46 Replies to “The Ultimate tastyworks Tutorial”

  1. Thank you for this detailed tutorial of Tastyworks. I had no idea how much Tastyworks had to offer. It looks like they have a very advanced trading platform that would not be hard to navigate. This is the type of platform that would get me excited everyday to trade options. I will be sure to sign up for an account. Thank you!

  2. Thanks for such a concise article. I learned so much about the tastyworks platform in this tutorial. I think the individual margin account is the best choice for me since it gives me the flexibility I need. I have one question though. What is the minimum amount I need to open the account?

    Thanks best regards.

    1. Hi,

      There is no minimum to open an account. But if you want to use margin privileges, you will have to deposit at least $2000.

  3. wow what an interesting article we have here. In my opinion, tastyworks is so great for options traders because it was designed by options traders. They know what kind of features we need because they need them as well. 
    I just bookmarked this tutorial if I ever need to come back to it.


  4. Louis, would love you to do the same for the mobile version. I cannot make heads or tails of it!

    1. Louis, thanks for the great tutorial! I too would really like to see a similar tutorial covering their mobile app. Thanks!

  5. Thank you Louis, the tutorial came “just in time” for me. I am using Tastyworks for a few months (with a small “basic” account) but I did not realize the capabilities of the platform, up to now. I am currently studying the tutorial and I feel that I get a lot of important points that I was missing. Thank you again for the quality work that you are doing.

  6. Thank you Louis for your in depth article I have found it very helpful. I wish i had known you were going to offer an incentive to sign up with your referral code before i signed up for an account last week. I would of waited. O well Se La vie! Thanks again!

    1. Hi Jason,
      Thanks for the positive feedback. If you haven’t used any other referral code, you can still take advantage of my offer. It is possible to enter a referral code after you opened an account (as long as you haven’t used someone else’s).

  7. You always say only use 5% of your portfolio per trade, but what does that actually mean when doing a credit spread. Say I have a $2000 account, 5% is $100, so when I sell a put and buy a call, how do I allocate that $100? How much money on each would be 5%? I know recently you said 10% would be ok for small accounts, but I will use 5% for this example. Thanks for the great information on this website!

    1. Hi Steve,
      Thanks for your question. 5% is definitely better than 10%. With this number, I refer to the total risk of your position. So if you want to trade a credit spread in a $2000 account, I don’t recommend risking more than $100 on a single credit spread.
      I hope this answers your question. Otherwise, let me know.

  8. Hello,
    I really enjoyed your article. I found it to be very informative. I sometimes have issues with my vision do you know if the color of text color or contrast can be changed on the Tastyworks platform.

    1. Hi Mike,
      Thanks for the comment. As of right now, you can’t directly change the font color or contrast. But they recently added an option that allows you to change the display/font size. To change this, you have to open the settings menu, go to the General tab, and at the bottom you can adjust the zoom level. Increasing this might help with visibility.

      1. Thanks,
        I have macular degeneration so contrast is an issue. I’ll just have to stare harder and squint. Perhaps increase the font size just a bit. That may help. I’m sure once I become familiar with the platform it won’t be much of an issue it’s just that right now I have to hunt for everything and the light Brown text is just a not showing up on the black background.

        1. Hi Mike,
          I can totally understand. The platform certainly can use some improvement in this area. I think (and hope) that they will release contrast options in the near future.

  9. Thanks for publishing this comprehensive review of the tastyworks platform Louis. I have been using it for a few months now but this article has opened my eyes to a number of previously unknown features, shortcuts and answered a number of questions I had on certain areas. Cheers, Des

  10. Very nice write up. please can you tell me if you have a web platform in tastyworks, can you open a desk top platform and still have the existing trades in place. I have been with them for a few months now, but have lost ,money because I cant understand the web platform , ie profit loss on it, it does not show. when you are in profit, or at least I cant find it. thank you.

    1. Hi Charles,
      I am not entirely sure whether or not I understand your question. tastyworks has both a web and downloadable desktop platform. If you have the option to use the desktop platform, I recommend using it since it is easier to use (in my opinion) and has more features.
      But the web platform also shows you the P&L of your positions. You just have to navigate to the portfolio tab and look at the right column.

      1. Hi Louis, and a happy new year to all, I still have many problems with the web platform, for instance, I have debit and credit spreads, and I want tto roll a trade for premium collection. BUY TO CLOSE AND SELL TO OPEN would you explain how yo do that on the web platform thank you

        1. Hi Charles,
          Thanks for the comment and a happy new year to you too. You could check out this video for a short tutorial on how to roll inside of the tastyworks’ web platform.

