I want to share with you how to customize this trade panel and trade grid.
So let’s say you have a position on McDonald’s.
When you look at these trade panels and trade grids, there’s a lot of ways to customize it. As a basic setup, you’ve got the calls on the left side and you’ve got the puts on the right side.
So this is the way that it operates. I always have it on a single.
But you could transform it more to verticals, calendars
I don’t usually do it but just to let you know that there is a choice to do that. If this is what you like I would say option but that may confuse some people. So I will say this is your prerogative if you want to kind of mix and match those things. I always leave it at single for now. It just makes chart reading a lot easier. You could go from five strikes.
If you just want to see five strikes from the money and over 10 strikes. Sometimes you could just go 999 and that’ll open things up.
If you want to open everything up real quick. So let’s say I’m doing like one quick strike to just see something.
Then what I can do is hit this arrow over here.
It’ll open everything up and that way I could just look what is the last and net.
If I want to change these columns, this is the customization I wanted to share with you. So here when you look at it you could change these columns.
You can also look at let’s say an instrument options code.
You could check out the delta
You can also change it to how many people are kind of trading or how many contracts are being traded. So here it is the basic open interest.
You can see the contract number on open interest. How many contracts are traded in this strike price.
So that’s kind of what’s going on on of course. Now that’s kind of cool because if you’re making trade decisions based on delta, I could go ahead and have delta. I want to see open interest maybe. So I want to choose something related to delta.
If you don’t know what delta is, it is the rate of change for every one dollar move in the stock price. It could also be used as a hedge. It could also be used as a probability analysis.
So as we look to these things, some people make trade decisions based on delta. Other people look at open interest. Some people like to look at the theta.
How much time value will you be losing?
So here’s another interesting thing, I want to see delta, I want to see theta and how much time value will I lose by buying that single option. Now if you’re a seller, that’s how much you would make.
You just do the inverse of it, right?
So here’s what’s cool, you could customize this however you want. When you go to layout here, there’s a few predetermined things — Last X, Net Change.
Then what you can do is go to Theo price, Mark. So you could kind of see that volume and open interest.
You can see what’s traded today versus a kind of a total. You could also look at implied volatility, probability out of the money and delta.
Now you could do three columns. Here’s what I like is when you start getting into position.
This is pretty interesting, right? Because you could go ahead and go two four columns Now this starts making things busy.
When I go into things that are even more intense, here’s what’s amazing about it. You can see you have a position column.
Here, I’ve got negative 50 contracts on that 190 strike. So I have a position, delta, probabilities and implied volatility.
You don’t have to have all these. You could have, let’s say, just three columns. So you choose this three column version.
Maybe you don’t need the Probability out of the money (OTM) because it’s similar to delta. What you do is you could change this to, let’s say, position
Now you could see my position, implied volatility and the delta. Then you can do the same thing on the other side.
You’ve got position implied, volatility and delta and that’ll just mirror that over. This is what’s fantastic about it. You see that and as you scroll down, you can see my other position 50 contracts in that delta.
If you want to save this layout, you could save this layout as right here.
You also have a customize button. You can delete that layout.
Of course they do have those pre-filled values which you could get like four columns in there. The bid and ask are always going to be there. But you could really just customize the delta and gamma. I don’t really look at gamma initially.
You’ll look at gamma later on but not as a starting position. I might look at the delta. Also, I might not look at the theta. So let’s say basic quote
Maybe I want to open interest. So I got a delta open interest.
I might also want to look at position.
Some people may want to look at vega. Other people might want to look at high-low volume.
It’s a matter of your personal perspective.
The point being is you could customize it to whatever your heart desires. So go ahead and check out some of these things that you could do. Just take a look at all these things that’ll pop up. You can really just take your pick on what is it that you want to do when it comes to this option chain. How you want to customize it and I think that’s really fantastic and powerful. Then what you can do is hop from making a decision because I need something based on the delta, so I could quickly hop on over to my position — where it has delta, gamma, theta, vega.
There’s my deltas and I can just quickly scroll through and check out a delta. If I need to switch to looking at implied volatility.
If I need to quickly switch to volume
All of these can be customized based on your personal needs, screen real estate and in trading style. That’s what I wanted to show you. It’s not that one layout is better than the other, it’s just that which one do you like better.
How do you want it to fit in your trading and just understand you could have many more columns there to really see the values that you want to see.
