How to Read Each Page
This guide walks you through each major page on Theta Vantage, explaining the layout, key sections, and how to interpret the data.
General Layout & Navigation
Overall Structure
All pages follow this consistent layout:
┌──────────────────────────────────────────────────────────────────┐
│ Ticker Bar (optional market news ticker) │
├─ Sidebar (288px) ──┬─ Top Bar ───────────────────────────────────┤
│ │ [Logo] [Ticker Search] [Theme] [★] │
│ 🏠 Dashboard ├─────────────────────────────────────────────┤
│ │ │
│ ── Market Analysis │ Main Content Area │
│ ├─ Live Charts │ (Each page has unique content here) │
│ ├─ Max Pain │ │
│ └─ Gamma Exposure │ │
│ │ │
│ 🛠️ Trading Tools │ │
│ ├─ Strategy Calc │ │
│ └─ Weekly Planner │ │
│ │ │
│ ⭐ Premium │ │
│ ├─ Greek Exposure │ │
│ └─ Strike Selector│ │
└────────────────────┴─────────────────────────────────────────────┘
Key Navigation Elements
Ticker Bar (Top)
- Scrolling ticker showing market news and data
- Click eye icon in top bar to show/hide
- Customizable in settings
Left Sidebar (Desktop) / Hamburger Menu (Mobile)
- Persistent navigation to all features
- Grouped by category (Analysis, Tools, Premium)
- Shows locked features with 🔒 icon for non-Pro users
- Collapses to icons-only for more screen space
Top Bar
- Ticker Search: Universal symbol search - start typing any ticker
- Theme Toggle: Switch between light/dark mode
- Watchlist (★): Quick access to saved symbols
Right Watchlist Panel (Optional)
- Click star icon to show/hide
- Real-time price updates for saved symbols
- Click any symbol to navigate
📊 Fundamentals
Path: /fundamentals
Access: Public (no login required)
Page Layout
The fundamentals page displays comprehensive company financial data in card-based sections:
-
Company Overview Card
- Company name, sector, and description
- Industry classification
-
Key Metrics Card
- Market Cap, P/E Ratio, EPS
- Beta (volatility vs market)
- 52-week high/low
-
Financial Data Card
- Revenue and earnings trends
- Dividend information (if applicable)
- Profit margins
How to Read
- Use ticker search in the top bar to select a symbol
- Review company overview - Understand the business model and sector
- Check key metrics:
- Market Cap: Company size
- Small cap: < $2B
- Mid cap: $2B - $10B
- Large cap: > $10B
- P/E Ratio: Valuation (higher = more expensive relative to earnings)
- EPS: Quarterly and annual earnings per share
- Beta: Volatility (>1 = more volatile than market)
- Market Cap: Company size
- Analyze financial trends:
- Growing revenue/earnings = healthy company
- Declining metrics may signal problems
Use Case Example
Before selling puts on a stock:
- Verify financial stability
- Ensure it's a company you'd own if assigned
- Check market cap supports liquid options market
📈 Price Distribution
Path: /price-distribution
Access: Registered Users (free tier)
Page Layout
┌─────────────────────────────────────────────┐
│ Timeframe Selector (Weekly/Monthly) │
├─────────────────────────────────────────────┤
│ Distribution Histogram Chart │
│ (Frequency of % moves) │
├─────────────────────────────────────────────┤
│ Statistics Table │
│ - Mean, Median, Std Dev, Min/Max │
├─────────────────────────────────────────────┤
│ Probability Calculator │
│ (Enter % move → see historical probability) │
└─────────────────────────────────────────────┘
How to Read
- Select timeframe - Weekly is best for options
- Interpret histogram:
- X-axis: Percentage move buckets (-10% to +10%)
- Y-axis: Frequency (number of weeks with that move)
- Taller bars = more common moves
- Review statistics:
- Mean: Average weekly return
- Std Dev: Typical variation (68% of moves within ±1 SD)
- Median: Middle value (50th percentile)
- Use probability calculator:
- Enter expected move (e.g., 5%)
- See historical % of weeks with that move or greater
Reading Example
Distribution Analysis for AAPL:
- Mean: +0.5% per week
