Using the options chain

The options chain displays all available contracts for a given underlying, organized by expiration date and strike price. Calls are typically on the left; puts on the right.

Key columns include bid, ask, last price, volume, open interest, implied volatility (IV), and the Greeks (delta, gamma, theta, vega). Open interest shows how many contracts are outstanding.

Start with near-the-money options with 30–60 days to expiration to balance time value and liquidity. Deep in-the-money options behave more like stock; far out-of-the-money options are lottery tickets.