What is an option?

Options are contracts that allow buyers to buy or sell specific assets, like stocks, indices, or commodities, at a set price on a future date.

They're mainly used for risk management—protecting against market ups and downs—and speculation, where investors bet on market changes at a lower cost. Options stand out for their leverage, which lets you control more with less money, increasing both potential gains and losses. Since trading options involves knowing the market and having a strategy, they're best suited for those with experience.

Advantages of options


Investors can purchase both call options (predicting that the underlying asset's price will rise) and put options (predicting that the underlying asset's price will fall). This dual nature allows investors to flexibly respond to different market trends.


Option contracts have varying degrees of leverage that will enable investors to control larger positions with relatively less capital. This leverage can amplify potential profits but also comes with higher risk for losses.

Controlled Risk

The maximum potential loss is limited to the premium paid for the option contact. This means that the risk associated with buying options is known and finite.

Risk Hedging

Options can be used to hedge against potential losses in stocks or other asset portfolios. This allows investors to more effectively manage the volatility of their investments.

Enjoy seamless options trading experience with Tiger Trade

Free real-time market data

Gain access to L1 real-time quotes for US options by opening an account

Comprehensive suite of tools & rankings

We provide tools such as Options Screener, Options Statistics, Top Options Ranking, and Bulk Order, to enhance your trading strategies

Multi-leg strategies and orders

We support Vertical, Straddle, Strangle, Calendar Spread, and Custom Strategy, catering to diverse market conditions

Advanced order types

We offer Conditional Orders, Attached Orders, and OCA Bracket Orders to enhance your strategic flexibility

Grow with the community

Elevate your options trading expertise by tapping into the knowledge of the community, where investors exchange insights and investment ideas

Images displayed are for illustrative purposes only.

Trade combination options like a pro

Tiger Brokers offers options combination trading, which comes with the following benefits:

Risk Management

Make multi-leg orders to ensure simultaneous execution, thereby helping to hedge effectively and mitigate risk for your portfolio.

*Details on margin discounts can be found in the FAQ section.

Margin Discounts

Due to the typically lower risk profile associated with combination options, Tiger Brokers can offer specific margin discounts* for your trading strategies.

High Customisation

Diverse strategic options to empowering investors to tailor their portfolios to match the market outlook, investment objectives, and individual preferences.

*Details on margin discounts can be found in the FAQ section.

Practice options trading with a demo account

New to option trading?
Not to worry! Our $100K demo account is your playground to hone your options trading skills. Account holders of Tiger Broker Hong Kong have access to real-time market data of US options.

*Availability of combination options in the demo account is subjected to the actual date of release.

Trade on PC

Bigger Screens. Better Trades

Smart Customization

Facilitates customization for combination options, enabling instant adjustments of strike prices and expiration dates in accordance with your preferences.

Enhanced Precision

Utilise professional analysis tools, including the Options price calculator, P&L analysis, and Greek Sensitivity analysis charts to assess your risk accurately.

Comprehensive Tools

Instant orders with one-click trading, screen options by Implied volatility (IV), and use our comprehensive set of charting tools for a user-friendly and seamless trading experience.

Transparent and competitive fees

Platform Fee
Execution fee
USD 0.3 / Contract
Min. USD 0.99 / Order
Promo Price
USD 0.65 / Contract
Min. USD 0.99 / Order
USD 0.3 / Contract
Min. USD 0.99 / Order
Standard Price

See full pricing

Guide to trading options on Tiger Trade


After opening an account, search and visit a stock's detail page (e.g., Apple AAPL), then click the Options tab to view the options chain.


Select an option to choose a single or multi-leg strategy. Add it to your watchlist or set alerts.


View more details by clicking on an option; confirm call/put and buy/sell, submit your order. Find, modify, or cancel pending orders under "Portfolio - Orders".



What types of US options trading does Tiger Trade support?

Tiger Trade supports both long and short positions in US options trading.

Does Tiger Trade support pre-market and after-hours trading for US options?

Due to exchange regulations, pre-market and after-hours trading is not available for US options. However, orders can still be placed outside of trading hours, and Tiger Trade will execute the orders when the market opens.

Does Tiger Trade support early exercise?

Yes, relevant features have gone live.

How does a stock split affect the price of options?

The value of your options position will remain unchanged after a stock split, but the contract price and quantity will change according to the split ratio. Existing options will be traded under a new symbol, and liquidity may be reduced.

Which US stocks support options trading?

Majority of US stocks and ETFs are eligible for options trading.

How can I check the margin required for an options trade?

Click on the icon located next to the buy/sell button on the order page to view the estimated margin, the commission cost and other important information.

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How to place an combination option trade?

Simply click on the "Trade" button to access the order page (available in both Lite & Pro). The default net price is set as the mid-price, but you can customise it based on your preferred price.

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How to close an option combination ?

Navigate to your portfolio, click 'Close' to close your combination order. In an event where users try to close a leg of an option that belongs to a specific combination, Tiger Trade will issue a reminder to avoid unintentional alteration in margin requirements.

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Which options strategies are eligible for margin discounts?

Margin discounts are currently available for :
  • Covered Call: Investors hold underlying assets, typically stocks, and sell an equal number of call options.

  • Covered Put: Investors maintain short positions and sell matching put options.

  • Put Vertical Spread: Buy a put option at a higher strike and sell one at a lower strike.

  • Call Vertical Spread: Buy a call option at a lower strike and sell one at a higher strike.

  • Short Call and Put: Sell both a call and a put option.

  • Protective Put: Combine stock ownership (or current holdings) with buying matching put options.

  • Protective Call: Involves buying call options while holding equivalent short positions.

  • Put Calendar Spread: Trade two put options with different expiration dates but the same strike price and underlying asset.

  • Call Calendar Spread: Trade two call options with different expiration dates but the same strike price and underlying asset.

What are the requirements for a margin discount?

Combining new holdings with existing positions into an option strategy can lower margin requirements.

Partially closing your option strategy invalidates the order, ending margin discounts and raising risk. If Excess Liquidity (EL) drops below zero, it could force liquidation. Ensure your account is well-funded before closing any part of an option strategy.

To avoid margin increases when closing, settle the options in the strategy before the underlying stocks. Closing stocks first can invalidate the option strategy, increasing the margin due to separate requirements for remaining positions.

What are the fees for US option combinations on Tiger Trade?

The fee structure for multi-leg options is consistent with that of single-leg orders, where each leg is billed as an individual contract (specific rates can be found on the official website). The total cost of the combination is calculated by aggregating the fees for all contracts involved.