I would like to know what I need to type into IB, for example maybe its an index to buy either the index and/or the options for both oil and banks especially regional banks. Also, do prop firms allow you to trade these index, since it may be worth it to me to be able to trade index instead of futures and be able to use options to hedge my position.
I think you need to type in BUY for the ones going up and SHORT for the ones going down. Seriously, not sure I understand your question. There are many individual oil and bank stocks with options.. In addition, there are a bunch of ETFs as well, some leveraged. For oil, USO, OIL, OIH, XOP, DIG, DUG, UCO, SCO, etc. Even more if you look at those w/o options. If ETF's are what you're looking for, here's one site of many: http://www.leavittbrothers.com/etf/