The Options Summary page provides options chain data for an underlying symbol. Options data is categorized based on expiration dates. Options contracts that are in-the-money (ITM) have a light green background, whereas out-of-the-money (OTM) options have no background color.

Accessing the Options Summary page

There are different ways to access the Options Summary page. The easiest way is from the Charts & Tools tab. Scroll down to the Summary Pages and select Options Quotes. Enter the stock symbol and click Go.

How To Use Options Data

Let's start with the List View, which lists calls and puts with call data listed first.

The options data displayed will be for the symbol you typed in before getting to this page. If you wish to view options data for another symbol, enter it in the symbol box and hit enter or select Go.

1— Quote Details. This is where you see symbol-specific information such as the stock price, market cap, and volume. Below this info is the options data.

2— Options Chain. Select List View.

3— Expiration. From the Expiration dropdown menu, you can select the expiration date for which you want to view the options data. The expiration dropdown menu includes all available expiration periods from the front month to the further months. Each expiration shows the days to expiration (DTE) in brackets. Weekly or quarterly options will be designated with a (W) or (Q), respectively.

The options chain is displayed as a table where you have the contract, last trading date, strike price, bid, bid size, ask, ask size, mid-price, volume, open interest (OI), implied volatility (IV), delta, theta, gamma, vega, and rho.

If that's too much data, uncheck the Show All Columns button to see fewer columns. Your choice.

4— Strike Range. You probably only want to view the strike prices closer to the at-the-money (ATM) strike. This is where the Strike Range bar comes in handy. Say you want to view five strikes above and below the ATM strike. Here's how to do it.

• Slide the left blue dot toward the center of the bar.

• Slide the right blue dot toward the center of the bar.

• If you want to see fewer or more strikes, adjust the position of the blue dot.

How can you use this data? If you're interested in trading calls or puts via covered calls, cash-secured puts, or protective puts, the list view may be helpful since you're only focused on OTM puts and calls.

Looking at Put and Call Data Side by Side

If you're considering trading options spreads, you may prefer the Straddle View, which displays call and put data side by side, arranged by strike prices.

• Select the Straddle View

• The data is similar to what was in the List View.

• Seeing the put and call data side by side can be helpful when you trade vertical spreads, calendar spreads, or straddles.

Even if you don't trade options, you can still view the options data on a stock you're considering adding to your portfolio. Open interest and volume give you an idea of which options have the most activity. You could also look at implied volatility (IV%) before an earnings announcement to understand how volatile the underlying security will likely be.

StockCharts members can add the options data to their ChartLists and/or create alerts based on options price action.

Viewing ChartLists in Options View

Members can also view the symbols in their ChartLists using the Options Summary. From Your Dashboard, select Options from the View As dropdown next to the ChartList you wish to view. Alternatively, you can switch to Options View from other ChartList formats, such as Summary, Gallery View, or CandleGlance. Select Options from the View List As dropdown.

The Options View will display detailed options data about each symbol in your ChartList, one at a time. Above the chart, you can use the Select List dropdown to choose a different ChartList to view. Use the Select Chart dropdown to choose a specific symbol in the ChartList to display. The arrow buttons on either side of this dropdown menu allow you to quickly cycle through the ChartList's contents.

You can add or edit notes for the entire ChartList by clicking the ChartList Notes box at the bottom of the screen. Click the Save button once you've made your changes. For more editing functionality, use the Edit List button at the top of the screen to load the ChartList in Edit View.

The Delete List and New List buttons can delete the current ChartList and create a new ChartList, respectively.

OptionsPlay Explorer

Members who have purchased a subscription to the OptionsPlay Add-on can also access the OptionsPlay Explorer tool to research the best options strategies for a particular stock, customize the strategy to fit their time horizon and risk profile, then copy detailed trade plans to their brokerage account.

To access the OptionsPlay Explorer from the Options Summary or Options View, load the options chain for the ticker symbol you want to assess, then click the link in the blue OptionsPlay banner above the options chain table.

Note: Members who have not subscribed to the OptionsPlay Add-On can still see the OptionsPlay Explorer, but will only be able to analyze AAPL, not any other ticker symbol.

Helpful Resources

The following is a brief synopsis of some options terminology.

