Option Trading Experience

Web

Mobile

UX Designer

Yang Cong

Content Designer

Kate Estabrook

UX Researcher

Vinoad Nair Das

Product Managers

Dan Kim

Rajshree Routray

Eason Feng

Rebecca Peyser

Dev Leads

Tony Chiu

Kenny Sanchez

Project Overview

Following the successful launch of the Stock and ETF trading experience [See case study], our team began extending the redesign to other asset classes, including Mutual Funds, Fixed Income, and Options. Among these, Options posed the greatest complexity in terms of logic and also represented a significant portion of our revenue. Having set a high bar with the streamlined Stock and ETF experience, the challenge was to deliver an equally intuitive Options experience while maintaining consistency with the established design patterns.

For this project, I led the web design for the Options trading experience and also contributed to the mobile implementation.

Classic Experience Analysis

Just like the classic Stocks & ETFs experience, the classic options ticket is hard to use. It has the legacy design system, minimal education and guidance. There is no native mobile experience. We didn’t only look at the UI, but also the statistics of it.

The analysis helped us understand half of the users trade options on mobile and they spent way more time making options trading decisons compared to stocks & ETFs and mutual funds.

Classic Experience Statistics

User Interview

Before starting the design process, we interviewed 15 options traders to ask why, where and how they traded options. Here are highlights from the interview

  • Perception on Options Trading Expertise

    Participants seem aware of the distinction between having conceptual knowledge versus gaining practical experience with more complex trading strategies. This does not necessarily mean that everyone wants to be “advanced”. It reflects that when it comes to options, expertise may be perceived more by what you typically “do” rather than just what you “know”.

    I understand the basics. I have read about advanced strategies but not put them into practice. I’ve only done covered calls and cash-secured puts.

    Participant 6 - uses Vanguard

    I’ve used more advanced strategies like multi-legged options before but those are complicated to set up... so I resort to easier strategies.

    Participant 5 - uses Robinhood

  • Value of Option Chain

    Most participants view the options chain as a tool that helps them with their trading process. Some participants described the options chain in a more neutral tone either because they don’t fully utilize it or they use other resources as reference.

    I can see how many contracts people have purchased... I’d like to know how many contracts are ITM vs. how many are not, I like to find my willingness to spend and where I land on the options chain and whether it’s reasonable to have that expectation.

    Participant 3 - uses TD, E*Trade

    It’s a very basic tool to help you understand the range of options you can purchase. Basics to see option pricing, to see which one you want to sell or buy.

    Participant 8 - uses E*Trade, Robinhood

  • Resources Referred to while Trading Options

    Most of the other responses were broad and ranged from referring to investing or financial news, brokerage sites, and social media outlets.

    I have used third party websites to calculate probability of that contract executing, or show what the amount of return would be should the contract hit, or the breakeven.

    Participant 4 - uses Fidelity

    I would check Robinhood's platform to get a quick reference on bid/ask and deltas.

    Participant 6 - uses Vanguard

  • Things They Wish Their Brokerage Would Do

    Participants generally wanted more education or help with trading options. Some participants gave specific feedback on improvements they would like (e.g., better options chain, screener, layout). Other participants expressed that they were satisfied with their current brokerage experience.

    More Education or Help

    I feel like in a lot of cases, you're on your own. Anything a brokerage can do to better educate consumers on the benefit of doing certain things over others, I think that's useful.

    Participant 14 - uses Fidelity

    Specific feedback on improvements

    I wish they (Vanguard) would have a better options chain, more user friendly…commission free options trading…Robinhood has that but I think Vanguard charges me $1 per contract.

    Participant 4 - uses Vanguard

  • Perception on Options Trading Expertise

    Participants seem aware of the distinction between having conceptual knowledge versus gaining practical experience with more complex trading strategies. This does not necessarily mean that everyone wants to be “advanced”. It reflects that when it comes to options, expertise may be perceived more by what you typically “do” rather than just what you “know”.

    I understand the basics. I have read about advanced strategies but not put them into practice. I’ve only done covered calls and cash-secured puts.

    Participant 6 - uses Vanguard

    I’ve used more advanced strategies like multi-legged options before but those are complicated to set up... so I resort to easier strategies.

    Participant 5 - uses Robinhood

  • Value of Option Chain

    Most participants view the options chain as a tool that helps them with their trading process. Some participants described the options chain in a more neutral tone either because they don’t fully utilize it or they use other resources as reference.

    I can see how many contracts people have purchased... I’d like to know how many contracts are ITM vs. how many are not, I like to find my willingness to spend and where I land on the options chain and whether it’s reasonable to have that expectation.

