New text — pending review: Click any numbered pin on a screenshot to see what that part of the Options page does, then follow its link to read the full article right below the figure. Every article here is the same live Knowledge Base article you’ll find in search and the sidebar.
The Options page
A Strategy Template provides a shortcut to quickly create an option strategy, virtually eliminating structure errors.
Read the full articleThe Option Chain Expiration Table gives you control of selecting which Expiration Cycle(s) you want to view.
Read the full articleYou can enter a position to analyze by clicking on 'Ask' for buying or 'Bid' for selling. You can also directly enter the quantity in the entry box.
Read the full articleOnce you have entered a position, you can easily make adjustments for further evaluation using the group of Rolling Icons in the upper-center part of the Option Table.
Read the full articleWhen a position is set up on the Option Chain or from one of the Strategy Templates, simply click the “Trade” button.
Read the full articleActivate by clicking “Backtest” in the upper right of the Option Table screen.
Read the full articleStrategy Template
On Research>Option Tab, click the down arrow next to the default “Call+Put” view in the upper left corner of the window to access the Strategy Templates:
Select your Strategy and set up the position:
Quantity, Expiration Date, Strikes
Option Chain Functionality
Research>Option Tab, click on “Expiration Cycle” for the “Call+Put”, “Calls” or “Puts” view.
Option Chain Expiration Cycles
The Option Chain Expiration Table gives you control of selecting which Expiration Cycle(s) you want to view.
The Option Dashboard provides a wealth of pertinent information to make informed decisions easier.
See below for more detail
Expiration Cycles: All available options will be displayed. Monthly Options are indicated with an asterisk
Select Expiration Cycles
Click ‘OK”
Chain will display for selected
Entering a Position
You can enter a position to analyze by clicking on ‘Ask’ for buying or ‘Bid’ for selling. You can also directly enter the quantity in the entry box. (Note: make sure to indicate a selling position with a minus (-) sign).
For positions that include the underlying stock, such as Covered Calls, Protective Puts & Collars, enter the stock quantity in the upper right corner of the chain window.
You can change the click quantity amount by changing the default-click parameter (found at the top of the Option Table) for 1x, 5x or 10x.
Rolling Positions
It’s easier & faster to evaluate your Trade
Once you have entered a position, you can easily make adjustments for further evaluation using the group of Rolling Icons in the upper-center part of the Option Table.
These icons will allow you to move the whole position:
Up or Down Strike Prices
Extend or Shorten Time
Widen or Narrow the Spread
The [X] acts as a clear function. Clicking once will clear the current positions in the chain. Clicking a second time will act as “all clear”. This will clear any snapshot trades and fully reset the option chain.
Trade from the Options Tab
Trading from the Options Table is easy!
When a position is set up on the Option Chain or from one of the Strategy Templates, simply click the “Trade” button.
The Position will be sent to the Order Ticket where you can further edit:
- Adjust Price between “Mid” and “Nat”
- Change Duration: Day or Good Til Cancelled
- Change Order Type: Limit, Market, etc.
- Click “Review” to confirm Order Details and Account are correct
- Then “Submit” to send to brokerage.
How to use Backtesting
Activate by clicking “Backtest” in the upper right of the Option Table screen.
- Select a start date.
- Enter position in the options chain.
- Select analyze date.
Your position’s P/L Performance and Risk Chart are dynamically updated.
Expiration Cycles
The hatch mark is unique to the stock. More Calls than Puts: Lever is right of mark More Puts than Calls: Lever is left of mark
How easy is it to get in/out of a trade? The farther to the right, the more narrow the Bid/Ask spread. The farther to the left, the wider the Bid/Ask spread
If number is is Greater than 1: More Puts than Calls Examples: Ratio of .67: There are 1.5 more Calls than Puts Ratio of 1.5: There are 1.5 more Puts than Calls
Select one or more cycles to open. Click "OK" - bottom right corner
Expires 3rd Friday of every month (Or Thursday, if Markets are closed that Friday) Other expiration cycles are Weekly Options
The current IV values (these are End of Day values) Average IV - average % over the rolling 12 months IV% - current IV standing in relation to highest value
Trade management
Entry cost, current value, Profitability, percent gain, days to expiration all visible at a glance. All designed to assist in better trade management.
