OptionStation Pro
Column Properties
You can use the column properties in OptionStation Pro to adjust how probabilities and theoretical values are calculated, as well as how market prices are displayed.
Calculating Probabilities and Theoretical Values
To use the option's implied volatility to calculate probabilities and theoretical values:
- Add a column for Prob BE, Prob ITM, Prob OTM, or Theo Value on the Options Chains panel:
- Prob BE – The probability of breaking even at expiration.
- Prob ITM – The probability of expiring in-the-money for each single option.
- Prob OTM – The probability of expiring out-of-the-money for each single option.
- Theo Value – The theoretical value displays the theoretical option price calculated using Black Scholes. The volatility input can be set to Fixed, Historical, or VIX; or use Column Properties to choose Implied Volatility.
- Right-click the desired column and select Column Properties from the shortcut menu to open the column properties dialog.
- Select Underlying Volatility Source or Implied Volatility from the Volatility drop-down list:
- Underlying Volatility Source – Calculated based on the Fixed, Historical, or VIX Index volatility setting that you define in the Settings Panel.
- Implied Volatility – The volatility that is implied by the price of the option.
- Click OK to apply changes, Defaults to reset the column's properties back to their default values, or Cancel to exit without changes.
Note that if you change the default settings, an asterisk (*) will appear next to the column name.
Displaying Market Price
To adjust how market prices are displayed:
- In the Theoretical Positions panel or the Real Positions panel, right-click the Mkt Price column, which displays the current market price/premium of the position.
- Select Column Properties from the shortcut menu to open the column properties dialog.
- Set the Price Format to Quantity @ Price, Single Price, or Total Price:
| Price Format |
For Singles or Spread Positions |
For Equity Positions |
| Quantity @ Price
|
Displays the number of spreads followed by the price of one spread. |
Displays the number of shares followed by the price of one share. |
| Single Price
|
Displays the price of one spread in the position. |
Displays the price of one share in the position. |
| Total Price
|
Displays the price of one spread multiplied by the number of spreads in the position. |
Displays the price of one share multiplied by the number of shares in the position. |
- Click OK to apply changes, Defaults to reset the column's properties back to their default values, or Cancel to exit without changes.
Formatting Columns
Settings Panel