Options chain

The Options page shows every listed call and put for a stock, one expiration at a time, and lets you build a multi-leg strategy and see what it pays at expiration. The chain needs a Pro plan. Free and logged-out visitors see an upgrade card in place of the chain.

How to open a chain

1. Click Options in the sidebar. AAPL loads first.
2. Type another ticker in the SYMBOL box and pick it, or open the page from a ticker link.
3. Click an expiration date in the row of date chips. Up to 12 dates are listed, nearest first.
4. The CALLS table and the PUTS table list every strike for that date.

How to read the columns

Each table has these columns, left to right: Strike, Last, Bid, Ask, Vol, OI, IV, Δ, Γ, Θ, VEGA and Chg.

• Vol and OI are volume today and open interest. A thin bar behind each number shows how big it is against the other strikes on that side, so heavy strikes stand out.
• IV is implied volatility, the move the market is pricing in.
• Δ Delta is how much the option price moves for a one-dollar move in the stock.
• Γ Gamma is how fast delta changes.
• Θ Theta is the value the option loses each day.
• VEGA is the change for one point of implied volatility.
• Chg is today's price change.

Rows tinted green (calls) or red (puts) are in the money. On a phone the table keeps Strike, Last, Bid, Ask and Vol. The rest show on a wider screen.

Below the tables, a summary strip shows total call and put volume, the put/call ratio and total open interest for the expiration you picked.

How to build a spread and see its payoff

1. Open the Strategy builder tab.
2. Click a preset such as Covered Call, Protective Put, Bull Call Spread, Bear Put Spread, Iron Condor, Straddle, Strangle or Butterfly Spread. Or click to add legs one at a time and set the side, type, strike and quantity.
3. The builder starts from the stock's current price. Change the price to test other levels.
4. Read the analysis panel: max profit, max loss, net cost and breakevens.
5. The P&L at expiration chart draws the result across prices, with your breakevens marked.

The Greeks in the builder are estimates for a strategy 30 days out at 30% implied volatility. They are a quick check on direction and risk, not exact figures for your contracts. The Greeks in the chain are per contract.

How to see chain analytics

1. Open the Analytics tab.
2. Read the implied volatility summary, the put/call gauges and the volatility smile, which plots IV across strikes.

How to paper-trade an option

Practice a spread with play money in the simulator. See Simulator. A risk notice appears before you place your first options trade.

Good to know

• A row with 0 implied volatility usually means the contract has not traded recently.
• The chain lists the expirations the exchange offers, so some names have only a few dates.

If something doesn't work

• An upgrade card shows instead of the chain: the live chain needs Pro. See Pricing.
• No options for a ticker: it may not have listed options.
• A table looks short on a phone: turn the phone sideways or use a wider screen to see all columns.
• The payoff chart is empty: add at least one leg in the Strategy builder.