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Tented Docs

Glossary

Tented uses some standard options terms and some of its own. This page defines each in a line or two and links to the page that explains it. Terms are in alphabetical order. It defines Tented’s usage and follows the current version of the app; it is not an options textbook.

  • Account. A bucket in your journal that holds trades, commissions and an opening balance. It is not your Tented sign-in. Accounts
  • Adjustment. A scenario step that changes an open trade, such as adding a hedge or rolling a leg. Entry, Adjustment and Close are the three kinds of action in the Journal. Adjusting and closing
  • Alert. A plan rule that notifies you when a condition is true, for example P&L at or below a number or a short strike’s delta. Alerts only notify. They never place orders. Plans, alerts and notifications
  • Back up now. The Settings → Backups button that copies your journal and settings to the backup folder immediately. Sync
  • Break-even. A price where a trade’s P&L at expiration is zero. The risk graph draws them as lines and measures their distance in points. Risk graph
  • Briefing. The view with the US economic calendar and market news. Briefing
  • BWB (broken wing butterfly). A butterfly with unequal wings, for example 2× long 7650 puts, 4× short 7600 puts and 2× long 7500 puts. Tented names such trades by structure and shows their margin and risk like any other. Trade builder
  • Combined / Separate. The trade builder toggle that plots each ticked scenario together with the position (Combined) or as its own dashed curve (Separate). Trade builder
  • Commit. Turns a scenario into a real trade: Save (journal only), Send (IB order only) or Save & send. Placing orders
  • Condition. A rule on a scenario, such as “SPX ≤ 7,590 for 2 minutes”. When it is met, Tented flags the scenario and the trade. It never places an order. Scenarios and conditions
  • Debit / Credit. What you pay or receive to open a trade, shown at the top of the risk graph. Unfilled legs count at mid. Risk graph
  • Delta chain. A chain view of target-delta rows (for example 16 and 30) across the expirations you pick. Option chain
  • Desk. Tented’s AI trading assistant. It reads your journal and quotes and models trades. It never places, changes or cancels orders. Desk
  • Draft. A trade you are building that is not committed yet. Drafts are not in the Journal. Trades view
  • DTE. Days to expiration, counted by the New York date. How Tented prices options
  • Estimated mark. A price Tented computes for a leg IB sends no bid or ask for, from the smile, put-call parity and IB’s model volatility. It appears after a short wait, is marked “≈” or “legs estimated”, and is never used for orders or recorded prices. Risk graph
  • Excess (excess liquidity). The cushion your IB account has before a margin call, as IB reports it. The Trades footer shows it with Net liq for accounts linked by Broker account ID. Trades view
  • Expected move. The range the underlying is modeled to stay within at the front expiration: shaded 68% (one standard move) and fainter 95% bands on the risk graph, from the same distribution as PoP. Probability and margin
  • Expectancy, Profit factor, Max drawdown. Performance figures over your closed trades: average P&L per trade, gross profit divided by gross loss, and the largest peak-to-trough fall of cumulative P&L. Performance
  • Fill. An execution at a price. IB fills never change your journal until you confirm them on the Fill detected card. Journal
  • Lines. The quotes IB streams to Tented at once (100 by default). The status bar shows Lines n/N, amber from 90%. At the limit, strikes far from the money stay unstreamed. Connecting to Interactive Brokers
  • Max P / Max L. The best and worst P&L at expiration, or “Unlimited”. With legs on several dates they are read inside the chart’s price range. Risk graph
  • Mid. The midpoint of bid and ask. It needs both sides to be quoted. Option chain
  • Net liq. Net liquidation value of your IB account, shown in the Trades footer for linked accounts. Trades view
  • Parity level. The underlying level that an index’s or ETF’s calls and puts imply by put-call parity. Tented prices SPX, XSP, RUT, NDX, DJX, SPY, QQQ and IWM options on it rather than on the print. How Tented prices options
  • Parked order. An order sent with Transmit unticked. It sits in TWS and the trade shows “In TWS · not sent” until you transmit it, in TWS or with the chip’s Transmit. Working orders
  • Plan. A trade’s target, stop, strategy, alerts and note. Targets and stops are in % of credit, % of max loss, % of margin, % of account or $ P&L. Plans, alerts and notifications
  • PoP (probability of profit). The chance, at expiration, that the trade ends above zero, from the expiration’s smile or a lognormal distribution at the at-the-money IV. Probability and margin
  • Position. The legs you hold in a trade, read-only in the builder. Trade builder
  • Scenario. A set of modeled legs in the builder: an entry, an adjustment or a close. You can compare, plot and commit them. Scenarios and conditions
  • Setup. An entry your history in an account repeats, which Tented offers under Your setups on a new trade and builds on the live chain with Use. Setups
  • Skew (vol model). The default Vol model: each leg’s IV moves along the smile as the price moves. The alternative is Sticky strike, where IV stays at today’s level. How Tented prices options
  • Strategy. A named template of text, target and stop that you write under the gear menu → Strategies and attach to a plan. Plans, alerts and notifications
  • T+0, T+1… The risk graph’s P&L curves for now (T+0) and later sessions before the front expiration. With Trading time, T+1 is the next trading day’s close. Risk graph
  • Tented Cloud. The default place your journal, settings and workspaces sync through, so every computer you sign in on holds the same journal. The alternative is Your computers only. Sync
  • Trading class. The option series IB lists under a ticker, for example SPXW (PM-settled weeklies) against SPX (AM-settled monthlies). Supported products
  • Trading time. The default Option time setting: nights, weekends and holidays decay less than market hours, using measured weights. Calendar decays every hour alike. How Tented prices options
  • Transmit. The Commit dialog’s checkbox. Ticked, the order goes live when sent. Unticked, it waits in TWS. Placing orders
  • TWS / IB Gateway. Interactive Brokers’ desktop programs. Tented connects to one of them on your computer for quotes and orders. Connecting to Interactive Brokers
  • Vol shift. The risk graph’s Vol projection: points added to every leg’s IV, from −30 to +50. Risk graph
  • Working order. An order IB has accepted and not filled. The trade page shows a Working chip with IB’s booked size and price, where you can step a limit price or cancel. Working orders
  • Workspace. A tab of docked panels (chain, risk graph, trade builder, price chart, portfolio) around one symbol. Workspaces

A term on screen that is not here: ask Desk, or send Feedback saying which word. Tented support reads these pages.

Where your broker defines a term differently (margin, Net liq), figures from IB are IB’s. Tented’s own margin figures are structural risk numbers, not buying-power requirements (Probability and margin).