Trading Options on the OptionsHouse Platform
On the Options Page, view quotes for individual options and spreads. The columns are customizable to provide you with a unique experience based on your trading criteria.
Accessing the Options Page
- To begin, click the Options button under the Trading tab.
- You can also click any quote on the trading platform to display an action menu1, which contains additional quote details and shortcuts to other areas of the platform, such as the Options page.
Modifying the Options Page
The menu bar at the top of the Options page includes several filters to customize your display. They are the Spread type drop down menu, the Strikes and Near fields, Ascending/Descending sort and Select Columns menu.
- Spread Type Drop Down menu allows you to switch the chain from the default (Call/Put) to any of the strategies below. Simply click the spread type you wish to use.
- Strikes field is used to specify the number of strikes displayed for each expiration month in the chain. To change the number of strikes, click the Strikes drop down.
- Near field is used to specify the price and range of strikes shown. To change the price and range, click in the Near field and enter an amount.
- Ascending/Descending allows you to sort the chain by either an ascending or descending order. To sort the chain, click the Ascending/Descending drop down.
- Select Columns allows you to customize your option chain display. To select or deselect columns for the option chain, click on the Select Columns button and a pop-up window will display.
Additional fields become available for spread chains: Width and Wingspan.
- To change the width, click the Width drop down or click inside the box and type the desired spread width.
- To change the wingspan, click the Wingspan drop down or click inside the box and type the desired wingspan. The Wingspan is only adjustable with the following spreads: Butterfly, Condor, Iron Condor, Iron Butterfly and Vertical Spreads.
Navigating the Quote Display
In the Quote display you will find the following features: Quote Header, Thumbnail Display and Hot Ticket.
- Quote Header displays additional quote details and can be found by clicking on the Expand button, on the far left of the quote bar.
- Thumbnail Display provides additional information such as quote data, time & sales figures and depth of view of the current market for the symbol. To access, click the Thumbnail button in the Quote Header.
- Hot Ticket is a quick order entry expansion that displays quick Buy, Sell and Close buttons along with other items that can be preset to your preferences. To access, click the Hot Ticket button next to the Quote Header. Hot Ticket panels are also found next to each quote throughout the platform.
Expiration Month Panel
Below the Quote display is the Expiration Month Panel, which displays the available expirations for the underlying symbol. Both standard and non-standard option expirations can be displayed.
- To view the details of an expiration, click on the individual month you wish to see. A checkmark will appear to indicate you’ve clicked on an expiration.
Implied Volatility Constellation Tool
The Implied Volatility Constellation tool will display a graph showing how current volatility compares to the 30-day historical average implied volatility. This display will give you an idea of how the volatility dynamics are changing for the stock.
- To view the Volatility Constellation tool, click on the expansion button next to the expiration panel.
When viewing the option chain, it is helpful to keep in mind the following:
- Clicking the Left or Right strike arrows slides the viewing display to one side so that you can view more data fields.
- The separation between option chains displays the month and remaining days to expiration.
- The panel down the center of the chain displays the strike price or price of the option or spreads.
- All of the columns in the option chain header can be reordered. To move a column, click on a column header and drag it to a new location.
- On each side of the Call/Put option chains are individual options organized by strike. Another features of the option chain are the Hot Ticket and Thumbnail Display panels for individual options. This makes it possible to quickly place trades or review further quote information prior to placing the trade.