    Participant 3 - uses TD, E*Trade

    It’s a very basic tool to help you understand the range of options you can purchase. Basics to see option pricing, to see which one you want to sell or buy.

    Participant 8 - uses E*Trade, Robinhood

  • Resources Referred to while Trading Options

    Most of the other responses were broad and ranged from referring to investing or financial news, brokerage sites, and social media outlets.

    I have used third party websites to calculate probability of that contract executing, or show what the amount of return would be should the contract hit, or the breakeven.

    Participant 4 - uses Fidelity

    I would check Robinhood's platform to get a quick reference on bid/ask and deltas.

    Participant 6 - uses Vanguard

  • Things They Wish Their Brokerage Would Do

    Participants generally wanted more education or help with trading options. Some participants gave specific feedback on improvements they would like (e.g., better options chain, screener, layout). Other participants expressed that they were satisfied with their current brokerage experience.

    More Education or Help

    I feel like in a lot of cases, you're on your own. Anything a brokerage can do to better educate consumers on the benefit of doing certain things over others, I think that's useful.

    Participant 14 - uses Fidelity

    Specific feedback on improvements

    I wish they (Vanguard) would have a better options chain, more user friendly…commission free options trading…Robinhood has that but I think Vanguard charges me $1 per contract.

    Participant 4 - uses Vanguard

  • Perception on Options Trading Expertise

    Participants seem aware of the distinction between having conceptual knowledge versus gaining practical experience with more complex trading strategies. This does not necessarily mean that everyone wants to be “advanced”. It reflects that when it comes to options, expertise may be perceived more by what you typically “do” rather than just what you “know”.

    I understand the basics. I have read about advanced strategies but not put them into practice. I’ve only done covered calls and cash-secured puts.

    Participant 6 - uses Vanguard

    I’ve used more advanced strategies like multi-legged options before but those are complicated to set up... so I resort to easier strategies.

    Participant 5 - uses Robinhood

  • Value of Option Chain

    Most participants view the options chain as a tool that helps them with their trading process. Some participants described the options chain in a more neutral tone either because they don’t fully utilize it or they use other resources as reference.

    I can see how many contracts people have purchased... I’d like to know how many contracts are ITM vs. how many are not, I like to find my willingness to spend and where I land on the options chain and whether it’s reasonable to have that expectation.

    Participant 3 - uses TD, E*Trade

    It’s a very basic tool to help you understand the range of options you can purchase. Basics to see option pricing, to see which one you want to sell or buy.

    Participant 8 - uses E*Trade, Robinhood

  • Resources Referred to while Trading Options

    Most of the other responses were broad and ranged from referring to investing or financial news, brokerage sites, and social media outlets.

    I have used third party websites to calculate probability of that contract executing, or show what the amount of return would be should the contract hit, or the breakeven.

    Participant 4 - uses Fidelity

    I would check Robinhood's platform to get a quick reference on bid/ask and deltas.

    Participant 6 - uses Vanguard

  • Things They Wish Their Brokerage Would Do

    Participants generally wanted more education or help with trading options. Some participants gave specific feedback on improvements they would like (e.g., better options chain, screener, layout). Other participants expressed that they were satisfied with their current brokerage experience.

    More Education or Help

    I feel like in a lot of cases, you're on your own. Anything a brokerage can do to better educate consumers on the benefit of doing certain things over others, I think that's useful.

    Participant 14 - uses Fidelity

    Specific feedback on improvements

    I wish they (Vanguard) would have a better options chain, more user friendly…commission free options trading…Robinhood has that but I think Vanguard charges me $1 per contract.

    Participant 4 - uses Vanguard

Competitive Analysis

We looked at the options trading experience across the most popular investment apps, including banks, institutions, and Fintech. The insights we got from these competitors helped us shape our first round design prototype.

Design & Research Round 1

Classic vs. Guided Experience

For the first round of research, we wanted to test the proposed guided trade experience against the classic experience. We used the most popular option order type - opening and closing a long call as the testing prototype. For the proposed design, we also tested 2 versions of the option chain - simple vs. complex data.

Web

Mobile

  • Form

    Blank ticket

  • Form

    Filled ticket

  • Option Chain

    Slide-in chain

vs.

  • Step 1

    Choose an action

  • Step 2

    Choose an option type

  • Step 3-A

    Choose an option

  • Step 3-B

    Choose an option

  • Step 4

    Add order details

Design & Research Round 1

Classic vs. Guided Experience

For the first round of research, we wanted to test the proposed guided trade experience against the classic experience. We used the most popular option order type - opening and closing a long call as the testing prototype. For the proposed design, we also tested 2 versions of the option chain - simple vs. complex data.

