Closing a Position

To close a position, you need to view the Strategy in Open Trades mode.

In Open Trades mode, the strategy menu has a field that, for every position, lists the letter “C.” This letter stands for “Close.” Clicking on the letter “C” in any position displays the Close Position dialog box:

Field	Function
Close Position	Displays the position you selected for closure.

Selection	Function
Syntax	Displays the Syntax window, which explains how to enter positions in the Close Position field.
Examples	Displays examples of how to type positions in the Close Position field.
Done	Returns you to the Strategy menu.

By default, the Close Position dialog box is displayed ready to close the trade you selected. The Close Position field contains the essential information about the trade. For example, were you to select the 108 December put for closure, the Close Position field would contain the following information:

BUY 200 USZ108P

At this point you can enter the exit price and other details associated with closing the transactions (date, time, commission) if this information is available. Otherwise, the position will be closed using the current market price and time. When you close a trade, there may be a period of time before you get the final word on exit prices and times. You can supply these details when they become available.

When you close a position, it is removed from the Open Positions mode; however, it is not gone, but moved to Closed Trades view. The Closed Trades view shows you which positions you have closed:

Closing a trade affects the strategy’s realized profit and loss, and thus your book’s cash balance. Losses debit your cash balance, and, of course, profits credit your cash balance.

After a period of time, you may wish to delete closed trades. Deleting a closed position removes the position from all views, but not before registering the profit or loss of the position in your cash balance.