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How do I place the Layered Options trade at my broker?

Layered OptionsLast updated October 27, 2026
Quick answerEnter the two legs as one ticket, a call vertical: buy to open the lower call, sell to open the higher one, same expiry. Pay a debit of around the posted price with a limit order. Once filled, set a GTC limit to close at the posted credit.
The details

The post reads like this:

  • Buy to Open (expiry) (ETF) (lower strike) CALL
  • Sell to Open (expiry) (ETF) (higher strike) CALL
  • Combine them into one ticket as a "CALL Vertical".
  • Pay a debit of around (price) using a limit order.
  • After it fills, set a closing Good Till Canceled limit for the posted credit (the GTC target).

Step by step

  1. In your broker's options chain, choose Vertical (or "spread"), Call, Buy.
  2. Pick the posted expiry and the two strikes.
  3. Set a limit at about the posted debit, and send it.
  4. When it fills, choose close on that position, a limit at the posted credit, GTC.

The Quick Start Guide lesson has videos for Robinhood, thinkorswim and Webull (brokers).

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