Strike price. This is the price at which the options owner has the right to buy or sell the underlying security. It's also the price at which an option can be exercised.

Open Interest (OI). The number of open, active contracts for the underlying security. A high open interest means the contract is more liquid.

Implied Volatility (IV). The forecasted movement of the underlying security's price on an annual basis.

Delta. How much the price of an options contract is likely to change if the underlying security moves by one point, all else equal.

Theta. The value of theta represents how much the price of an option decays as time passes one calendar day.

Gamma. A measure of the approximate change in the delta of an option relative to the change in price of the underlying, all else equal.

Vega. A measure of the change in an option's price relative to a 1% change in IV.

Rho. The value of rho indicates how much an option will lose or gain when there's a 1% change in the risk-free interest rate.

Integrated directly into the SharpCharts Workbench, StockChartsACP, Options Summary, and Options View, the OptionsPlay Explorer tool generates powerful options trading strategies and income-generating ideas for any underlying optionable stock.

A Profit & Loss (P&L) graph is shown for each strategy, allowing users to visually assess risk and reward. Trade metrics like max reward, max risk, probability of profit, and breakeven are provided for each strategy. Each strategy is explained in plain English, in order to make it more accessible for those new to options trading.

Each options trading strategy can be customized by changing the strike price, expiration date, type (call/put), action (buy/sell), or the number of contracts. Simulation tools allow users to simulate different market conditions by adjusting the target price, date, and implied volatility. Once you're ready to trade, the OptionsPlay Explorer will produce a summary of trade orders needed to execute the strategy, which can be copied into your brokerage account.

The OptionsPlay Explorer is part of the OptionsPlay Add-On subscription that members can purchase from the StockCharts Marketplace. Members who have not subscribed to the add-on can still see the OptionsPlay Explorer, but will only be able to analyze AAPL, not any other ticker symbol.

Accessing the OptionsPlay Explorer

The OptionsPlay Explorer is available in four areas within StockCharts:

SharpCharts

To access the OptionsPlay Explorer from the SharpCharts Workbench, create a chart for the ticker symbol you want to assess. From there, open the Options panel below the chart and click the OptionsPlay button.

StockChartsACP

To access the OptionsPlay Explorer from ACP, create a chart for the ticker symbol you want to assess, then open the drawer at the bottom of ACP and click the Options tab. Once there, click the OptionsPlay button at the top of the drawer.

Options Summary/View

To access the OptionsPlay Explorer from Options Summary or Options View, load the options chain for the ticker symbol you want to assess, then click the "click here" link in the blue OptionsPlay banner above the options chain table.

Reviewing Trading Strategies

When the OptionsPlay Explorer is opened, it automatically generates three optimal strategies for your selected stock, shown on the Trade tab of the tool. These strategies are based on the stock's current price action, trend, and implied volatility.

Bullish strategies are shown by default, but you can use the settings at the top of the tool to generate bearish or high implied volatility strategies instead.

For each strategy, a Profit and Loss (P&L) Graph is shown, which visually illustrates the potential outcomes of each strategy. The red and green areas represent potential loss and profit zones, making it easy to understand your risk/reward at a glance.

Below the graph is the expected profit and return for the strategy, as well as the OptionsPlay score for the strategy. The score ranges from 0 to 250, and is color-coded based on whether the strategy has an above-average (green), average (yellow), or less-favorable (red) risk/reward.

Click in the area below the P&L Graph to see more detailed metrics for each strategy:

• Cost: The net debit or credit for the trade using current bid/ask quotes.

• Max Reward: The maximum potential profit for the entire strategy.

• Max Risk: The maximum potential loss for the strategy.

• Probability of Profit (POP): The probability of the strategy being profitable at expiration, i.e., at least $0.01 in profit.

• Breakeven: The price point where the strategy will start to make or lose money.

• Days to Expiry: Number of days until the options contract expires.

Each strategy is also explained in simple, easy-to-understand terms on the Plain English tab at the bottom of the tool, removing the complexity often associated with options trading. For example, a Covered Call strategy would be described as: “If AAPL is above $175 at expiration, you will sell your shares at $175 and keep the premium collected.”

Customizing Trading Strategies

To adjust the strategy to better suit your trading preferences, click the Modify button next to that strategy. There are several parameters you can change for each leg of the strategy:

• Strike Price: You can adjust the strike price up or down based on your outlook or risk appetite.

