Option Chains

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Option Chains

Option Chains list of all of the options for a given underlying security.

Each Option Chain is composed of a number of option series, each in the same class and with the same strike price and expiration date. Option series are quoted for both calls or puts on the same underlying security.

Each option series has an identifying symbol, normally the first few letters are the same as the underlying security, and the last two letters or numbers are unique for the strike price and expiry date.

Each exchange assigns symbols to each series when it is listed.

Your SOFTWARE's Options Chain feature lets you view all of the available option series for a selected security, in a table separated into puts and calls.

Similar to Quote Pages, the information displayed in the Series table can be modified using the custom view function, the results can also be filtered by user defined filters and sorted by any of the headings.

To open the Options Chain feature, click on the arrow beside the Quotes icon and select Options Chain:

tolbutn_quotesoptionchn.gif

This will launch the Option Chain table in the work area.

Enter a symbol for an underlying security in the symbol text box, and click the DoD butn_go-off.gif button.

Details for the underlying security are displayed immediately below the function bar and a table populated with all the option series for that security will display below it.

The table will display each series' current price and other data:

optnchn_workarea1.PNG

The table uses different colors to indicate a number of different conditions for each series.

Background Color

There are three background colors. These are determined by the current price of the underlying security compared with the strike price of each series:

 

Color Indicates
Green   Series is In the Money (ITM)
Yellow Series is At the Money (ATM)
Pink Series is Out of the Money (OTM)   

Text Color

The text color is determined by the series' trading volume for the last trading period:

 

Color Indicates
Black The series has traded in previous interval
Gray-Blue No trades for the series in previous interval

Series Table display

Some Option Chains contain hundreds of option series.

When all are displayed on the same table, it can become difficult to locate series or related series.

Users can determine the scope of the display, as well as the content of the tables and the order in which they are displayed.

There are four user defined display controls: show/hide Calls/Puts, align vertical/horizontal, apply custom view and apply table filters.

For more information on all of these controls, go to the Option Chain Display topic.

Display Individual Series details

There are a number of ways to display details of each option series in the table.

Series Pop-up Menu

The most convenient method is to move the cursor over an options series and single right mouse click.

A pop-up menu for the series will display.

The first four commands (Price Data, Price Chart, Options Graph and Information) relate to the currently selected option series.

The next command, Manual Volatilities, relates to all the series in the option chain.

For more information on these commands, go to the Quote Chain Action menu's topic.

The next command on the pop-up menu, Synchronize Scrolling, links the Call and Put tables when they are displayed together. For more information, go to the Option Chain Display topic.

The final two commands on the pop-up menu, Buy and Sell, allow users to trade the selected option directly through an OptionsXPress account. For more information, go to the Buy or Sell Using OptionsXPress topic.

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