- Std Dev: 4%
- 70% of weeks: -2% to +3%
Interpretation:
- Slight upward drift (+0.5% average)
- Typical weekly range: -3.5% to +4.5% (mean ± 1 SD)
- Good for selling options outside this range
Use Case Example
Planning a bull put spread 7% below current price:
- Check distribution: Only 5% of weeks moved down >7%
- This suggests ~95% historical probability of expiring OTM
- Adjust strike based on your risk tolerance
🎯 Max Pain
Path: /max-pain
Access: Public (basic) / Pro (enhanced with multiple expirations)
Page Layout
┌─────────────────────────────────────────────┐
│ Expiration Date Selector │
├─────────────────────────────────────────────┤
│ Max Pain Chart │
│ - Total pain ($) by strike │
│ - Current price vertical line │
│ - Max pain strike highlighted │
├─────────────────────────────────────────────┤
│ Summary Cards │
│ - Max pain strike │
│ - Distance from current price │
│ - Total call/put open interest │
└─────────────────────────────────────────────┘
How to Read
- Select expiration date from dropdown
- Identify max pain strike:
- The lowest point on the chart
- Strike where most options expire worthless
- Calculated by summing all intrinsic value at each strike
- Compare to current price:
- Price below max pain: Slight bullish bias expected
- Price at max pain: May pin here through expiration
- Price above max pain: Slight bearish bias expected
- Check OI distribution:
- High call OI above price = potential resistance
- High put OI below price = potential support
Theory
Max Pain theory suggests market makers profit most when price lands at the max pain strike on expiration, as this minimizes total payout on all options. While not perfectly predictive, it provides insight into dealer positioning and potential price magnets.
Chart Reading Example
Max Pain Chart:
│
$100M │ ╲ ╱
│ ╲ ╱
$75M │ ╲ ╱
│ ╲ ╱
$50M │ ╲ ╱
│ ╲ ╱
$25M │ ╲__╱ ← Lowest point (Max Pain)
└─────────────────
420 425 430 435 ← Strikes
↑
Max Pain: $425
Current Price: $428
Interpretation: Slight downward pressure toward $425
Use Case Example
Expiration Week Strategy:
- Monday: SPY at $428, max pain at $425
- Hypothesis: Price drifts toward $425 by Friday
- Strategy: Short call spread $428-$430 or iron condor around $425
⚡ Greek Exposure (GEX)
Path: /greek-exposure
Access: Pro subscription required
Page Layout
┌─────────────────────────────────────────────┐
│ Expiration Selector │
├─────────────────────────────────────────────┤
│ Gamma Exposure Chart │
│ - Bar chart of gamma by strike │
│ - Green (positive) / Red (negative) │
│ - Zero GEX line marked │
├─────────────────────────────────────────────┤
│ Key Levels Summary │
│ - Call walls (high positive GEX) │
│ - Put walls (high negative GEX) │
│ - Zero GEX strike │
├─────────────────────────────────────────────┤
│ Additional Tabs: Vanna, Charm │
└─────────────────────────────────────────────┘
Understanding Gamma Exposure (GEX)
Positive GEX (Green Zones)
- Market makers stabilize price
- They sell into rallies, buy into dips
- Result: Lower volatility, range-bound behavior
- Good for: Selling premium (strangles, iron condors)
Negative GEX (Red Zones)
- Market makers amplify moves
- They buy into rallies, sell into dips
- Result: Higher volatility, trending behavior
- Good for: Buying directional options
Zero GEX Strike
- Transition point between positive and negative
- Often acts as pivot level
- Price above = stable, price below = volatile
Key Levels to Identify
-
Call Walls (Large positive GEX above price)
- Acts as resistance
- Price decelerates approaching this level
- If breached, can trigger rapid upside move
-
Put Walls (Large negative GEX below price)
- Acts as support
- Price decelerates approaching this level
- If breached, can trigger rapid downside move
-
Zero GEX Strike
- Critical pivot level
- Above = dealers dampen volatility
- Below = dealers amplify volatility
Chart Reading Example
GEX Chart for SPY (Bar Chart):