• Expiration Date: Select an expiration that aligns with your trading horizon, from short-term opportunities to longer-term strategies.

• Number of Contracts: Input how many contracts you want to trade based on your desired level of exposure or risk.

You can also add or delete legs from the strategy.

Once you are done customizing the strategy, click on one of the other tabs below the chart to close the modifications tab. The key metrics for that strategy will be updated to reflect any modifications you made.

Analyzing Trading Strategies Using Simulations

To further analyze your strategy, the OptionsPlay Explorer offers several simulation tools to help you understand how the trade might perform under different market conditions.

P&L Simulator

This tool allows you to simulate various price points and dates to see how your trade would perform under different market scenarios.

Click the P&L Simulator tab at the bottom of the tool. You can change the target price, target date, and even volatility assumptions, and the P&L Simulator will re-calculate both dollar and percentage returns for each strategy.

You can adjust the implied volatility slider to forecast hypothetical profit or loss based on changes in volatility. This is especially useful when trading options on stocks with high or fluctuating volatility.

Risk/Investment Calculator

This tool helps you compare the number of shares you could buy versus how many options contracts you could trade based on your available capital. For example, if you have $10,000 available, the widget will calculate how many shares or options contracts you can trade and display the corresponding strategies.

Click the Risk and Investment Calculator tab at the bottom of the tool, then enter the amount you want to invest or risk. Click the Calculate button to update each strategy with the number of contracts that you could trade.

Trading Range Simulator

This simulator allows you to see the expected price range of the underlying stock based on its volatility. It visually represents the 1 and 2 standard deviation moves of the stock price, helping you gauge how likely it is for the stock to reach your target price.

Click the Trading Range Simulator tab at the bottom of the tool, then adjust the trading range using the slider buttons at the bottom of the range, or by typing the prices in the boxes at the top of the tab.

Reviewing Income-Generating Strategies

In addition to trading strategies, the OptionsPlay Explorer includes an Income Tab, specifically designed for income-generating strategies. When this tab is accessed, the OptionsPlay Explorer automatically generates two key strategies for your selected stock: a Covered Call and a Short Put strategy.

Covered Call Strategy

For traders who already own shares, the widget suggests the best Covered Call opportunities, complete with the optimal strike and expiration. Key metrics such as net credit, max reward, max risk, and the probability of the call expiring worthless are displayed, along with a clear P&L chart to visualize the strategy's potential performance.

To view the Covered Call strategy, toggle the "Own shares" setting at the top of the tool to "Yes", then enter the number of shares and the cost basic in the boxes to the right. The strategy will be adjusted to show how many contracts you can sell based on your position size.

Short Put Strategy

For those looking to potentially acquire stock at a lower price, the Short Put strategy is also shown in the tool, along with similar metrics and visual aids. The strategy is explained in plain English, showing when it will profit and the total risk exposure.

To view the Short Put strategy, toggle the "Own shares" setting at the top of the tool to "No".

Customizing Income-Generating Strategies

As with the trading strategies, these income-generating strategies are customizable. You can adjust the strike price, expiration date, and number of contracts to fit your income goals and risk tolerance. Simply click the Modify button next to the strategy to start customizing.

Preparing to Place Your Trade

Whether you're focusing on trading strategies or income-generating strategies, you will be ready at some point to execute on the strategy and place a trade. The OptionsPlay Explorer makes it easy to copy all the trade information to your brokerage platform.

Once you’ve reviewed and customized the trade, and are comfortable with the potential risk/reward, click the Trade button within the widget.

This action populates a trade ticket with all the relevant details (symbol, strike price, expiration date, number of contracts) for you to copy into your brokerage platform for execution.

Final Thoughts

The OptionsPlay Add-On assists you through the entire process, from trade idea to trade execution. OptionsPlay provides hundreds of trade ideas in its read-only OptionsPlay ChartLists; the OptionsPlay Strategy Center to help you narrow it down to a few optimal trading ideas that really fit your trading style; and finally, the OptionsPlay Explorer to do a deep-dive into those best trading ideas, analyzing possible outcomes, refining your trading plan and getting ready to execute the trade.