TOS option chain question.....

Discussion in 'Trading Software' started by marc82much, Mar 9, 2019.

  1. When I look at the March 15 SPX option chain in TOS (monthly, not weekly)...on the far right side it says 14.53% (-+40.653) and in TastyWorks it says IVx: 14.3% (-+36.63)....

    What, exactly does this mean and how can I use this information? I am learning to sell spreads for income, or at least I am trying.
  2. smallfil


    The layout of the ThinkorSwim application depends on the headings you can custom set on it. So, saying it is the far right side does not quite tell me what you are looking at. Would be more helpful if you just told us the heading on top? Mine displays Last, Net Change, Open Interest, Volume, Bid, Ask. What does your screen display? So, the display on my screen on the far right side would be the Ask price.
  3. srinir


    In TOS it represents Implied vol and in the bracket 1 standard deviation move of the spx for that period. Not sure about Tastyworks, since i haven't used that platform

    There is no free lunch (or income) from selling any spreads.
  4. tommcginnis


    I am not a ToS user, but ToS provides alternative option market configurations, and unless you all have the same model picked, the IV teased out will be different.
  5. Thanks for the help. Appreciate it. And, the free advice was stellar. Except, did I say anything about getting anything for free? If so, I did not mean to.
  6. srinir


    It is just general warning to any reader, when they read "selling spreads for income".
    tommcginnis likes this.
  7. JSOP


    Just don't sell too much and be content with the income that you make and you will be fine.
    tommcginnis likes this.
  8. Thanks. I made a mistake last week and entered an order incorrectly, which was immediately filled. Base on closing bid/ask, I may be able to get out today at breakeven or so. Since I have a couple of positions open (TSLA, NTES and the mistake SPX), I am going to take this week off and make sure I get out of the SPX without getting too hurt. The TSLA trade is solid, the NTES is, too. But I will watch them this week and make sure I am understanding all that is going on. I go on vacation Friday, yet another reason to take the week off (next week too, probably) as I do not want to be managing positions and fretting about mistakes while I am in AZ watching some spring training games. Also, the market opens at 8:30 here (St. Louis) but 6:30 there. That's a little early for me, so I will just sit out a while.

    Again, Thanks.
    tommcginnis likes this.
  9. JSOP


    Remember never use market orders with options. Always use limit orders especially when the bid/ask pread is wide. Good luck and have a good vacation.
  10. Thanks, yes, I learned that the easy way, thankfully. I used to be a retail broker (MLPF&S San Diego, Portland and Dean Witter La Jolla) so I remember some stuff. This mistake was just a simple data entry. I got out this morning, up a nickel. So, with commissions and fees, down a little. Not bad. I just have to be more careful with my fat fingers.
    #10     Mar 11, 2019