A reading specimen
Chain Reader
One invented option chain, read column by column. Every number below belongs to it; none describes a real index, and none is a signal.
Sample Indexspot 4,865.00previous close 4,851.00expiry in 14 dayslot 45 unitsall figures invented
The specimen chain
| Calls | Puts | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 8 | 7 | 6 | 5 | 4 | 3 | 2 | 1 | ||
| OI | Chng in OI | Volume | IV | LTP | Chng | Bid | Ask | Strike | Ask | Bid | Chng | LTP | IV | Volume | Chng in OI | OI | ||
| call in the money | 22,550 | 0 | 17,200 | 14.86 | 173.05 | +11.15 | 172.70 | 173.40 | 4,700 | 8.40 | 7.70 | −2.85 | 8.05 | 14.86 | 31,000 | 0 | 40,600 | |
| call in the money | 39,950 | +1,450 | 37,250 | 14.45 | 130.10 | +9.60 | 129.80 | 130.40 | 4,750 | 15.40 | 14.80 | −4.40 | 15.10 | 14.45 | 67,100 | −1,450 | 71,900 | |
| call in the money | 27,200 | +2,900 | 32,600 | 14.03 | 91.70 | +7.70 | 91.50 | 91.90 | 4,800 | 26.90 | 26.50 | −6.30 | 26.70 | 14.03 | 58,700 | −2,900 | 49,000 | |
| call in the money | 30,400 | +4,350 | 50,850 | 13.62 | 59.55 | +5.60 | 59.40 | 59.65 | 4,850 | 44.65 | 44.40 | −8.40 | 44.55 | 13.62 | 91,550 | −4,350 | 54,700 | |
| 52,300 | −4,350 | 75,550 | 13.21 | 34.80 | +3.60 | 34.65 | 34.95 | 4,900 | 69.95 | 69.65 | −10.40 | 69.80 | 13.21 | 41,950 | +4,350 | 29,050 | put in the money | |
| 47,050 | −2,900 | 50,600 | 12.80 | 17.85 | +2.00 | 17.60 | 18.10 | 4,950 | 103.05 | 102.60 | −12.00 | 102.85 | 12.80 | 28,150 | +2,900 | 26,150 | put in the money | |
| 69,300 | −1,450 | 59,400 | 12.39 | 7.75 | +0.85 | 7.45 | 8.05 | 5,000 | 143.05 | 142.45 | −13.15 | 142.75 | 12.39 | 33,000 | +1,450 | 38,500 | put in the money | |
| 39,250 | 0 | 27,950 | 11.98 | 2.75 | +0.30 | 2.40 | 3.10 | 5,050 | 188.10 | 187.40 | −13.70 | 187.75 | 11.98 | 15,500 | 0 | 21,800 | put in the money | |
The specimen: calls on the left, puts on the right, strikes in the middle. Each numbered mark jumps to its entry in the legend below.
On a narrow screen this table scrolls sideways; the strike column is in the middle.
- 1OI Open interest: contracts still open
- 2Chng in OI Change in open interest since the previous day
- 3Volume Contracts traded today
- 4IV Implied volatility, % a year
- 5LTP Last traded price, per unit
- 6Chng Change in LTP since the previous close
- 7Bid Best price a buyer is offering
- 8Ask Best price a seller is asking
- 9Strike The price the option is written at
- Shaded half-rows In the money: calls below spot, puts above
Read it in this order
What a chain does not tell you
- Who holds which side of an open contract, or why.
- Where the index will go.
- The price you would get: that is set by the bid and ask when you trade.