Using the Options Chain

The option chain lives on the Options screen. It lists every call and put available for a symbol so you can pick strikes and expirations, then build and place multi leg strategies with a live profit and loss preview.

What the chain shows you

When you open the chain for a symbol, you see the available contracts laid out by expiration and strike price. For each strike you get the call side and the put side. Remember the basics: a call profits if the price rises and a put profits if it falls, and every contract has a strike, an expiration date, and a premium, which is its cost.

• Start by choosing the symbol, then the expiration date you want to trade.
• Scan strikes above and below the current price to find the level that fits your idea.
• Read the call side and the put side for each strike to compare cost and positioning.

Building a strategy from the chain

The Options screen lets you go beyond a single contract and build multi leg strategies: calls, puts, verticals, spreads, iron condors, and calendars. Select the legs you want directly from the chain and the screen assembles the strategy for you. A vertical spread, for example, buys one option and sells another at a different strike with the same expiration, which caps both your potential gain and your potential loss. As you add legs, the live profit and loss preview updates so you can see the shape of the trade before you commit.

Options work on mobile too, with a lot and quantity selector so you can size the position from your phone.

Placing the trade and knowing your limits

Once the strategy looks right, set your lot and quantity and place it. Your lot and position limits vary by plan, so if a size is not allowed, check the plan details on the Pricing page or your Accounts page for the live figures. New to strategies like spreads and iron condors? The Learn page has getting started guides that walk through them.

Keep in mind that options can expire worthless and any strategy can lose money, so size each position to what you can afford to lose. That is general education, not a recommendation.

If something in the chain looks off or a trade will not place, it is usually a temporary data issue, so try switching symbols and back. For account-specific questions, email [email protected] and we will help.