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Customized performance

DASH’s suite of option products has been designed with ultimate flexibility in mind, aiming to maximize performance from our client’s perspective. Whether speed, yield capture, fee mitigation, price discovery, or some balance thereof is of paramount importance, DASH has a solution to solve our client’s execution needs.

SENSOR Algo

A flexible Smart Order Router, our SENSOR™ option trading algorithms, balances high yield capture with cost-optimization while allowing for client-specific customization to achieve routing objectives. Supports single-leg and complex orders.

SMOKE

A dynamic, sweep-no-post trading algorithm triggered by a quantity threshold when the order is marketable to the NBBO. Client-specific customizations are possible to provide fee mitigation and manage exchange footprint. Supports single-leg and complex orders.

STRIKE

A hyper-aggressive version of SENSOR which prioritizes capturing on screen lit liquidity, often used with custom posting configurations. Supports single-leg orders.

IMPROVE

Aimed at intelligently finding price improvement inside the NBBO, Improve will passively post at one price point before walking across the spread at more marketable prices, searching for hidden liquidity, constantly re-evaluating and adjusting to changing market conditions. Supports single-leg and complex orders.

OPTWAP

A time-driven execution algorithm which intelligently sends child orders over the life span of the parent order. Accesses other DASH algorithms to enhance execution quality.  Supports single-leg and complex orders.

BLITZ

Our lowest latency liquidity capture tool. Designed to maximize speed; allows for dynamic or static routing configurations, as well as ISO-child orders. Supports single-leg orders.

BLITZC

A complex option strategy that will manage leg risk while opportunistically trading in individual markets as well as in the complex order books. Supports complex orders.

ATS PING

Our stand-alone IOC strategy accesses the DASH ATS without having your order exposed in the market. Supports single-leg and complex orders.

SWEEPNCXL

SweepNCxl is Sensor with a lifecycle timer. You can scrape for hidden liquidity, target, and oversize displayed liquidity. Post on single venue when non-marketable. Supports single-leg and complex orders.

Enhanced crossing capabilities

Create simple and complex crossing orders with DASH’s crossing algos. Paired orders are routed to an exchange that offer an electronic crossing mechanism for execution. Venues are highly configurable within our options trading software.

SMARTX

A single-destination cross with a limit at/better than the NBBO. Smart-X will determine the exchange best suited for crossing based on market microstructure characteristics relative to the specific order.

SWEEPX

A single/multi-destination cross with a limit outside the NBBO. Sweep-X will sweep display top-of-book prices better than the crossing limit price, with the goal of maximizing crossing volume.

MIN SWEEPX

A single/multi-destination cross with a limit within or outside the NBBO. MINSWEEPX sweeps displayed top-of-book prices better than and including the crossing limit price, with the goal of minimizing crossing volume.

Volatility Suite

Identify and respond to large price movements with our industry-leading options trading software. DASH’s Volatility Algo suite offers implied volatility Vega-based basket trading, Delta-adjusted orders, and dynamic hedging functionality.

VOLT

A Delta-adjusted order that dynamically re-prices the option limit as the underlying security moves. The option limit moves in a linear fashion based on price inputs, including a client-specified delta. This order type is for single-leg options only and does not support an equity hedge.

VOLHEDGE

Enhanced version of the VOLT strategy, to include equity auto-hedge functionality as option fills occur. The strategy offers flexibility for when to begin the auto-hedge (based on accumulated delta) and the underlying equity algorithm used to perform the stock hedge. This gives the user discretion over the equity hedge urgency and slippage tolerance.

VEGA

The next evolution in ϲַ’s volatility suite, allowing users to manage symbol-specific Vega through an optimized basket strategy. Based on the users’ implied volatility, the strategy will determine the available series Vega and aggress liquidity intuitively per strike, while considering overall delta exposure. This Vega accumulation strategy supports multi-strike and multi-expiry baskets and can be executed with or without an equity auto-hedge component.

Take us for a spin

Get a demo of DASH and see how our customizable, transparent electronic trading technologies can help you level up your performance.