Option Sheets Formats

Left click on the plus to expand or click the minus to minimize the category, then click in the value area of the categories below to easily format your current Option sheet view.

General

• Headers:

  Details:

  • Under descriptions length choose: none (hide), short, medium, or long.
  • Under Call/Put on left choose: placing a C for call or P for put on the left or right side of the description.
  • Under Use Call/Put Character choose use a symbol to represent the C (call) and P (put).
• Zoom:

  Configure:

  • Press up and down arrows to adjust.
  • Type in the zoom rate.

  Details:

  • The format for percentages are in decimal form.
  • example: .65 = 65%, 1 = 100% .
  • zoom minimum is .60.
  • zoom maximum is 3.00.
• Margins: The space between cell text and the border.

Disable Percision

• Theoretical Value: Disable the precision for the theoretical value on the option sheet.

Toolbars

• Month Selection Type: Choose between a pull down or a tab strip method to change the viewable month on the option sheet.
• Future Toolbar: Choose how to configure the the futures toolbar.
• Options Toolbar: Choose how to configure the options toolbar.

Inventory

• Call & Put: Formatting options for the call and put inventory.
• Strike Net: Formatting options for the strike net inventory.

Theoreticals

• Format Individual Months:
  • CHECKED BOX:this allows each month to be formatted individually.
  • UNCHECKED BOX:this allows all months to be formatted the same.
• Price: Formatting options for theoretical price.
• Straddle: Formatting options for theoretical straddle price.
• Delta: Formatting options for theoretical delta.

Electronic Options

• Working Orders: Formatting options for working orders.
• Price: Formatting options for bid and offer price.
• Volatility: Formatting options for bid and offer volatility.
• Size: Formatting options for bid and offer size.
• Edge: Formatting options for edge.

  Details:

  • Definition of Negative Edge = is when the bid difference or offer difference is less than the configured Edge Level (relative to the theoretical price).
  • Definition of Positive Edge = is when the bid difference or offer difference is greater than the Edge Level (relative to the theoretical price).
  • Definition of Edge for Bid = is the difference between the configured Edge Level (relative to the theoretical price) and bid price.
  • Definition of Edge for Offer = is the difference between the configured Edge Level (relative to the theoretical price) and offer price.
  • To set the edge levels = Press the Series button , in the Volatlity tab, in the Heap Map Edge Level group.
• Show Negative Edge: Show the negative edge on the sheet.

  Details:

  • CHECKED BOX = shows both negative and positive edge.
  • UNCHECKED BOX = shows only positive edge.
  • Definition of Negative Edge = is when the bid difference or offer difference is less than the configured Edge Level (relative to the theoretical price).
  • Definition of Positive Edge = is when the bid difference or offer difference is greater than the Edge Level (relative to the theoretical price).
  • Definition of Edge for Bid = is the difference between the configured Edge Level (relative to the theoretical price) and bid price.
  • Definition of Edge for Offer = is the difference between the configured Edge Level (relative to the theoretical price) and offer price.
• Last Trade: Formatting options for last trade.
• Price Over or Under Theo: Formatting options for last trade price and placed over or under the theoretical price.

  Details:

  • if the last trade is GREATER THAN the theoretical price = places last trade OVER the theoretical
  • if the last trade is LESS THAN the theoretical price = places last trade UNDER the theoretical
• Diff Over Under Theo: Formatting options for the difference of last trade price from the theoretical price and placed over or under the theoretical price.

  Details:

  • if the last trade is GREATER THAN the theoretical price = the difference between the last trade price and theoretical price is placed OVER the theoretical
  • if the last trade is LESS THAN the theoretical price = the difference between the last trade price and theoretical price is placed UNDER the theoretical
• Last Trade Volume: Formatting options for last trade's volume.

Analytics

• Volatility: Formatting options for Volatility.

  Details:

  • Definition of Volatility = The measure of future's movement for 1 standard deviation.
  • To show on the sheet = On the properties in the Views tab.
  Formating Options:
  • back color
  • font color
  • font size
  • font style
  • decimal places
• Vega: Formatting options for Vega.

  Details:

  • Definition of Vega = The change to the options extrinsic value. (time premium) given a 1% change to volatility
  • To show on the sheet = On the properties in the Views tab.
  Formating Options:
  • back color
  • font color
  • font size
  • font style
• OEV Formatting options for OEV.