Web

Mobile

  • Form

    Blank ticket

  • Form

    Filled ticket

  • Option Chain

    Slide-in chain

vs.

  • Step 1

    Choose an action

  • Step 2

    Choose an option type

  • Step 3-A

    Choose an option

  • Step 3-B

    Choose an option

  • Step 4

    Add order details

Design & Research Round 1

Concerns with Guided Approach

Initially, we wanted to add guidance and modern UI to the options experience, following the pattern from Stocks & ETFs, but soon we realized the extreme guidance wasn’t always the right. We had to replace the guided experience with the single page approach. Many users preferred having simple and up-front information, especially those with higher balances.

Even though the guided prototype tested beat the classic experience in research, many participants express the preference over “more controls” on the screens. In the next round, we decided to compare the guided experience with a more all-in-one approach.

We had to replace the guided stock & ETF experience with an all-in-one approach

A

The guided approach felt like more steps despite the fewer clicks.

B

The single page experience won the competition because it provided everything a user needed at a glance.

Design & Research Round 1

Feedback for Classic Experience

Participants were used to entering trade details in a long form but many of them preferred using the option chain to pick their contract and thought it was easier to use compared to the long form path.

It’s a whole lot of numbers, man... In comparison to something like Robinhood, it’s way more chaotic

Participant 7

I prefer the other way (option chain) where you see all the contracts and how much they cost... that’s how I started buying options, that’s how I prefer it still... I just don’t have enough confidence in myself as a trader to do it like that (long form).

Participant 1

I think I went that route (long form) because that’s what I’m used to on Vanguard. But that option chain route is actually quicker. I can go in with 2-3 clicks.

Participant 6

I wish I knew to click view option chain right away.

Participant 2

Design & Research Round 1

Feedback for Proposed Guided Experience

Regardless of web or mobile, most participants preferred the guided chain that was visually expanded also described as the “non-compressed” version.

Participants also liked the buy/sell and call/put toggle on the expanded option chain which let them adjust their view without going back to the previous steps.

A

Compressed

B

Non-compressed

[B] much cleaner, much easier on the eyes... a more friendly version for the investor.

Participant 2

[B] It looks bigger and easier to view. (A) seems like it’s forcing me into a very narrow window.

Participant 6

[B] it gives me more options. I like to have options available at my touch. I want to be able to click if I want to buy or sell, call or put... because with this it allows me to feel a little bit more control.

Participant 4

I would personally rather have more options as in choices to interact with on the screen [B]. I’d prefer that over fewer choices to interact with and I can sort of manipulate the screens as long as it’s not crowding the screen.

Participant 5

Design & Research Round 2

New Option Chain? Blank Form? Guided Experience?

In the first round, users responded positively to the existing option chain. However, while our product team recognized the potential value of a mobile-native option chain, there were concerns about the development effort required to build a completely new web-based chain—especially since the existing slide-in chain was still functional. Additionally, we wanted to test our assumptions around a more guided experience before committing to a full rebuild.

In the second round, we tested two web variations: a guided flow and a single-page layout. Both included access to the existing slide-in chain, but the guided version also featured an embedded, in-line chain for comparison.

On mobile, we experimented with pre-selecting the action and option type by default (pending legal approval) within the single-page experience.

Due to the extended flows in each experience, we split testing between two separate participant groups—one for web and one for mobile.

Web

Mobile

  • Step 1

    Choose an action

  • Step 2

    Choose an option type

  • Step 3

    Choose an option

  • Step 4

    Add order details

vs.

  • Form

    Blank ticket

  • Form

    Filled Ticket

  • Option Chain

    Slide-in chain

Design & Research Round 2

New Option Chain? Blank Form? Guided Experience?

In the first round, users responded positively to the existing option chain. However, while our product team recognized the potential value of a mobile-native option chain, there were concerns about the development effort required to build a completely new web-based chain—especially since the existing slide-in chain was still functional. Additionally, we wanted to test our assumptions around a more guided experience before committing to a full rebuild.

In the second round, we tested two web variations: a guided flow and a single-page layout. Both included access to the existing slide-in chain, but the guided version also featured an embedded, in-line chain for comparison.

On mobile, we experimented with pre-selecting the action and option type by default (pending legal approval) within the single-page experience.

Due to the extended flows in each experience, we split testing between two separate participant groups—one for web and one for mobile.

Web

Mobile

  • Step 1

    Choose an action

  • Step 2

    Choose an option type

  • Step 3

    Choose an option

  • Step 4

    Add order details

vs.

