Chart trading (paper)

Pulse lets you plan an options trade on the chart and send it as a paper order. The order goes to your Trade Echo paper account. Fills are simulated, and nothing is sent to a broker.

Who has it: chart trading is a beta for Lifetime members. If you don't see the Trade button, it isn't on for your account yet.

Start a trade#

Click Trade in the chart header. It places a Long (a call) at the last price, with a stop and a target set for you. Drag any line to adjust it.

The arrow next to Trade has the other choices:

• Short: buys a put.
• Draw it yourself: draw the position on the chart (shortcut P).
• Change defaults: set your usual stop and targets.

You can also pick Long position or Short position from the Positions group in the drawing toolbar.

Stop and targets#

• Stop: 1 ATR, a percent of the option price, or a percent of the stock price.
• Targets: one target at 2R, or three at 1R, 2R and 3R.

Review and send#

1. Select the position on the chart.
2. Click Send as order.
3. A preview opens with the contract, size, Max loss, Break-even and Paper cost. You review the paper order before anything is sent.
4. Click Send paper order. If the market is closed, the button reads Queue for 9:30 AM instead, and the order waits for the open.

Each paper plan is capped at 50 contracts and $50,000.

Trade ticket and positions panel#

You can also show a paper Trade ticket and a Positions panel next to the chart. Turn them on in the Layout menu, under Paper trading.

What it doesn't do#

• Options only. Paper stock orders aren't available yet.
• No futures or index charts. Trade an ETF instead, such as SPY, QQQ, IWM or DIA.
• Simulated fills only. Paper results don't include the real slippage or partial fills you can get with a broker.

Related#

• Pulse Quick Start
• Cortex trade plans

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Paper orders are simulated and are not broker fills. Trade Echo docs are for product education only - not financial advice. Options trading involves substantial risk and is not suitable for all investors.