The Option Spreads page allows you to view these options for the nearest expiration date. Barchart Premier subscribers can view other expiration dates (select the expiration month/year using the drop-down menu at the top of the page). Weekly expiration dates are labeled with a (w) in the expiration date list, while monthly expirations are labeled with (m).
Select a tab to view the different spread strategies for the symbol: Bear Call, Bull Call, Bear Put and Bull Put.
Options information is delayed a minimum of 15 minutes, and is updated at least once every 15-minutes through-out the day. The strategy is updated every 20 minutes thereafter throughout the day with new option candidates. The screener displays probability calculations based on the delayed stock price at the time the strategy is updated. The new day's options data will start populating the screener at approximately 8:55a CT.
Bear Call Spreads
A type of options strategy used when a decline in the price of the underlying asset is expected. It is achieved by selling call options at a specific strike price while also buying the same number of calls, but at a higher strike price. The maximum profit to be gained using this strategy is equal to the difference between the price paid for the long option and the amount collected on the short option.
For example, let's assume that a stock is trading at $30. An option investor has purchased one call option with a strike price of $35 for a premium of $0.50 and sold one call option with a strike price of $30 for a premium of $2.50. If the price of the underlying asset closes below $30 upon expiration, then the investor collects $200 (($2.50 - $0.50) * 100 shares/contract).Â
OTM Break Even Probability: Probability of the underlying trading BELOW the break even point at expiration and profiting from the trade.
The page is initially sorted by descending "Max Profit%".Â
Bull Call Spreads
An options strategy that involves purchasing call options at a specific strike price while also selling the same number of calls of the same asset and expiration date but at a higher strike. A bull call spread is used when a moderate rise in the price of the underlying asset is expected. The maximum profit in this strategy is the difference between the strike prices of the long and short options, less the net cost of options. Most often, bull call spreads are vertical spreads.
Let's assume that a stock is trading at $18 and an investor has purchased one call option with a strike price of $20 and sold one call option with a strike price of $25. If the price of the stock jumps up to $35, the investor must provide 100 shares to the buyer of the short call at $25. This is where the purchased call option allows the trader to buy the shares at $20 and sell them for $25, rather than buying the shares at the market price of $35 and selling them for a loss.
ITM Break Even Probability: Probability of the underlying trading ABOVE the break even point at expiration and profiting from the trade.
The page is initially sorted by descending "Max Profit%".
Bear Put Spreads
A type of options strategy used when an option trader expects a decline in the price of the underlying asset. Bear Put Spread is achieved by purchasing put options at a specific strike price while also selling the same number of puts at a lower strike price. The maximum profit to be gained using this strategy is equal to the difference between the two strike prices, minus the net cost of the options.
For example, let's assume that a stock is trading at $30. An option trader can use a bear put spread by purchasing one put option contract with a strike price of $35 for a cost of $475 ($4.75 * 100 shares/contract) and selling one put option contract with a strike price of $30 for $175 ($1.75 * 100 shares/contract). In this case, the investor will need to pay a total of $300 to set up this strategy ($475 - $175). If the price of the underlying asset closes below $30 upon expiration, then the investor will realize a total profit of $200 (($35 - $30 * 100 shares/contract) - ($475 - $175)).
ITM Break Even Probability: Probability of the underlying trading BELOW the break even point at expiration and profiting from the trade.
The page is initially sorted by descending "Max Profit%".
Bull Put Spreads
A type of options strategy that is used when the investor expects a moderate rise in the price of the underlying asset. This strategy is constructed by purchasing one put option while simultaneously selling another put option with a higher strike price. The goal of this strategy is realized when the price of the underlying stays above the higher strike price, which causes the short option to expire worthless, resulting in the trader keeping the premium.
This type of strategy (buying one option and selling another with a higher strike price) is known as a credit spread because the amount received by selling the put option with a higher strike is more than enough to cover the cost of purchasing the put with the lower strike. The maximum possible profit using this strategy is equal to the difference between the amount received from the short put and the amount used to pay for the long put. The maximum loss a trader can incur when using this strategy is equal to the difference between the strike prices and the net credit received. Bull put spreads can be created with in-the-money or out-of-the-money put options, all with the same expiration date.Â
OTM Break Even Probability: Probability of the underlying trading ABOVE the break even point at expiration and profiting from the trade.
