Introduction to the Options Menu

The Options menu provides the user with a comprehensive set of tools for analyzing equity options. This guide provides an overview of the menu and demonstrates commands in context. Using this menu correctly will require understanding terminology and math specific to the asset class. Wikipedia is a great resource for definitions and for learning about the mechanics of derivatives, read it here. These are complex, leveraged, financial instruments requiring specialized knoweledge and a different frame-of-mind than the approach of an equities long-only investor. Always conduct thorough due diligence.

Submenus Available

At the bottom of the menu, and near the top, there are items prefaced with >. Like everywhere else in the OpenBB Terminal, this indicates the presence of a submenu.

  • screen is a dedicated options screener that uses .ini files from the local installation folder /OpenBBTerminal/openbb_terminal/stocks/options/presets/. Refer to the Options Screener Guide here.

  • pricing is another method for calculating options prices. See the guide for this submenu here.

  • hedge is a group of features for calculating a delta-neutral position. The guide for this submenu is located here.

How to use the Options Menu

Navigate to the menu by typing options, from the Stocks menu, and then pressing enter. Alternatively, absolute path navigation can jump straight there, from anywhere. /stocks/options

The Options Menu

Market Coverage and Data Sources

At the time of writing, OpenBB is able to provide coverage only for US-listed equity and ETF options. While not officially supported, some additional markets and index options may be accessible with yFinance as the source. Coverage will be added as the product grows to incorporate more community contributions but, for now, it is safe to generalize equity options as referring to US-listed companies on a major exchange and are priced in $USD.

By default, the Terminal loads a ticker using Tradier as the source. It’s not perfect but the price is right. Sign up for a free developer account and then enter that token using the keys function. Alternatively, there is a choice to use yFinance data sets by attaching the argument as shown below. Help dialogues are displayed for any command by adding -h to the string. It is worth noting that this load command is different than the load command elsewhere.

(๐Ÿฆ‹) /stocks/options/ $ load -h
usage: load [-t TICKER] [--source {tradier,yf}] [-h]

Load a ticker into option menu

optional arguments:
  -t TICKER, --ticker TICKER
                        Stock ticker (default: None)
  --source  {tradier ,yf}    Tradier or Yahoo Finance (default: tr)
                        Source to get option expirations from (default: None)
  -h, --help            show this help message (default: False)

Having the working foundation of knowledge will make most commands, as pictured above, somewhat intuitive. -h is attachable to any command to print the help dialogue in the Terminal. Refer to the user documentation for details on any individual feature. Browse the commands on the left side of the page to read about any particular command.

Examples

To begin, a ticker must be loaded with an expiration date selected. Enter these commands to display the list of expiration dates for AAPL options chains.

(๐Ÿฆ‹) /stocks/options/ $ load aapl

(๐Ÿฆ‹) /stocks/options/ $ exp

   Available expiry dates
โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”ณโ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”“
โ”ƒ Identifier โ”ƒ Date       โ”ƒ
โ”กโ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ•‡โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”ฉ
โ”‚ 0          โ”‚ 2022-05-20 โ”‚
โ”œโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ผโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ค
โ”‚ 1          โ”‚ 2022-05-27 โ”‚
โ”œโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ผโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ค
โ”‚ 2          โ”‚ 2022-06-03 โ”‚
โ”œโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ผโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ค
โ”‚ 3          โ”‚ 2022-06-10 โ”‚
โ”œโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ผโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ค
โ”‚ 4          โ”‚ 2022-06-17 โ”‚
โ”œโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ผโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ค
โ”‚ 5          โ”‚ 2022-06-24 โ”‚
โ”œโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ผโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ค
โ”‚ 6          โ”‚ 2022-07-01 โ”‚
โ”œโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ผโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ค
โ”‚ 7          โ”‚ 2022-07-15 โ”‚
โ”œโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ผโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ค
โ”‚ 8          โ”‚ 2022-08-19 โ”‚
โ”œโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ผโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ค
โ”‚ 9          โ”‚ 2022-09-16 โ”‚
โ”œโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ผโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ค
โ”‚ 10         โ”‚ 2022-10-21 โ”‚
โ”œโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ผโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ค
โ”‚ 11         โ”‚ 2022-11-18 โ”‚
โ”œโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ผโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ค
โ”‚ 12         โ”‚ 2022-12-16 โ”‚
โ”œโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ผโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ค
โ”‚ 13         โ”‚ 2023-01-20 โ”‚
โ”œโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ผโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ค
โ”‚ 14         โ”‚ 2023-03-17 โ”‚
โ”œโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ผโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ค
โ”‚ 15         โ”‚ 2023-06-16 โ”‚
โ”œโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ผโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ค
โ”‚ 16         โ”‚ 2023-09-15 โ”‚
โ”œโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ผโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ค
โ”‚ 17         โ”‚ 2024-01-19 โ”‚
โ”œโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ผโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ค
โ”‚ 18         โ”‚ 2024-06-21 โ”‚
โ””โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ดโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”˜

Choose an expiration date with the corresponding Identifier value on the left.