Click "Trade" and the Smart Ticket System will automatically handle the trade adjustment by entering the appropriate Buy/Sell or Open/Close combination.
The Current Position Indicator Flag indicates an open position. The indicator points to the quantity entry area for position held. This includes Stock, Call or Put positions. Green indicates a long position. Red indicates a short position.
Any position entered in the Options Chain (Calls+Puts, Calls or Puts) will automatically display a profit/loss risk graph. The P/L Graph shows the Trade Profile Performance from the current day.
Select to include existing position in visual analysis. Position management tip: Use SNAP before you enter any adjustment positions. This allows you to compare the existing trade with the adjusted version of trade to determine if an adjustment is warranted.
The versatile Snapshot feature gives the ability to compare up to three scenarios in one view without having to change screens or erase previous setups.
You can remove the background Stock Chart, HV or IV by clicking on the corresponding indicator above the chart/graph.
Slide your cursor along the graph for daily end-of-day price information. The entry price of a trade is represented by the horizontal line on the graph.
The Option Chain pages offers a 3-D analysis comparing expiration dates. Can be viewed by Implied Volatility, Volume, Open Interest, Price, Extrinsic Value, Delta or Intrinsic Value.
Read the full articleOptions Chain Analysis
The Option Chain pages offers a 3-D analysis comparing expiration dates by selected criteria.
Click on “Chain Analysis” to display the graph.
Use the drop-down boxes to view the tables by Implied Volatility, Volume, Open Interest, Price, Extrinsic Value, Delta or Intrinsic Value.
Toggle the view by using the clickable legend to select the Expiration Dates to view.
Strategy Templates
This will slide between the Natural Price -Ask for buy and Bid for sell - and the Midpoint Price between the Bid-Ask spread. You can also manually enter the price in the field to the right.
To assist in better positioning of certain strategies, you can expand to display Delta and Theta. These are displayed at the individual option and at the summary level.
Some strikes become unavailable in order to ensure integrity of the selected strategy. Example: in a Bull Call Spread the Sell leg must be a higher strike than the Buy leg. Note: Strikes are tied together on many strategies. Only the Strikes that can be adjusted are available for selection. Example: In this Iron Condor the last strike is not adjustable. That is because the distance between strikes
Expirations are tied together on many strategies. Only expiration cycles that can be changed are modifiable. Example: In this Bull Call, all expiration cycles must be the same, so only the first one is adjustable. All others will follow to ensure integrity of the selected strategy.
These icons allow you to move your position: Up/Down Strike Prices Extend/Short Time Widen/Narrow the Spread
Clicking on Bid and Ask will add to the quantity to sell or buy. This sets the increment of each click Set to 10X and each click will add 10 contracts to the trade.
Select chain type or template you wish to view
Performance Channels can assist in analysis across the P/L Graph and Chart by providing a visual reference for the trade\\\\\\\\\\\\\\\'s time frame.
Read the full articleThe colored quote is the price used for the strategy. Green = Buy Red = Sell If the total is shown in red and the Bid, it is a credit trade. If the total is shown in green and the Ask, it is a debit trade.
You can override the price by entering here or by using the slider to the left. This price will be sent to the trade ticket by clicking the Trade button
The P/L Graph is default-oriented to appear the same as the chart. However you can flip this to the standard view:
Each strategy template provides a quick reference for the construction and application of the strategy.
Read the full articleTrade entry cost, break even points, max reward, max risk and the price of these points are all displayed for the strategy.
The data on this charts helps evaluate if option premiums are comparable to historic values.
Read the full articleto expand Stock/Volatility view:
Option Stats, including: Next Earnings Date Overview of Liquidity, Skew, Accelerator Volatility information
Allows you to evaluate different scenarios and save with "Snapshot" Price Slices
When Price Slices is activated, Snapshot allows you to save/compare more than 1 scenario
Performance Channels
Performance Channels can assist in visual analysis across both the P/L Graph and the Chart.
