Option Montage

The options montage is provided to display all current information regarding options. This includes current bid, ask, last, size, volume, edge, theoretical value, implied volatility, days to expiration and OPRA code. To view options information enter the stock symbol in the symbol field and hit enter. Now you will see the options montage as well as the stock quote.

Listed here are all of the strikes for calls and puts and their prices, both real and theoretical.

Days: Days to expiration.
Code: Displays the call or put OPRA code of the symbol.
Volume (Vol): The volume of contracts traded during market hours.
Size: Size of the market is actual number of contracts represented in one's market.
Last: Last sale of the most recent trade performed in a security.
Bid: This is the quoted national best bid at which an investor can sell an option.
Ask: This is the quoted national best ask at which an investor can buy an option.
Last: Last sale of the most recent trade performed in a security.
Edge: Displays the amount, if any, that a market bid (ask) is greater (less) than the user’s theoretical value. The value is outlined in green if the market ask price is less than the user’s theoretical value; the value is outlined in red if the market bid price is greater than the user’s theoretical value.
Theo: An option value generated by a mathematical option's pricing model to determine what an option is really worth. The pricing model that we use is Binomial.
IV (Implied Volatility): Implied Volatility is the market's best guess of future Volatility, and it is obtained by plugging the current option price into an option pricing model and finding this unknown Volatility on an iterative basis. The pricing model that we use is Binomial.
Symbol: Displays the symbology that PreferredTrade uses for that option. (option class, expiration month, strike)

Analyze Positions from Montage: Highlight an option and go to the Buy/Sell and enter the quantity for stock, call or put. Select the corresponding button to load position into the Analyze Position table. From the Analyze Position Table you can modify the position quantity or price. Analyze as many positions as you wish and when you are ready select the "Analyze" button. See Analyze Position for more info.

Automatically Enter Orders from Option Montage
Left-click on Bid/Ask: Left-click on a "Ask" price to transmit a Buy limit order or left-click on the "Bid" price to transmit a Sell limit order. This action automatically activates the order entry window. You then enter the number of contracts and send the order.
Right-click on C.Code/P.Code: to open a pop-up box for option orders and then "left clicking" on the type of option order in the box that you want to enter. This action automatically activates the order entry window. You then enter the number of contracts and send the order.

Option Depth of Market NEW
Left-click on a cCode or pCode to launch the options depth of market. The option depth of market shows each exchange that the option trades on, along with bid, ask, last and size for each exchange.

Automatically Enter Orders for Option Depth of Market
Click on the "Ask Price" to transmit a Buy limit order or click on the "Bid Price" to transmit a Sell limit order. This action automatically activates the order entry window to the selected exchange. Click on the Price will use the default quantity, adjust the number of contracts and send the order.

Click on the "Ask Size" to transmit a Buy limit order or click on the "Bid Size" to transmit a Sell limit order. This action automatically activates the order entry window to the selected exchange. Clicking on the Size transmits the entire size to the order entry screen, adjust the number of contracts and send the order.

Note: We currently hard coded interest at 4.5 for the theoretical calculation.

Note: Options involve risk and are not suitable for all investors. Click here for Risk Disclosure.
To obtain a copy of the Options Disclosure Document contact us at 1-888-781-0283.