  • Form

    Blank ticket

  • Form

    Filled Ticket

  • Option Chain

    Slide-in chain

Design & Research Round 2

Users Liked Single-page Form + Option Chain

Web participants generally liked the simple approach with the blank ticket but they appreciated the convenience of the in-flow guided chain. While more participants reported a preference to explore various pricing via the chain, there were some criticism towards the guided in-line chain having fewer data points compared to the slide-in chain.

Web A

Guided Chain

Web B

Blank Ticket with Slide-in Chain

Participants who saw the mobile prototypes described a better experience with the blank ticket version because it was more convenient since they did not have to go through different screens and it felt quicker. The guided flow version appeared to be frustrating for some participants.

Mobile A

Guided

Mobile B

Single-page

But this [Web A] seems cumbersome... this doesn’t give you enough comparison of the time, because the time is a big component, that’s the premium you’re paying for an option.

Web Participant 3

[Web B] It’s very simple but I rather look at the different pricing like we saw on the other one [Web A] with the strikes, and be able to change expiration dates and compare pricing before making a decision.

Web Participant 7

[Mobile B] I think this is great, I’m all for minimalist mobile interfaces like this, cuz at this point you know exactly what you’re doing. It shouldn’t get overcomplicated.

Mobile Participant 4

[Mobile A] I don’t like it... this is kind of a roundabout way to get to what I want to do. I don’t need to go through multiple screens here, this seems to take me through so many screens to do just one order ticket.

Mobile Participant 4

The second experience [Mobile B] was more natural than the first, there was an ease of... I think it’s just the layout of the screen. That one [Mobile A] is more time consuming but it’s more aggravating because it’s drawing out the process.

Mobile Participant 6

Design & Research Round 3

Validate In-line Option Chain + Single-page Form

Following round 2, our team felt confident in the mobile solution. For round 3, we shifted our focus solely to the web experience. The goal was to validate whether users preferred a single-page ticket with an in-line option chain, in order to build a stronger case for our product team to move forward with this approach.

  • In-line

    Loading Option Chain

  • In-line

    Expanded Option Chain

  • In-line

    Filled Order Ticket

vs.

  • Slide-in

    Blank Order Details

  • Slide-in

    Filled Order Details

  • Slide-in

    Option Chain

Design & Research Round 3

Validate In-line Option Chain + Single-page Form

Following round 2, our team felt confident in the mobile solution. For round 3, we shifted our focus solely to the web experience. The goal was to validate whether users preferred a single-page ticket with an in-line option chain, in order to build a stronger case for our product team to move forward with this approach.

  • In-line

    Loading Option Chain

  • In-line

    Expanded Option Chain

  • In-line

    Filled Order Ticket

vs.

  • Slide-in

    Blank Order Details

  • Slide-in

    Filled Order Details

  • Slide-in

    Option Chain

Design & Research Round 3

Users Liked In-line Option Chain

Overall the reception to the inline option chain was positive. Most people agreed it was a good balance of information at a glance - “not overwhelming” and “easy to read”.

In comparison, the slide-in chain caused more confusion and uncertainty. Two people reacted negatively to the screen “take over”. One person described it as “I’ve lost my previous screen”.

In-line Chain

Slide-in Chain

MVP Release

Final Delivery

Thanks to close collaboration with the product and tech teams, we successfully delivered an improved option chain experience on web. The updated design introduced an [All] tab alongside Calls and Puts, added support for additional data points such as Implied Volatility and the Greeks, and included mirrored scrolling for easier comparison. The redesign officially launched in early 2025.

Web

Mobile

  • Collapsed Option Chain

  • Expanded Option Chain

  • Filled Order Ticket

  • Positions & Open Orders

  • Order Preview

MVP Release

Final Delivery

Thanks to close collaboration with the product and tech teams, we successfully delivered an improved option chain experience on web. The updated design introduced an [All] tab alongside Calls and Puts, added support for additional data points such as Implied Volatility and the Greeks, and included mirrored scrolling for easier comparison. The redesign officially launched in early 2025.

Web

Mobile

  • Collapsed Option Chain

  • Expanded Option Chain

  • Filled Order Ticket

  • Positions & Open Orders

  • Order Preview

MVP Success

Improvement in conversion

over legacy trade experience

67%

Reduction in average clicks

over legacy trade experience

27% (15 - 11)

As of May 2025, the new web option trading experience has been released to all customers.

Accessibility

To ensure above and beyond accessibility, I worked closely with the ADA advisor and the developer team to define the accessibility green lines for the web experience. With our thorough refinement and development, we have one of the best audible trading experiences in the industry.

Post-MVP Improvements

Advanced Strategies, Preferences & More

Since the MVP debut, our team has been working on adding more features including the option chain preferences, higher option levels, multi-leg strategies, and the P/L chart. The advanced features have been planned to release in 2026.

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