- Dark Green – Stock movement affects gain
- Light Green – At maximum gain
- Dark Red – Stock movement affects loss
- Light Red – At maximum loss
The width of the channel on the chart represents the timeframe of the trade. If options expire in 30 days, the channel will display back 30 days on the chart. This give a visual reference for the time frame of the trade.
Note: Channels are displayed based on expiration of the trade. Past performance is not indicative of future results. Performance channel date orientation is for reference only.
Strategy Snapshot
It’s the “Cliffnotes” version of your strategy
Each strategy template provides a quick reference for the construction and application of the strategy. The snapshot shows:
- what the strategy outlook is on the color-coded range from ‘Very Bearish’, ‘Mildly Bearish’, ‘Neutral’, ‘Mildly Bullish’ or ‘Very Bullish’.
- what effect ‘time decay’ and ‘volatility’ has on the strategy: ‘Increase’, ‘Neutral’ or ‘Decrease’.
- debit or credit trade
- risk & reward level
- strategy structure
- an overview summary of the strategy
Historic & Implied Volatility
This chart displays Historic (HV) and Implied (IV) Volatility with the ability to overlay Call/Put IV
Historic Volatility (green line) is based on how the stock actually moved.
Implied Volatility (blue line) is based on how the options are priced.
When expanded, the stock chart, 12-Month Mean (Average) IV and one-year IV High/Low (red line) are also shown. This is very helpful in understanding if option premiums are comparable to historic values.
High HV indicates recent strong movement.
High IV indicates higher premium and, in many cases, anticipated movement.
Note: You can remove the Stock Chart, HV, IV or Call/Put IV simply by clicking on the corresponding indicator above the chart/graph.
The Call+Put chain
Need more strikes? Use the drop down box on the header for "more" or "all" strikes.
You can also trade directly from the Options page.
Click to access different views: Pricing, Value, Greeks, Trading OR Customize up to 2 of your own: Create Customized Option Table Views
Select the chain type or strategy template you wish to view.
Build, save and compare multiple strategies with the Snapshot (SNAP) feature. Snapshot: Comparing Positions
If you use the multiplier from the Header, each click will be multiplied by 5x or 10x.
Click the Go Big button to expand P/L Graph view & access the Date Picker and Volatility Slider Tool.
The P/L Graph shows that at $42.85, Today - loss of $28.51 May 1 (halfway to expiration) - loss of $62.48 Expiration - Max loss of $120.00
This icon, featured in several areas of the platform, expands the graphic and allows access to additional evaluation tools
Historic: How stock actually moved Implied: Based on how options are price
Read the full articleEach option chain or Strategy Template defaults to the ATM Strike Price, represented by the dark shaded area of the page.
A powerful tool that allows for deeper analysis of stock behavior. This feature Can also be used with SNAP.
Click to view available Strikes: Near current price More or ALL
Clicking on Bid and Ask will add to the quantity to sell or buy. This sets the increment of each click Set to 10X and each click will add 10 contracts to the trade.
Allows you to make adjustments to a trade without having to \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\'rebuild\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\'. Use in conjunction with the SNAP feature to make and view comparisons.
Note: Most sites display lower strikes on top and higher on the bottom. While this is the norm, it is not the best for spreads. Changing the sort so higher is on top is more intuitive and matches the stock chart.
Slide cursor along the graph to view P/L by date/stock price.
Historic & Implied Volatility
This chart displays Historic (HV) and Implied (IV) Volatility with the ability to overlay Call/Put IV
Historic Volatility (green line) is based on how the stock actually moved.
Implied Volatility (blue line) is based on how the options are priced.
When expanded, the stock chart, 12-Month Mean (Average) IV and one-year IV High/Low (red line) are also shown. This is very helpful in understanding if option premiums are comparable to historic values.
High HV indicates recent strong movement.
High IV indicates higher premium and, in many cases, anticipated movement.
Note: You can remove the Stock Chart, HV, IV or Call/Put IV simply by clicking on the corresponding indicator above the chart/graph.
Mobile — Option Template
Mobile — Option P/L