Positive GEX (Stabilizing)
+50M │ ┃ ← Call Wall at $435
│ ┃ (Strong resistance)
+25M │ ┃ ┃
│ ┃ ┃ ┃
0 │═══════╬═══╬═══╬═══ ← Zero GEX at $425
│ ┃ ║ ║ ║
-25M │ ┃ ║ ║ ║
│ ┃ ║ ║
-50M │ ┃ ← Put Wall at $415
│ ┃ (Strong support)
└───────────────────
415 420 425 430 435
↑ ↑
Put Wall Current ($428)
Current Price: $428
Analysis:
- In positive GEX zone (stable environment)
- Call wall resistance at $435
- Zero GEX support at $425
- Expect low volatility unless $425 breaks
Trading Implications
Above Zero GEX (Price at $428 example):
- ✅ Lower volatility expected
- ✅ Range-bound trading likely
- ✅ Sell premium strategies work well
- ✅ Expect mean reversion
Below Zero GEX:
- ⚠️ Higher volatility expected
- ⚠️ Trend continuation likely
- ⚠️ Avoid selling premium
- ✅ Directional options favorable
Use Case Example
Iron Condor Setup:
- Current: SPY at $428 (positive GEX zone)
- Call wall at $435 (resistance)
- Zero GEX at $425 (support)
Trade Structure:
- Sell $435 call / Buy $437 call
- Sell $425 put / Buy $423 put
- Rationale: Price likely stays between $425-$435 in stable GEX environment
- Collect premium with defined risk
😊 IV Smile Analysis
Path: /iv-smile
Access: Pro subscription required
Page Layout
┌─────────────────────────────────────────────┐
│ Expiration Selector | Strike Range Filter │
├─────────────────────────────────────────────┤
│ Key Metrics Cards (4 across) │
│ - ATM IV │
│ - Call Skew │
│ - Put Skew │
│ - Overall Skew Direction │
├─────────────────────────────────────────────┤
│ Volume-Weighted Greeks Card. │
│ - VW Delta | VW IV | Avg Liquidity │
│ - Market Consensus │
├─────────────────────────────────────────────┤
│ IV Smile Chart │
│ - Calls (green) and Puts (red) curves │
│ - ATM strike marker │
│ - Current price line │
├─────────────────────────────────────────────┤
│ AI Analysis Card │
├─────────────────────────────────────────────┤
│ IV Anomalies (if detected) │
│ - Strikes with unusual IV │
├─────────────────────────────────────────────┤
│ Educational Section │
│ - What is IV Smile? │
│ - Trading applications │
└─────────────────────────────────────────────┘
Understanding IV Smile & Skew
What is the IV Smile? The IV smile shows how implied volatility varies across different strike prices. In theory, all strikes should have the same IV (constant volatility assumption). In reality, out-of-the-money (OTM) options often trade at higher IV than at-the-money (ATM) options, creating a U-shaped "smile" on the curve.
Skew vs Smile:
- Smile: Symmetrical - both OTM calls and puts have elevated IV
- Skew: Asymmetrical - one side (usually puts) has much higher IV
- Most equity markets show put skew (demand for downside protection)
How to Read the Metrics
1. ATM IV (At-The-Money Implied Volatility)
- Baseline volatility expectation
- Calculated as average of call and put IV at the nearest strike to current price
- Example: ATM IV of 45% means market expects ±45% annual volatility
- Higher ATM IV = More expensive options, higher expected uncertainty
2. Call Skew
- Measures premium/discount on OTM calls relative to ATM
- Formula: (Avg OTM Call IV - ATM IV) / ATM IV × 100
- Positive Call Skew: OTM calls trade at premium (bullish speculation)
- Negative Call Skew: OTM calls trade at discount (less upside expected)
3. Put Skew
- Measures premium/discount on OTM puts relative to ATM
- Formula: (Avg OTM Put IV - ATM IV) / ATM IV × 100
- Positive Put Skew: OTM puts trade at premium (fear/hedging demand)
- Negative Put Skew: OTM puts trade at discount (complacency)
4. Overall Skew Direction
- Calculated as: Put Skew - Call Skew
- Bearish: Put skew dominant (> +5%) - market pricing downside risk
- Bullish: Call skew dominant (< -5%) - market pricing upside potential
- Neutral: Balanced skew (±5%) - symmetrical risk perception
Volume-Weighted Greeks
This section reveals where traders are actually positioning based on contract volume, not just theoretical Greeks.
