Options Filter

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Option Chain View Filter

Each Option Chain can contain hundreds of individual option series of both Call and Put types.

In order to quickly reduce the number of option series displayed in the Option Chain tables, Your SOFTWARE has a powerful filtering mechanism by which users can set the exact parameters for the option series that they are most interested in and reduce the number displayed to just those.

Apply a Filter

The default setting is No Filter Set.

Assuming filters have been defined and saved, a filter is applied by selecting it from the Filter Selection drop-down list in the function bar.

The filter currently applied is displayed in the function bar text box.

Click on the down arrow to open the Filter Selection drop-down list.

optnchn_selectfilter.png

Single left mouse click to select and apply a filter.

The filter will immediately change the content of the current Options Chain table.

The chosen filter applies to both the Put and Calls tables.

The drop-down list can hold as many filters as the user creates.

Filter Definition

Single left mouse click on the Filter Selection text box to open the Option Filters dialog box:

optnchn_setfilter.png

Current Filter

The settings for the current filter will be displayed.

Change the settings and click Apply to see the effect on the table display. Other changes can be made and applied without closing the dialog box.

Click OK to save and apply the final changes to the table and close the dialog box.

Users can also Rename the current filter or Delete it from the Filter Selection drop-down list. When a filter is deleted, the next filter in the drop-down list is applied.

Create New Filter

To create a new filter, open the dialog box as previously described and select New. The Filter Name dialog box will open:

optnchn_namefilter.png

Type in a name and click OK.

A blank Options Filter dialog will replace the current dialog.

Filter definition employs two types of criteria: price data criteria and time based settings.

Option Data Criteria

The Option Data Criteria settings allow users to restrict the options series that are displayed in the table to only those which meet certain conditions based on the data that is retrieved for each options series from the server. Six option price data types are used, and there are a number of different settings applicable to each.

Price

The option's Last price data type is used in a comparison with a user set dollar amount.

The comparison's operators are: equal to (=), greater than (>) or less than (<)

The user inserts a dollar figure. To be effective, the dollar figure should be relative to the Last prices for the options in the current option chain. This setting may have to be changed frequently, as it will only be effective for options trading at or near the level set.

Volatility

The option's Volatility data type is used in a comparison with a user set percentage amount.

The comparison's operators are: equal to (=), greater than (>) or less than (<)

The user inserts a percentage figure. This setting is dependent on which type of volatility used in the calculation. The volatility type is set in the Option Model dialog box: Implied Average, Implied Skew, Manual and Historical are available.

Volume

The option's Volume data type is used in a comparison with a user set numerical amount.

The comparison's operators are: equal to (=), greater than (>) or less than (<)

The user inserts a number. The liquidity of options chains and options can vary depending on the underlying security and the market. To be effective, this setting may need to be reset for different options chains.

Open Interest

The option's Open Interest data type is used in a comparison with a user set numerical amount.

The comparison's operators are: equal to (=), greater than (>) or less than (<)

The user inserts a number. The liquidity of options chains and options can vary depending on the underlying security and the market and Open Interest should generally be 100 or more for tradeable options.

Strike

The option's Strike price data type is used in a comparison with a user set numerical amount for the monetary setting and a percentage amount for the percentage setting.

The comparison's monetary operators are: equal to (=), greater than (>) or less than (<)

The user inserts a dollar amount.

The Strike criteria also has a percentage setting: within

This setting compares the Strike prices with the option's Last price data type and includes in the table all option series that come within the percentage amount set by the user.

Has Traded

This setting uses the Last Traded Date price data type to ascertain the frequency of trade, and to give an indication of the option's liquidity. This filter can be used to remove illiquid results from the table.

Based Settings

By default options for All Expiry Dates are included in the table.

Users can restrict the options included in the table by the following mutually exclusive settings:

  • Those options expiring between two user specified dates.
  • Those options expiring within the next user defined number of months.
  • Those options expiring after a user defined number of months.
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