Option Sheet

1. Properties Opens the properties for the Option Sheet window. Click here for more information.
2. Add a New Sheet Opens a sheet selection window that allows a new Option Sheet for any product to be added to the multi-sheet window.
3. Expand/Collapse Toolbar Toggles between full toolbar view and limited view. Icons to be seen in the limited view can be chosen from the general options settings in the main CTS toolbar.
4. Sort DTE Arranges option sheets in order of shortest to longest Days to Expiration (DTE).
5. Views Changes the view for all Option Sheets in workspace.
6. Solver Shortcut Opens a new Option Strategy Solver window.
7. Click Trading Mode When this icon is colored in, click trading from the Option Sheet will result in a new contract window opening for the selected option. When this icon is grey, click trading from the Option Sheet will result in a price prompt opening for the selected option, shortening the time to order submission. Note that for strikes that lack sufficient market data, such as a bid or offer, a contract window will open in lieu of a price prompt.
8. Center All Sheets to ATM Strike Centers all Option Sheets within the multi-sheet window to the relevant At-the-Money (ATM) strike.
9. Delete Sheet Removes the selected Option Sheet from the multi-sheet window. Note that this does not delete any volatility or skew fitment information for that particular month.
10. Move Sheet Up/Down Moves the selected Option Sheet up or down relative to the other sheets within the multi-sheet window. For vertical sheets, these arrows will point left and right.
11. Product and Expiry Describes the product and expiration that this particular sheet refers to. In the image above, this is E-mini S&P Options (ES) March 2016 expiry (H16).
12. Model Management This icon opens the Model Management window, which is the core of the Option Sheet. For information about the Model Management window, click here. The right side of this icon has a small arrow that opens a drop down menu. From this menu several new windows can be opened.
13. Series Name Displays the analysis series being used by this Option Sheet.
14. Center This Sheet to ATM Strike Centers only this Option Sheet to the At-the-Money (ATM) strike.
15. Expiration List This list displays the option expiration currently viewed in the Option Sheet and serves as the expiration selection tool to change the month for the sheet. It can be viewed as a drop down list (pictured) or as a tab strip. This setting is changed in the general option settings under Option Sheet Formats.
16. Market Mode The color of this button indicates the current market state, i.e. green indicates an open market. Clicking this button displays a pop up with market information pertaining to the underlying futures contract.
17. Underlying Futures Displays the underlying futures for the selected option expiration. Clicking this box opens a contract window for the corresponding futures.
18. Underlying Bid/Offer Size The volume in the best bid/offer for the underlying futures. Clicking these boxes will open a price prompt window that will either join or hit the chosen side, depending on the selection made in the global options click trading settings. Note that right clicking will do the opposite, i.e. right clicking will "hit" if left clicking "joins."
19. Underlying Bid/Offer Price The price in the best bid/offer for the underlying futures. Clicking these boxes will open a price prompt window that will either join or hit the chosen side, depending on the selection made in the global options click trading settings. Note that right clicking will do the opposite, i.e. right clicking will "hit" if left clicking "joins."
20. Underlying Net Change The net change of the underlying futures based on prior settlement and last trade.
21. Underlying Settlement The prior settlement of the underlying futures.
22. Underlying Price Mode Visual identifier for the price type used for sheet calculations. When grey with an orange background, a static price is being used. Clicking on this button in this state will return the sheet to the default live price type. Live price types can be selected from the model management window. Read more about model management here.
23. Underlying Sheet Price This is the underlying futures price used for sheet calculations. If this box has an orange background, a static price is being used. If this box has a grey background, a live price feed is being used. Clicking on this box will open a price selection window that enables the selection of a different price or a reversion to the live price feed. The green and red arrows to the left and right of this box will raise and lower the sheet price by 1 minimum tick increment per click.
24. Sheet Volatility This is the volatility at the reference price listed in the model management window. The green and red arrows to the left and right of this box will raise and lower all strike volatilities for this expiration by the volatility increment chosen in model management. Clicking on this box directly will open a new window that allows for specific adjustments of volatility. The up and down arrows in this new window will raise and lower all strike volatilities for this expiration by the shown increment. When changed, this increment will also serve as the new increment for the red and green quick volatility adjustment arrows. Prior to the change taking effect from this new window, the selected change, new volatility, and new at-the-money straddle value will be displayed. The changes can then be applied or discarded.
25. ATM Straddle Value This is the theoretical value of the At-the-Money (ATM) straddle. Clicking on this box will open a new window that allows for specific adjustments of theoretical ATM straddle value. Prior to the change taking effect from this new window, the selected volatility change, new volatility, and new at-the-money straddle value will be displayed. The changes can then be applied or discarded. Note that this adjustment, while originating from the ATM straddle value change, will adjust all strike volatilities for this expiration by the same amount.
26. DTE Days to Expiration (DTE) for the options in the current sheet.
27. Sheet Navigation Clicking these arrows moves through the option sheets without changing their order. Vertical sheets will have left and right arrows.
28. Sheet Navigation List of the option sheets currently contained within the multi-sheet. Clicking a specific sheet will move the view to the selected sheet. Sheets within the current view are shaded.

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