    1. Hi Donald,
      Thanks for the comment. Sadly, the tastyworks support team could currently not give me an ETA.


  12. Hi Louis,

    Nice Tutorial! I have a question. Can earnings announcements be displayed on the time line of underlying chart in Charts Tab? I have seen this on Think or Swim.

    1. Hi Eldon,
      Sadly, I don’t think this is possible as of right now. But it might be a feature that will be added sometime soon.

  13. Hi Louis,

    First, thank you for your tutorial; I am fairly new to Tastyworks. I have to share that I wish there was a paper money platform, so having your tutorial is great. I do have a question regarding closing a credit spread. When closing an ITM credit spread (both legs are ITM), how important is it to modify the “net debit” / “net credit” indicator; given the default is set on “net debit”?

    Thanks for your anticipated response.

    Stay well. Stay safe.

    1. Hi,
      Thanks for the comment. I certainly agree that paper trading would be great. They have added it to their upcoming feature list but I don’t know how long it will take to come out.
      Usually, the platform will automatically select the right credit/debit setting. When you want to close a credit spread, you should always select “net debit”.

      1. Hi Louis,

        Thank you so much for your attention and response to my question. You’re great!

        In regards to this same trade, there was another component that I should have added. During an attempt to close out an ITM credit spread trade using the auto-close Tastyworks working order feature, it established a closing price of $.01. I am concerned that this may still cause unnecessary fees if this predetermined price to close is rejected.

        I am strongly considering taking on a few cents against my profit in order to close prior to expiration; for example, $.05. Is this a concern, or should this trade close prior to or at at expiry with a working order for a 100% profit? To be frank, I was going to take on a few cents off my profit (example: a working order of 95%) to ensure that I will not be faced with an assignment, but when I came across your website today, and since I have a few days prior to expiration, I thought to ask you first.

        Again, thank you for all you do! Much continued success always.

        1. Hi,
          Yes, that definitely makes sense. I rarely try to get 100% of the potential profit. In fact, I often only aim for half of that. From a risk to reward standpoint, it often doesn’t make sense to risk your entire profit (and the potential loss) just to get those last 5% of the achievable profit.

          1. So true! Again, thank you so much, Louis!

            I hope you and all you hold dear have a safe and happy Holiday Season!

  14. Is there anyway to add a custom strategy to their dropdown list. For example an unbalanced fly, double calendar etc. I realize you can create whatever you want but having it in a dropdown as a starting point would be nice.

    1. Thanks for the comment. That would indeed be a useful feature, but I don’t believe that is something you currently can do.

  15. Hi Louis,
    Thank you for all your help!
    I currently have a margin account and ok to trade futures. But I want to expand out to day trading options on stocks and futures. I understand that PDT rule requires $25,000. deposit to day trade with margin account. That ties up too much capital for me.
    So my question;
    Can I avoid the restriction of PDT rule if I cancel my margin account and then fund my account with $3000. as a standard cash account? Can I then trade stock options, futures options and futures as often as my funds allow (I understand the trade settling requirement T+1 on Options), without running afoul of the PDT rule? I have no intention of holding overnight.

    1. Hi Clyde,
      Thanks for the comment. Besides the T+ requirements, a cash account also limits the strategies that you can deploy. Since shorting a stock or an option, requires margin, you won’t be able to trade any strategies that include short options (or stock) in a cash account.
      I hope this helps.

  16. The chart drawing tools seem limited. I could only find Fibonacci Retracement. Do you know if they have Fibonacci Extension as well? Or is there anyway to add more drawing tools? Thanks in advance.

  17. Your tutorial was very helpful as I am new to the platform and have a lot to learn.
    When I open a futures bracket order I expected to be able to adjust my stop loss and target prices in the chart with my mouse. It doesn’t work so, am I missing something?

    Thanks, Bob

  18. Muchas gracias por el tutorial, estoy aprendiendo bastante, sigo leyendo. también estoy viendo el glosario

  19. The Tutorial is extremely helpful.
    Are we able to do a stop limit order on a Vertical Credit Spread?
    Or, do we have to do a bracket order on the short leg only?
    Information about this is sketchy on the internet.

    1. Hi Jeffrey, thanks for the comment. Yes, you can also add stop orders for entire multi-leg options positions.

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