1. Volume-Weighted Delta (VW Delta)
- Shows market's implied directional bias weighted by trading volume
- Formula: Σ(Delta × Volume) / Total Volume
- Calls contribute positive delta
- Puts contribute negative delta
- Interpretation:
- VW Delta > +0.15: Strong bullish positioning (volume in calls)
- VW Delta +0.05 to +0.15: Slight bullish bias
- VW Delta -0.05 to +0.05: Neutral positioning
- VW Delta -0.05 to -0.15: Slight bearish bias
- VW Delta < -0.15: Strong bearish positioning (volume in puts)
Example:
VW Delta: +0.22
Interpretation: "Bullish - volume concentrated in calls"
Meaning: Most trading volume is in call options with positive delta.
Traders are positioning for upside, expecting price appreciation.
This suggests institutional/smart money is bullish on this timeframe.
2. Volume-Weighted IV (VW IV)
- Average implied volatility weighted by contract volume
- Formula: Σ(IV × Volume) / Total Volume
- More reliable than simple ATM IV because it prioritizes liquid strikes
- Use: Compare to ATM IV to see if high-volume strikes trade at different volatility
Example:
ATM IV: 42.5%
VW IV: 45.2%
Interpretation: High-volume strikes trading at 2.7% higher IV than ATM.
Suggests traders are paying up for premium in OTM strikes (likely hedging).
3. Average Liquidity Score (0-100)
- Composite score based on volume (40%) and open interest (60%)
- Formula: (Volume/500 × 100) × 0.4 + (OI/1000 × 100) × 0.6
- Scoring:
- 80-100: Excellent liquidity (tight spreads, easy fills)
- 60-79: Good liquidity (acceptable for most traders)
- 40-59: Medium liquidity (use limit orders)
- 20-39: Low liquidity (wide spreads, avoid if possible)
- 0-19: Very low liquidity (illiquid, avoid)
Use Case: Identify which strikes have sufficient liquidity for easy entry/exit without slippage.
4. Market Consensus
- Human-readable interpretation of volume flow patterns
- Examples:
- "Bullish - volume concentrated in calls"
- "Bearish - volume concentrated in puts"
- "Neutral positioning"
- "Slightly bullish bias"
Reading the IV Smile Chart
The chart plots IV (Y-axis) against strike price (X-axis):
IV%
60 │ ╱─╲ ← Put side elevated
│ ╱ ╲ (Put skew)
50 │ ╱ ╲
│ ╱ ╲ ← Call side lower
40 │ ╱ ╲ (No call skew)
│ ╱ ╲
30 └───────────────────────────
380 390 400 410 420
↑ ↑
ATM (400) Current (410)
Pattern: Classic equity put skew
Interpretation: Market pricing downside protection
Chart Elements:
- Green Line: Call option IV curve
- Red Line: Put option IV curve
- Vertical Line: Current stock price
- Marker: ATM strike
- Shape tells the story:
- Symmetric smile: Balanced tail risk expectations
- Left-skewed: Put protection demand (bearish sentiment)
- Right-skewed: Call speculation (bullish sentiment)
- Flat: Low skew, efficient pricing
IV Anomalies Section
When detected, this section highlights strikes with statistically unusual IV:
Anomaly Metrics:
- Strike: The specific strike price
- IV: Implied volatility at that strike
- Deviation: How many standard deviations from mean (e.g., 2.3σ)
- Severity:
- High (>2.5σ): Extreme outlier, potential mispricing
- Moderate (2.0-2.5σ): Notable deviation, investigate
- Low (1.5-2.0σ): Mild anomaly, monitor
How Anomalies are Calculated:
- Calculate mean IV across all strikes
- Calculate standard deviation
- Flag any strike > 1.5 standard deviations from mean
- Rank by severity
Example Anomaly:
CALL $435 - IV: 52.3% | Deviation: 2.8σ | HIGH
Mean IV: 42%
Std Dev: 3.7%