  Definition:

  • OEV = Vega based option equivalence.
  • Equivalent number of ATM (at the money) options based on Vega.
  • This expresses vega in terms of number of ATM options.

  Example:

  If your OEV is equal to -5.8 means it is equivalent to being short 5.8 at the money options in terms of vega. Buying 5.8 atm options would flatten the vega risk.

  Details:

  • To show on the sheet = On the main properties in the Views .
  Formating Options:
  • back color
  • font color
  • font size
  • font style
  • decimal places
• Gamma: Formatting options for Gamma.

  Details:

  • Definition of Gamma = The change to the delta given a change to the future's price.
  • To show on the sheet = On the properties in the Views tab.
  Formating Options:
  • back color
  • font color
  • font size
  • font style
  • decimal places
• OEG: Formatting options for OEG.

  Definition:

  • OEG = Gamma based option equivalence.
  • Equivalent number of ATM (at the money) options based on Gamma.
  • This expresses gamma in terms of number of ATM options.

  Details:

  • To show on the sheet = On the main properties in the Views .
  Formating Options:
  • back color
  • font color
  • font size
  • font style
  • decimal places
• Theta: Formatting options for Theta.

  Details:

  • Definition of Theta = The change to the options extrinsic value (time premium) given a 1 day change to days to expiry.
  • To show on the sheet = On the properties in the Views tab.
  Formating Options:
  • back color
  • font color
  • font size
  • font style
• OET: Formatting options for OET.

  Definition:

  • OET = Theta based option equivalence.
  • Equivalent number of ATM (at the money) options based on Theta.
  • This expresses Theta in terms of number of ATM options.

  Details:

  • To show on the sheet = On the main properties in the Views .
  Formating Options:
  • back color
  • font color
  • font size
  • font style
  • decimal places
• Slope Premium: Formatting options for Slope Premium.

  Example:

  • If slope premium is 15 means: if you added 15 ticks to the theoretical price it would be on a flat slope.

  Details:

  • Definition of Slope Premium = The number of ticks that the price of the option would need to change by in order to get to a flat slope.
  Slope premium formatting options.
  • back color
  • font color
  • font size
  • font style
  
  

Settlement Information

• Theo at Fut Settle: Formatting options for theoretical at future's settlement.
• Theo Vol at Fut Settle: Formatting options for theoretical volatility at future's settlement.

  Details:

  • Theoretical volatility at future's settle = (Vol at Fut Settle) Your volatility for the option given the futures settlement.
• Settle's Vol: Formatting options for Settlement's Volatility.

  Details:

  • Settlement's volatility = (Settle's Vol) The implied volatility given the option's settlement.
• Settle's Vol-Theo Vol at Fut Settle: Formatting options for settlement volatility difference from volatility at future's settlement.

  Details:

  • Settlement's volatility = (Settle's Vol) The implied volatility given the option's settlement.
  • Volatility at settle = (Vol at Fut Settle) Your volatility for the option given the futures settlement.
• Settle Theo at Fut Settle Over: Formatting options for settlement over theoretical price at future's settlement.
• Settle Theo at Fut Settle Under Formatting options for settlement under theoretical price at future's settlement.
• Settle- Theo Over Theo: Formatting options for settlement less theoretical price and is greater than the theoretical price .
• Settle- Theo Under Theo: Formatting options for settlement less theoretical price and is less then the theoretical price .
• Settlement: Formatting options for settlement.

Market Information

• Net Change: Formatting options for net change.
• Total Trade: Formatting options for total traded volume for the day .
• Open Interest: Formatting options for open interest.
• Open Interest Net Change: Formatting options for open interest's net change .

Miscellaneous

• Strike: Chooses formats for the strikes and Separator for the options.

  Also Known As of Strike Price:

  • Exercise price
  • Strike
• Second Strike: Chooses formats for the second set of strikes for the options.

  Also Known As of Strike Price:

  • Exercise price
  • Strike
• Seperator: Chooses formats for the separator for the options.

  Details:

  • The separator is a blank line than can be used to separate parts of the sheet.

  Also Known As of Strike Price:

  • Exercise price
  • Strike

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