(๐Ÿฆ‹) /stocks/options/ $ exp 16
Expiration set to 2023-09-15

Setting the chain for analysis will change the text colour at the bottom of the Options menu. These commands require loaded data.

The Options menu with a loaded ticker and expiration date

The info command displays a table of notable statistics.

(๐Ÿฆ‹) /stocks/options/ $ info

                Options Information
โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”ณโ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”“
โ”ƒ Info                  โ”ƒ Value                   โ”ƒ
โ”กโ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ•‡โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”โ”ฉ
โ”‚ Implied Volatility    โ”‚   38.07%  (  -1.48%)    โ”‚
โ”œโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ผโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ค
โ”‚ Historical Volatility โ”‚   42.90%                โ”‚
โ”œโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ผโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ค
โ”‚ IV Percentile         โ”‚   95%                   โ”‚
โ”œโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ผโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ค
โ”‚ IV Rank               โ”‚   78.41%                โ”‚
โ”œโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ผโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ค
โ”‚ IV High               โ”‚   43.37% on 04/26/22    โ”‚
โ”œโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ผโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ค
โ”‚ IV Low                โ”‚   18.80% on 06/11/21    โ”‚
โ”œโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ผโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ค
โ”‚ Put/Call Vol Ratio    โ”‚  0.81                   โ”‚
โ”œโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ผโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ค
โ”‚ Today's Volume        โ”‚  2,045,793              โ”‚
โ”œโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ผโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ค
โ”‚ Volume Avg (30-Day)   โ”‚  1,293,501              โ”‚
โ”œโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ผโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ค
โ”‚ Put/Call OI Ratio     โ”‚  0.88                   โ”‚
โ”œโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ผโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ค
โ”‚ Today's Open Interest โ”‚  8,226,541              โ”‚
โ”œโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ผโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ค
โ”‚ Open Int (30-Day)     โ”‚  7,576,733              โ”‚
โ””โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”ดโ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”€โ”˜

An adjustable-period put/call ratio chart is called according to the timeline selected by the user.

  • Length of 180 days:
(๐Ÿฆ‹) /stocks/options/ $ pcr 180

180 day window for put/call ratio

  • Length of 90 days:
(๐Ÿฆ‹) /stocks/options/ $ pcr 90

90 day window for put/call ratio

  • Length of 30 days:
(๐Ÿฆ‹) /stocks/options/ $ pcr 30

30 day window for put/call ratio

  • Length of 10 days:
(๐Ÿฆ‹) /stocks/options/ $ pcr 10

10 day window for put/call ratio

The chain’s open interest and current volume can be visualized with, voi

(๐Ÿฆ‹) /stocks/options/ $ voi

Volume & Open Interest

The chains command will display pricing, volume, open interest, and greeks data as a snapshot.

(๐Ÿฆ‹) /stocks/options/ $ chains

chains command

Narrow the focus with min/max filters:

(๐Ÿฆ‹) /stocks/options/ $ chains -m 50 -M 100

Chains command with min/max filters

Additional Greeks are accessible through the command, greeks

(๐Ÿฆ‹) /stocks/options/ $ greeks

greeks command

See the effects of monetary policy by adjusting for the risk-free rate of return, and factor in dividend payments.

Investopedia

"Credit spreads naturally carry a positive theta, meaning they benefit from the passage of time."
(๐Ÿฆ‹) /stocks/options/ $ greeks -d 0.67 -r 1 -m 50 -M 200 -a

Greeks for Apple Sep/23 calls, using a RFR of 1% and dividend yield of 0.67%

Options greeks with adjustments

binom will calculate options values using binomial pricing models.

Display a probabilities distribution chart using the optional argument --plot

(๐Ÿฆ‹) /stocks/options/ $ binom --plot

Probabilities distribution using binomial pricing, for AAPL options expiring Sep/23

Visualize the volume of puts and calls in a chain with vol

(๐Ÿฆ‹) /stocks/options/ $ vol -m 0 -M 250

Puts and calls volume for AAPL 09/23 expiration

Plot the open interest in a similar fashion with oi

(๐Ÿฆ‹) /stocks/options/ $ oi

Open interest for AAPL expiring 2023-09-15

Historical OHLC pricing for individual contracts can be viewed with hist

(๐Ÿฆ‹) /stocks/options/ $ hist -p -s 70

Price history for AAPL $70 put expiring 2023-09-15

Plot the hisotorical greek data with, grhist

(๐Ÿฆ‹) /stocks/options/ $ grhist -s 70 -p -g rho

Historical Rho for $70 09/23 AAPL Put

plot gives the user flexibility to chart different variables.

(๐Ÿฆ‹) /stocks/options/ $ plot -p -x ltd -y s

Stike vs Last Trade Date for Apple puts expiring Sep/23

Show the volatility surface of the entire chain using the command, vsurf

(๐Ÿฆ‹) /stocks/options/ $ vsurf

Volatility surface of QQQ

Additional Resources for Equity Options

Introduction to the Options Screener

Introduction to the Options Hedge Menu

Investopedia’s Options Basics Tutorial