Calculation:
(52.3 - 42) / 3.7 = 2.78 standard deviations
Interpretation:
This $435 call is trading at extremely high IV compared to
other strikes. Possible reasons:
- Event risk (earnings, FDA approval)
- Low liquidity (wide bid-ask)
- Hedging demand (large player positioning)
- Potential overpricing (sell opportunity)
Trading Applications
1. Identify Mispriced Options
- Look for IV anomalies with high severity
- Overpriced (high IV anomaly): Consider selling premium at this strike
- Underpriced (low IV anomaly): Consider buying options at this strike
- Verify with liquidity score (avoid low liquidity strikes)
2. Optimize Credit Spread Strikes
- Sell the high IV strike (collect more premium)
- Buy the low IV strike (pay less premium)
- Example: If puts show skew, sell put spreads (put side has higher IV)
- Check volume-weighted Greeks to confirm where volume is concentrated
3. Gauge Market Sentiment
- Strong put skew (>15%): Fear/hedging demand, market pricing tail risk
- Strong call skew (>15%): Speculation/greed, market pricing moonshot
- Neutral skew (<5%): Balanced risk perception, range-bound expectations
- Volume-weighted delta: Shows where smart money is actually positioned
4. Detect Upcoming Events
- IV spike across all strikes: Earnings, FDA decision, economic data
- ATM IV much higher than usual: Market expecting big move (direction uncertain)
- Skew suddenly changes: Shift in sentiment (new information)
5. Follow Smart Money (Volume-Weighted Greeks)
- High VW Delta (+0.20+): Institutions buying calls (bullish positioning)
- Low VW Delta (-0.20-): Institutions buying puts (bearish hedging)
- VW IV > ATM IV: Volume in OTM strikes (tail risk hedging)
- VW IV < ATM IV: Volume in ATM strikes (directional trades)
Use Case Example: Credit Spread Setup
Scenario: SPY at $428, analyzing weekly expiration
IV Smile Data:
- ATM IV: 18.5%
- Put Skew: +12% (positive, OTM puts elevated)
- Call Skew: -3% (negative, OTM calls discounted)
- Overall Skew: Bearish (+15%)
Volume-Weighted Greeks:
- VW Delta: -0.08 (slight bearish bias)
- VW IV: 19.2% (slightly above ATM)
- Avg Liquidity: 72 (good)
- Market Consensus: "Slightly bearish bias"
Anomalies Detected:
- PUT $415 - IV: 24.3% | Deviation: 2.1σ | MODERATE
Analysis:
- Put skew indicates demand for downside protection
- Volume flow shows slight bearish positioning (VW Delta -0.08)
- $415 put anomaly suggests this strike is overpriced
- Good liquidity across strikes (score 72)
Trade Setup (Bull Put Spread):
- Sell $415 put (high IV anomaly = overpriced)
- Buy $410 put (lower IV)
- Rationale:
- Collect premium from overpriced put
- $415 is 3% below current price (outside typical weekly range)
- Liquidity sufficient for easy fills
- Put skew works in our favor (selling elevated IV)
Risk Consideration:
- Volume-weighted delta shows slight bearish bias
- Don't oversize position (institutions may know something)
- Consider tighter spread or wait for bullish volume confirmation
🎨 Greek Heatmap
Path: /greek-heatmap
Access: Pro subscription required
Page Layout
A color-coded grid visualization:
- Rows: Strike prices (vertical axis)
- Columns: Expiration dates (horizontal axis)
- Cell Colors: Intensity of Greek exposure
- Green = Positive exposure
- Red = Negative exposure
- Darker = Higher magnitude
How to Read
-
Scan for patterns:
- Horizontal bands = Strike with consistent exposure across dates
