Buy to Open (BTO)

Buy to Open (BTO) is an options trading order designation that indicates the trader is initiating a new long options position — purchasing a call or put option contract to open a new position in their account, rather than closing an existing short position. When a trader places a BTO order, they are the option buyer, paying the option premium upfront and acquiring the right (but not the obligation) to buy (call) or sell (put) the underlying asset at the strike price before expiry. BTO is one of four primary options order types alongside Sell to Open (STO — initiating a short position), Buy to Close (BTC — closing an existing short position), and Sell to Close (STC — closing an existing long position). For options traders on Ventura Securities' F&O platform, correctly specifying BTO orders ensures the intended options strategy is initiated — whether buying calls for bullish exposure, buying puts for bearish protection, or establishing the long leg of multi-leg strategies like straddles, strangles, or spreads.