The page is initially sorted by descending "Max Profit%".
Probability Calculation
We take the underlying stock price, the break even point (target price), the days to expiration, and the 52-week historical volatility, and then use those figures in this formula. Depending on the strategy, we use the above or below probability (i.e., the probability the price crosses the break even point).
Pabove = N(d)
Pbelow = 1 - N(d)
where
N(d)= x if d > 0
= (1-x) if d < 0
and
d = 1n(b/l) / v√t,
y = 1/(1 + 0.2316419|d|),
z = 0.3989423e - (d*d)/2,
x = 1 - z(1.330274y⁵ - 1.821256y⁴ + 1.781478y³ - 0.356538y² + 0.3193815y)
and
b = break even point
l = last price
v = 52-week historical volatility
t = days to expiration
e = 2.71828
Break Even Probability: Probability of the underlying trading ABOVE the break even point at expiration and profiting from the trade.
Data fields displayed include:
- Price~Â - the delayed stock price at the time the strategy is updated for the underlying equity.
- Expiration Date: the option expiration date.
- The next four columns identify the strike price and bid/ask for each long and short option:
- Leg 1 (Buy) Strike - the price at which the underlying security can be bought if the option is exercised
- Leg 1 Bid or Ask - the premium to purchase/sell this option
- Leg 2 (Sell) Strike - the price at which the underlying security can be bought if the option is exercised
- Leg 2 Bid or Ask - the premium to purchase/sell this option
- Break Even - the price of the underlying stock at which break-even is achieved
Bear Call Spread: (short call strike price + the premium received from the sale of the short call)Â
Bull Call Spread: (long call strike price + the net premium paid to buy the long call)
Bear Put Spread: (long put strike price - the net premium paid to buy the long put)
Bull Put Spread:Â (short put strike price - the premium received from the sale of the short put)
- Max Profit - the potential return of this strategy.
Bear Call Spread: the net premium received (the difference between the two options bought & sold)Â
Bull Call Spread: (strike price of short call - strike price of long call) - net premium paid
Bear Put Spread: (strike price of long put - strike price of short put) - net premium paid
Bull Put Spread: the net premium received (the difference between the two options bought & sold)
- Max Loss - the maximum loss that the strategy might return
Bear Call Spread: (strike price of the long call - strike price of the short call) - net premium received. Max loss occurs when the price of the underlying stock is greater than or equal to the strike price of the long call.
Bull Call Spread: net premium paid. Max loss occurs when the price of the underlying stock is less than or equal to the strike price of the long call.
Bear Put Spread: net premium paid. Max loss occurs when the price of the underlying stock is greater than or equal to the strike price of the long put.
Bull Put Spread: strike price of short put - strike price of long put net premium received. Max loss occurs when the price of the underlying stock is less than or equal to the strike price of the long put.
- Max Profit%Â - the maximum profit, expressed as a percent. Maximum profit is achieved in the following cases:
Bear Call Spread: when the price of the underlying stock is less than or equal to the strike price of the short call
Bull Call Spread: when the price of the underlying stock is greater than or equal to the strike price of the short call
Bear Put Spread: when the price of the underlying stock is less than or equal to the strike price of the short put
Bull Put Spread: when the price of the underlying stock is greater than or equal to the strike price of the short put
- Payout% - Bull Call & Bear Put = (spread differential - net debit) / net debit
- Break Even Probability - For Bull Calls and Bull Puts, the probability of the underlying trading ABOVE the break even point at expiration and profiting from the trade. For Bear Calls and Bear Puts, the probability of the underlying trading BELOW the break even point at expiration and profiting from the trade.
- Probability - the ITM or OTM probability (based on the strategy) the last price will be at or beyond the break even point at expiration. For a call option, the probability that the underlying price is above the option's strike price at expiration. For a put option, the probability that the underlying price is below the option's strike price at expiration.
Depending on the strategy, you will be looking to buy (long) one option, and sell (short) another.