- Vertical bands = Expiration with high overall exposure
- Hot spots (darkest colors) = Highest concentration areas
-
Hover over cells for exact values:
- Specific gamma/vanna value
- Strike and expiration details
-
Look for walls:
- Dark green clusters = Call walls (resistance)
- Dark red clusters = Put walls (support)
Use Case
- Quickly visualize complex multi-expiration positioning
- Identify which expirations have most dealer exposure
- Find strike levels that matter across multiple dates
- Spot calendar spread opportunities (vertical patterns)
🎲 Strike Selector
Path: /strike-selector
Access: Pro subscription required
Page Layout
┌─────────────────────────────────────────────┐
│ Strategy Configuration │
│ - Strategy type dropdown │
│ - Capital input │
│ - Target return (%) │
│ - Risk tolerance │
├─────────────────────────────────────────────┤
│ Recommended Strikes Table │
│ Ranked by composite score │
│ Columns: Strike, Delta, Premium, │
│ Distance %, Win Rate, Score │
├─────────────────────────────────────────────┤
│ Detailed Rationale Card │
│ - Why each strike is recommended │
│ - Historical analysis │
│ - Risk factors │
└─────────────────────────────────────────────┘
How to Read
-
Configure Your Strategy:
- Strategy Type: Bull put spread, bear call spread, covered call
- Capital: Amount you want to deploy
- Target Return: Weekly % goal (e.g., 1%)
- Risk Tolerance: Conservative / Moderate / Aggressive
-
Review Recommendations: Each strike shows:
- Rank: Composite score (1 = best)
- Delta: Probability metric (0.15 or lower is standard)
- Premium: Credit you'll collect
- Distance: % from current price
- Historical Win Rate: Based on backtested data
-
Read the Rationale:
- Why this strike scored highly
- Distance from max pain
- Proximity to gamma walls
- Weekly distribution probability
Scoring Algorithm
The tool combines multiple data sources:
- 40%: Weekly price distribution (historical probability)
- 20%: Max pain distance (price magnet theory)
- 20%: Gamma wall distance (avoid high GEX zones)
- 20%: Delta and premium yield (risk/reward)
Use Case Example
Configuration:
- Symbol: SPY
- Capital: $100,000
- Target: 1% weekly return ($1,000)
- Strategy: Bull Put Spread
Top Recommendation:
- Short Put: $430 (Delta 0.12)
- Long Put: $425 (width: $5)
- Premium per spread: $0.50 ($50 per contract)
- Contracts needed: 20 spreads = $1,000 premium
- Historical Win Rate: 85%
Rationale:
- $430 is 7% below current price ($460)
- Only 12% of past weeks moved down 7% or more
- Max pain at $435 (above short strike = bullish for trade)
- No major gamma walls near $430
- Falls outside 1 standard deviation of typical moves
🔄 Wheel Strategy Planner
Path: /wheel
Access: Pro subscription required
Page Layout
The wheel planner shows both phases of the strategy:
┌─────────────────────────────────────────────┐
│ Position Configuration │
│ - Cash available │
│ - Target stock symbol │
│ - Risk tolerance │
├─────────────────────────────────────────────┤
│ Phase 1: Cash-Secured Put │
│ - Recommended strikes │
│ - Premium collected │
│ - Probability of assignment │
├─────────────────────────────────────────────┤
│ Phase 2: Covered Call (if assigned) │
│ - Recommended strikes │
│ - Exit scenarios │
│ - Total income projection │
├─────────────────────────────────────────────┤
│ Strategy Flow Diagram │
│ Visual representation of the cycle │
└─────────────────────────────────────────────┘
