Clients of online brokerage Questrade Inc. have embraced several new option trading tools rolled out last month as part of the firm’s Questrade IQ platforms.
Foremost among the tools are 17 multi-leg option strategies, including the most popular — vertical call spreads.
“This was the most important upgrade to our suite of IQ platforms since we initially launched the software one year ago. Our active clients have frequently placed multi-leg strategies at the top of their wish list. When we delivered, I’m pleased to say our clients quickly moved to add multi-leg trading to their trading style,” explains Edward Kholodenko, president and CEO of Toronto-based Questrade.
The 17 pre-defined options strategies include collars, calendars, straddles and strangles. Clients also can create their own custom strategies. A complete list is available on the firm’s website.
Since the release in late April, option trading has increased by about 20%, with options contracts surging by 35%. Trading volumes for stocks have also increased during the past 30 days, as has the number of unique traders, which saw a single-day record set in April.
Throughout the spring and summer, the firm is showcasing each option strategy in a series of videos, blog posts, and strategy profiles in its community, the Exchange. Already published are profiles of married puts and covered calls.