OptionStation Pro
The Option Chains panel is where you view the available options/spreads to trade. To access this window, click the Option Chains tab in OptionStation Pro or click the View menu and select Option Chains.
The Type drop-down list at the top of the Option Spreads panel is used to select a single option or spread type. The option chain displayed will change the Strike price column and related Calls and Puts values to reflect the specified type
The Strike column shows the strike prices associated with the selected spread type.
The Expirations row shows the expiration dates associated with the selected spread type along with the exchange and days, hours, and minutes remaining to expiration. Following the expiration date will either be (100) for standard-sized options that represent a deliverable of 100 shares per contract upon exercise, or (10) for mini options that are 1/10 the size of a standard-sized contract.
The columns listed under CALLS are used to show the Bid and the Ask prices for Call options along with other option values such as Volatility or Greeks. To buy a Call, click the Ask price at your intended Strike. To sell a Call, click the Bid price at your intended Strike. The Call type will appear in the Theoretical Positions panel.
The columns listed under PUTS are used to show the Bid and the Ask prices for put options along with other option values such as Volatility or Greeks. To buy a Put, click the Ask price at your intended Strike. To sell a Put, click the Bid price at your intended Strike. The Put type will appear in the Theoretical Positions panel.
In-the-money options have a dark grey shaded background color
and the out-of-the-money prices have a solid black background.
Columns for the Option Chains panel can be added, removed, sorted, and repositioned. For more information, see Formatting Columns in OptionStation Pro.
Columns available for the Option Chains panel include:
(fixed columns)
Bid - The current bid price of the Call or Put option.
Ask - The current offer or sale price of the Call or Put option.
Strike - The strike price or prices for the specified option Type.
(default columns)
Delta - The Delta value of the option measures how much the option will move for every one point move in the underlying asset.
Gamma - The Gamma value of the option measures the rate of change at which the Delta moves for every 1 point change in the underlying asset's price.
Theta - The Theta value of the option measures time decay for each one day change in the option.
Volatility - Measured as a percent reflecting the current volatility in the market.
(other available columns)
Ask Size - The number of contracts being offered for sale for the strike shown.
Bid Size - The number of contracts being offered for purchase for the strike shown.
Close - Closing asset price from regular trading hours.
Exp - The expiration date or date of the specified option Type.
Extrinsic - The time value portion of the options price.
High – The High of the day.
Intrinsic - The value of the option minus any time value (Extrinsic Value).
Last - The Last traded price of the option.
Low – the Low price of the option for the day.
Mid - Mid price of the option in real time between the Bid and the Ask.
Net Chg % - The net change in percent since the last daily Close.
Net Chg– The net change of the asset since the last daily Close.
Op Int - Open Interest is the total number of open option positions for the specific option contract.
Open - Opening asset price from regular trading hours.
Prev Volume – The number of trading transactions from the previous regular trading session.
Rho - The Rho value is a measure of the risk free interest rate change with each 1% move in the interest rate.
TV - The option's Theoretical Value, as determined by the pricing model, can help determine if an option is over or under priced.
Vega- The Vega value of the option measures the expected change in the option price due to a 1 percentage point increase in the volatility of the underlying asset.
Volume - Measures the number of trading transactions that have occurred in a day for that option symbol.
Symbol - The option symbol as defined by the Option Symbology Initiative (OSI) (see Glossary for further definition).