How the Wheel Strategy Works
Step 1: Sell Cash-Secured Put
↓
Collect Premium (yours to keep)
↓
┌─────────────────┬──────────────────┐
│ Option Expires │ Get Assigned │
│ Worthless (OTM) │ (ITM) │
└─────────────────┴──────────────────┘
│ │
Repeat Own 100 Shares
↓
Step 2: Sell Covered Call
↓
Collect Premium (yours to keep)
↓
┌─────────────────┬──────────────────┐
│ Option Expires │ Shares Called │
│ Worthless (OTM) │ Away (ITM) │
└─────────────────┴──────────────────┘
│ │
Keep shares, Sell shares,
Repeat calls Return to puts
How to Read
-
Enter Position Details:
- Cash available for put sale
- Symbol you're willing to own
- Risk tolerance
-
Phase 1 - Put Recommendations:
- Strike: Where to sell the put
- Premium: Income collected upfront
- Assignment Risk: Probability you'll own stock
- Effective Cost Basis: Strike minus premium
-
Phase 2 - Call Recommendations (after assignment):
- Strike: Where to sell covered call
- Premium: Additional income
- Exit Scenarios:
- Called away = Total profit
- Not called = Keep collecting premiums
-
Total Income Projection:
- Put premium + Call premium
- Annualized return %
- Risk-adjusted metrics
Use Case Example
Phase 1 (Sell Put):
- Stock: AAPL trading at $170
- Action: Sell $165 put (Delta 0.15)
- Premium Collected: $2.50 per share ($250 per contract)
- Outcome if assigned: Own 100 shares at effective cost of $162.50
Phase 2 (Sell Call after assignment):
- Now own 100 AAPL shares (cost basis $162.50)
- Action: Sell $170 call (Delta 0.30)
- Premium Collected: $3.00 per share ($300)
- Outcomes:
- Called away at $170: Profit = ($170 - $162.50) × 100 + $300 = $1,050
- Not called: Keep shares, sell another call next week
Total Weekly Income: $250 (or $1,050 if assigned and called away)
📊 Options Chain
Path: /options-chain
Access: Registered Users (free tier)
Page Layout
┌─────────────────────────────────────────────┐
│ Expiration Tabs (Weekly, Monthly dates) │
├──────────────────┬──────────────────────────┤
│ CALLS │ PUTS │
├──────────────────┼──────────────────────────┤
│ Bid | Ask | Last │ Strike │ Bid | Ask | Last│
│ Volume | OI │ │ Volume | OI │
│ Delta | Gamma │ │ Delta | Gamma │
│ Theta | Vega │ │ Theta | Vega │
└──────────────────┴──────────────────────────┘
How to Read
-
Select Expiration: Use tabs for different dates
-
Find Your Strike: Scroll to desired strike price
-
Check Liquidity:
- Volume: Today's trading activity
- Open Interest (OI): Total contracts outstanding
- Bid-Ask Spread: Narrower = better liquidity
-
Review Greeks for each option:
- Delta: Directional exposure (0-1 for calls, 0 to -1 for puts)
- Gamma: Rate of delta change
- Theta: Daily time decay (money lost per day for buyers)
- Vega: Sensitivity to IV changes
Liquidity Guidelines
- Excellent: Bid-ask spread <3% of option price
- Good: 3-5%
- Acceptable: 5-10%
- Poor: >10% (avoid unless necessary, or use limit orders)
What is Theta? (Time Decay)
Theta measures how much value an option loses each day as time passes:
- For Option Sellers: Theta is positive (you profit as time passes)
- For Option Buyers: Theta is negative (you lose money each day)
- Accelerates: Time decay speeds up in the final 30 days before expiration
Example:
- Option price: $5.00
- Theta: -0.10
- Tomorrow's expected value: $4.90 (all else equal)
- In 7 days: ~$4.30 (assuming linear decay)
Understanding theta is crucial for timing entry/exit points in income strategies.