Data Updates
For pages showing Intraday views, we use the current session's data with new price data appear on the page as indicated by a "flash". Stocks: 15 minute delay (Cboe BZX data for U.S. equities is real-time), ET. Volume reflects consolidated markets. Futures and Forex: 10 or 15 minute delay, CT.
The list of symbols included on the page is updated every 10 minutes throughout the trading day. However, new stocks are not automatically added to or re-ranked on the page until the site performs its 10-minute update.
For reference, we include the date and timestamp of when the list was last updated at the top right of the page.
Page Sort
Pages are initially sorted in a specific order (depending on the data presented). You can re-sort the page by clicking on any of the column headings in the table.
Views
Most data tables can be analyzed using "Views." A View simply presents the symbols on the page with a different set of columns. Site members can also display the page using Custom Views.
Each View has a "Links" column on the far right to access a symbol's Quote Overview, Chart, Options Quotes (when available), Barchart Opinion, and Technical Analysis page. Standard Views found throughout the site include:
- Main View: Symbol, Name, Last Price, Change, Percent Change, High, Low, Volume, and Time of Last Trade.
- Technical View: Symbol, Name, Last Price, Today's Opinion, 20-Day Relative Strength, 20-Day Historic Volatility, 20-Day Average Volume, 52-Week High and 52-Week Low.
- Performance View: Symbol, Name, Last Price, Weighted Alpha, YTD Percent Change, 1-Month, 3-Month and 1-Year Percent Change.
- Moving Averages View: Symbol, Name, Last Price, 20-Day Moving Average, % From 20-Day Moving Average, 50-Day Moving Average, % From 50-Day Moving Average, 100-Day Moving Average, % From 100-Day Moving Average, 200-Day Moving Average, % From 200-Day Moving Average.
- Fundamental View: Available only on equity pages, shows Symbol, Name, Market Cap, P/E Ratio (trailing 12 months). Earnings Per Share (trailing 12 months), Net Income, Beta, Annual Dividend, Dividend Yield, and Latest Earnings Date.
Note: For all markets except U.S. equities, fundamental data is not licensed for downloading. Your .csv file will show "N/L" for "not licensed" when downloading from a Canadian, UK, Australian, or European stocks page. - Mini-Chart View: Available for Barchart Plus and Premier Members, this view displays 12 small charts per page for the symbols shown in the data table. You may change the bar type and time frame for the Mini-Charts as you scroll through the page. The default settings for Mini-Charts are found in your Site Preferences, under "Overview Charts".
- Pre-Post Market Data: Available for Barchart Plus and Premier Members, this view will show any pre- or post-market price activity for U.S. equities only.
View Symbol More Data (+)
Unique to Barchart.com, data tables contain an option that allows you to see more data for the symbol without leaving the page. Click the "+" icon in the first column (on the left) to view more data for the selected symbol. Scroll through widgets of the different content available for the symbol. Click on any of the widgets to go to the full page. The "More Data" widgets are also available from the Links column of the right side of the data table.
Flipcharts
Also unique to Barchart, Flipcharts allow you to scroll through all the symbols on the table in a chart view. While viewing Flipcharts, you can apply a custom chart template, further customizing the way you can analyze the symbols. Flipcharts are a free tool available to Site Members.
Note: Flipcharts, unlike the full-page chart or Dashboard, does not stream updated data to the chart.
Download
Download is a free tool available to Site Members. This tool will download a .csv file for the View being displayed. For dynamically-generated tables (such as a Stock or ETF Screener) where you see more than 1000 rows of data, the download will be limited to only the first 1000 records on the table. For other static pages (such as the Russell 3000 Components list) all rows will be downloaded.
Free members are limited to 1 site download per day. Barchart Plus Members have 10 downloads per day, while Barchart Premier Members may download up to 250 .csv files per day.
Note: Due to licensing restrictions, Canadian fundamental data cannot be downloaded from Barchart.com. You will see "N/L" in a downloaded column when this is the case. Fundamental data for US equities is also limited to 15 fields per download request.
Should you require more than 250 downloads per day, please contact Barchart Sales at 866-333-7587 or email solutions@barchart.com for more information or additional options about historical market data.
