order type first: Always select MKT or MID in "Order ▼" before clicking strikes
- Use quantity field: Set the quantity for each symbol before trading
- Monitor spreads: Use the spread columns to assess market liquidity
- Use Clear All Symbols: Clean up your watchlist when starting fresh
- Hide closed positions: Keep Sell to Close section focused on active positions
- Set TP/SL immediately: Configure risk management as soon as you open a position
- Use suggested levels: Start with system-suggested TP/SL levels, then adjust as needed
- Monitor underlying prices: Keep an eye on the underlying column for TP/SL context
Position Management Efficiency
- Quick full exits: "Close (Mkt)" for immediate complete closure
- Partial management: Set qty in "Qty" column first, then "Sell Quantity"
- All position closes are market orders: No price negotiation on exits
- Monitor P&L continuously: Real-time updates help with timing decisions
- Automated risk management: TP/SL orders execute automatically when triggered
- Manual overrides: You can still manually close positions even with active TP/SL rules