Use Case Example
Before selling a weekly put:
- Find the strike 5-7% OTM
- Check delta ≤ 0.15 (high probability of expiring worthless)
- Verify theta ≥ 0.05 (decent time decay)
- Check volume and OI for liquidity
- Ensure bid-ask spread <5%
🧮 Options Value Calculator
Path: /options-value-calculator
Access: Public (no login required)
Page Layout
┌─────────────────────────────────────────────┐
│ Input Controls │
│ - Stock Price │
│ - Strike Price │
│ - Days to Expiration │
│ - Implied Volatility (IV) │
│ - Risk-Free Rate │
│ - Dividend Yield │
├─────────────────────────────────────────────┤
│ Calculated Results │
│ - Theoretical Option Value │
│ - All Greeks (Delta, Gamma, Theta, │
│ Vega, Rho) │
├─────────────────────────────────────────────┤
│ Interactive Chart (Optional) │
│ - P&L at different stock prices │
└─────────────────────────────────────────────┘
How to Read
-
Enter Inputs:
- Stock Price: Current market price
- Strike: Option strike price
- DTE: Days until expiration
- IV: Implied volatility (typically 20-60%)
- Risk-Free Rate: Usually 4-5%
- Dividend: Annual dividend yield
-
Review Calculated Value:
- Call Value: Theoretical fair value for call option
- Put Value: Theoretical fair value for put option
- Based on Black-Scholes pricing model
-
Interpret Greeks:
- Delta: Approx. change in option value per $1 stock move
- Gamma: How quickly delta changes
- Theta: Daily time decay
- Vega: Change per 1% IV move
- Rho: Change per 1% interest rate move
Use Case Examples
Example 1: Break-Even Analysis
- Stock: $100
- Strike: $105 call
- Premium collected: $2.00
- Calculator shows break-even at $107 at expiration
Example 2: Understanding IV Impact
- Increase IV from 30% to 40%
- Watch vega to see how much option value increases
- Useful for volatility trading strategies
Example 3: Time Decay Simulation
- Set DTE to 30 days, note value
- Change DTE to 7 days, observe value decrease
- Visualizes theta decay acceleration
🤖 AI Chat Assistant
Access: Floating button (bottom-right corner)
Availability: Registered Users (limited) / Pro (enhanced)
How to Use
-
Open Chat: Click the AI assistant button (bottom-right)
-
Ask Questions in natural language:
- "What's the market sentiment for AAPL?"
- "Should I sell puts on TSLA this week?"
- "Explain gamma exposure in simple terms"
- "Analyze NVDA for weekly put credit spreads"
-
Review AI Response:
- Markdown-formatted insights
- Key metrics highlighted
- Risk assessment included
- Confidence scores when applicable
-
Follow-Up: Continue conversation for clarification
-
Context Aware: AI knows what page you're on and selected symbol
Tips for Best Results
✅ Be Specific:
- Good: "Analyze NVDA for weekly put spreads with 0.15 delta"
- Bad: "Tell me about NVDA"
✅ Include Context:
- "I'm bullish on tech, what call spreads work for QQQ?"
- "I want weekly income on SPY, suggest put strikes"
✅ Ask for Alternatives:
- "What if I'm bearish instead?"
- "Show me a hedged version of this trade"
✅ Request Clarification:
- "Explain that in simpler terms"
- "Walk me through the math"
Limitations
- ⚠️ Not personalized financial advice
- ⚠️ Based on current market data only
- ⚠️ Always validate with your own analysis
Example Conversation
You: "Analyze SPY for bull put spreads expiring this Friday"
AI: "Based on current data:
- SPY at $428
- Max pain: $425 (below current)
- Zero GEX: $425 (support level)
- 1 SD weekly move: ±$15 (3.5%)
Recommended strikes:
1. Short $415 put / Long $410 put
- Delta: 0.12
- Premium: $0.60 per spread
- Historical win rate: 88%
- Outside 1.5 SD move
Risk: If SPY drops >3% in 3 days (rare but possible)
Confidence: High (stable GEX environment)"
You: "What if vol expands?"
AI: "If IV increases:
- Premium on your short put will increase
- Creates opportunity to close early for profit
- Consider taking profit at 50% if vol spikes
- Vega on this spread: +0.8 (slightly benefits from IV rise)"
🔔 Additional Tips
Ticker Search (Top Bar)
- Universal symbol search across all pages
- Start typing ticker symbol
- Auto-complete suggestions
- Press Enter or click to navigate
- Recent symbols saved
Watchlist Panel (Right Side)
- Click star (★) icon to show/hide
- Add symbols for quick access
- Real-time price updates
- Click any symbol to jump to that page
Theme & Display
- Dark Mode: Auto-follows system preference or toggle manually
- Ticker Bar: Show/hide via eye icon in top bar
- Sidebar: Collapse to icons-only for more chart space (desktop)
Data Refresh
- Real-time updates every 5-15 seconds (varies by page)
- Manual refresh button available on most pages
- Last update timestamp shown
- Market hours: More frequent updates
- After hours: Slower refresh rates
Want to learn more about the AI assistant? Continue to the next section for detailed AI chatbot capabilities and best practices.