Option Chains

The Options module is a highly interactive tool to view options data for stocks and futures with option availability.

In the Options Chain view you can view all or specific options for any underlying asset. Switch between All options (Regular and Exotic) and Regular options by clicking on the "Type" drop-down box. You can view the individual option exchanges by clicking in the "Exchange" drop-down box, or leave it set to the default "Composite" to view data from all exchanges.

The next drop-down along the top provides you with the ability to view all strikes, or limit to 2, 4, 6 or 12. Note that if, for example, you were to select 6 strikes to view you will see 6 strikes above and 6 strikes below the current price of the underlying asset. The strike price box opens up and you can leave it as is or edit it to your liking.

Near the top you will see a line containing various days, months and years. These are to indicate the various weekly and monthly options you wish to display. For example using the example above we see the first date listed: Jun-26-15. This is the weekly option that expires on the date listed. Further to the right we see highlighted Jul15. This is the monthly option for July (the third Friday of each month) and the different formatting is our way to indicate monthly vs weekly options. If you were to take your mouse cursor and hover it over each date a tooltip will display stating either "Show Weekly Options" or "Show Monthly Options."

You can view all option expiration dates at once, some of them, only one expiration date, or even no dates at any time. To view all expiration dates click the "Select All" button to the far right. All available expiration dates will list below.

To clear or remove all expiration dates click "Select None" at the far right. To pick out one specific date click on that date. You will see it is the only one along the top that is highlighted. You can then select other dates and add them to your list by clicking on them, or even remove various expiration dates by clicking on them again while highlighted; you will see they are no longer highlighted and no longer listed in the options chain below.

The Options module also provides the ability to view the most active options for any particular underlying asset. Simply click in the view drop-down box and switch to "Most Active." This will display a list sorted according to the calls or puts with the highest volume, descending accordingly.

The options chain provides you with the ability to pick and choose which data or columns you would like to view. Right-click the column header and add or remove columns accordingly by selecting them from the various options. As seen in the image directly above we provide many different data fields to choose from, such as basic quote data, open interest, implied volatility, and greeks.

Once you have chosen which columns you'd like to view you can further customize this by moving the columns to your personal preference. Left-click on a column, holding the button down, and drag to the desired location. Let go of the left-click button and the column will drop into place.

The options chain also allows users to view both calls and puts, only calls or only puts. To the left and right of the Strike column header you will see two arrows (< and >) which allow you to specify which sides of the option trade you wish to analyze.

Options Strategies
Quotestream now offers various options trading strategies that can provide a quick and efficient breakdown of the more advanced options trades. 

To view the different strategies click the Strategy option near the top of the page:



The different strategies we provide are as follows:

Covered Call

A covered call is an options strategy whereby an investor holds a long position in an asset and writes (sells) call options on that same asset in an attempt to generate increased income from the asset. A covered call is also known as a "buy-write".

Protective Put

A protective put is a risk-management strategy that investors can use to guard against the loss of unrealized gains. The put option acts like an insurance policy — it costs money, which reduces the investor's potential gains from owning the security but also reduces his risk of losing money if the security declines in value. A protective put is also known as a married put.

Vertical

An options trading strategy with which a trader makes a simultaneous purchase and sale of two options of the same type that have the same expiration dates but different strike prices.

Straddle

A straddle is an options strategy in which the investor holds a position in both a call and put with the same strike price and expiration date, paying both premiums. This strategy allows the investor to make a profit regardless of whether the price of the security goes up or down, assuming the stock price changes somewhat significantly.

Strangle

A strangle is an options strategy where the investor holds a position in both a call and put with different strike prices but with the same maturity and underlying asset. This option strategy is profitable only if there are large movements in the price of the underlying asset.

Butterfly

A butterfly spread is a neutral option strategy combining bull and bear spreads. Butterfly spreads use four option contracts with the same expiration but three different strike prices to create a range of prices the strategy can profit from. The trader sells two option contracts at the middle strike price and buys one option contract at a lower strike price and one option contract at a higher strike price. Both puts and calls can be used for a butterfly spread.

Buy 1 ITM Call

Sell 2 ATM Calls

Buy 1 OTM Call

Iron Condor/Reverse Iron Condor

An advanced options strategy that involves buying and holding four different options with different strike prices. The iron condor is constructed by holding a long and short position in two different strangle strategies. A strangle is created by buying or selling a call option and a put option with different strike prices, but the same expiration date. The potential for profit or loss is limited in this strategy because an offsetting strangle is positioned around the two options that make up the strangle at the middle strike prices.

Iron Condor:

Sell 1 OTM Put

Buy 1 OTM Put (Lower Strike)

Sell 1 OTM Call

Buy 1 OTM Call (Higher Strike)

Reverse Iron Condor:

Buy 1 OTM Put

Sell 1 OTM Put (Lower Strike)

Buy 1 OTM Call

Sell 1 OTM Call (Higher Strike)