502 lines
4.2 KiB
Plaintext
502 lines
4.2 KiB
Plaintext
144 • The Intelligent Option Investor
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Making Sense of Option Quotes
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Let’s start our practical discussion by taking a look at an actual option
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pricing screen. These screens can seem intimidating at first, but by the end
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of this chapter, they will be quite sensible.
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Last
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0.86 -0.23
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-0.14
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-0.04
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-0.17
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-0.14
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-0.06
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-0.13
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-0.12
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-0.07
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-0.09
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-0.14
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-0.06
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-0.20
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-0.26
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-0.10
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+0.01
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0.91 0.94 21.672% 24.733% 0.8387
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0.4313
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0.0631
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0.0000
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0.0000
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0.0000
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0.9580
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0.9598
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0.9620
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0.7053
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0.4743
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0.2461
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0.0357
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0.0392
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0.0482
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21.722%
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22.988%
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62.849%
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72.188%
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81.286%
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201.771%
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192.670%
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175.779%
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20.098%
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18.997%
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18.491%
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25.587%
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29.201%
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35.855%
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55.427%
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123.903%
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64.054%
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23.311%
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22.407%
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21.813%
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21.147%
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22.144%
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23.409%
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54.689%
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66.920%
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35.642%
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23.656%
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23.072%
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22.553%
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21.460%
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21.374%
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21.581%
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32.597%
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24.854%
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23.426%
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20.380%
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19.627%
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N/A
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N/A
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N/A
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N/A
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N/A
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N/A
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N/A
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N/A
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N/A
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N/A
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N/A
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N/A
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N/A
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N/A
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0.26
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0.04
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0.02
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0.02
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0.02
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13.30
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12.40
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11.35
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1.19
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0.58
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0.22
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0.01
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0.01
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0.02
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11.90
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12.35
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10.10
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1.68
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1.10
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0.67
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0.05
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0.03
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0.02
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0.24
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0.02
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10.35
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9.30
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8.40
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1.17 19.408%
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18.405%
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17.721%
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0.56
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0.20
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11.75
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10.70
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9.50
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1.65
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1.08
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0.65
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0.04
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0.01
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0.01
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11.55 12.30
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12.00
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10.00
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2.48
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1.93
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1.48
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0.41
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0.29
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0.21
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12.20
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3.60
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1.75
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10.05
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9.85
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2.44
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1.91
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1.45
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0.39
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0.27
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0.18
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12.10
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3.50
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1.70
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0.00
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0.23
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0.02
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C0.00
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C0.00
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C0.00
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0.09
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0.45
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1.15
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C4.99
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C5.99
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C6.99
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C4.99
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C5.99
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C6.99
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C12.01
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C11.01
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C10.01
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1.16
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0.54
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0.22
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C0.00
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C0.00
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C0.00
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C0.00
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C0.00
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C0.00
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0.33
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0.76
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1.40
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C5.03
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C6.00
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C6.99
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C0.00
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C0.01
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C0.03
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0.84
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1.23
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1.88
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C12.02
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C11.03
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C10.04
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1.65
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1.06
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0.66
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C0.06
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0.03
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0.02
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C12.05
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C11.07
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C10.10
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C2.58
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1.93
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12.10
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3.40
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1.69
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0.68
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4.25
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C7.27
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1.42
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0.38
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C0.30
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C0.22
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C0.11
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C0.15
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C0.19
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1.80
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2.27
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2.73
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C5.57
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C6.43
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C7.35
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Chng Bid AskA skImpl.I mpl.Bid Vol. Vol. Delta JUL 26 ´13
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31
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32
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33
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37
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38
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39
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20
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21
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22
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31
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37
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38
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39
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Description
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Call
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Last Chng Bid AskA skImpl.I mpl.Bid Vol. Vol. Delta
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Put
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0.9897
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0.9869
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0.9834
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0.6325
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0.4997
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0.3606
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0.0463
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0.0266
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0.0155
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0.9712
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0.9628
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0.9535
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0.5890
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0.5118
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0.4324
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0.1664
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0.1258
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0.0923
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0.9064
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0.5354
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0.3336
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+0.01
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+0.10
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+0.11
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0.07 0.09 22.812%2 4.853% -0.1613
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-0.5689
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-0.9373
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-1.0000
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-1.0000
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-1.0000
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22.469%
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24.612%
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85.803%
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203.970%
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267.488%
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20.456%
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19.851%
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N/A
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N/A
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N/A
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0.42
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1.20
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5.25
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7.25
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8.90
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0.39
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1.17
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4.90
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4.85
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5.40
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+0.02
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+0.09
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+0.14
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-0.0420
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-0.0402
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-0.0380
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-0.2948
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-0.5261
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-0.7545
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-0.9652
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-0.9616
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-0.9524
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77.739%
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70.681%
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63.514%
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20.303%
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19.170%
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19.011%
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41.423%
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61.602%
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52.378%
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N/A
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N/A
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N/A
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N/A
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N/A
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N/A
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0.02
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0.02
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0.02
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0.34
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0.73
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1.38
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5.30
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6.55
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7.30
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0.33
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0.71
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1.35
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4.95
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19.958%
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18.577%
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17.954%
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4.65
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6.70
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22.720%
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22.019%
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21.378%
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20.455%
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19.050%
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21.354%
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0.000%
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23.193%
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22.845%
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22.218%
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21.148%
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20.913%
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20.899%
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+0.07
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+0.05
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+0.16
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+0.09
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+0.12
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+0.04
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50.831%
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48.233%
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46.993%
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23.384%
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22.672%
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22.106%
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36.111%
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30.947%
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44.342%
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N/A
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N/A
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N/A
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N/A
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0.02
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0.03
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0.05
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0.82
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1.25
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1.82
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5.55
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6.30
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7.55
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0.01
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0.80
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1.23
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1.79
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4.95
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6.15
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6.85
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-0.0103
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-0.0131
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-0.0166
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-0.3679
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-0.5008
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-0.6402
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-0.9558
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-0.9757
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-0.9871
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22.989%
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22.284%
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21.453%
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17.134%
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37.572%
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38.919%
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37.587%
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35.246%
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23.914%
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23.485%
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22.925%
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22.967%
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26.265%
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28.715%
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0.11 0.13
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0.17
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0.19
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1.78
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2.25
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2.80
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5.80
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6.85
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7.85
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0.13
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0.17
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1.75
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2.22
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2.76
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5.70
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6.50
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7.40
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-0.0318
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-0.0406
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-0.0503
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-0.4120
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-0.4879
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-0.5665
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-0.8294
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-0.8690
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-0.9025
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34.172%
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23.567%
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23.145%
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22.479%
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21.404%
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19.420%
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18.411%
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37.790%
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35.385%
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30.523%
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24.198%
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23.081%
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0.00
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+0.09
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33.497%
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26.033%
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24.745%
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0.68
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4.25
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7.40
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0.66
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4.15
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7.30
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-0.0906
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-0.4520
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-0.6521
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33.203%
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25.378%
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24.054%
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AUG 16 ´13
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20
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21
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22
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31
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32
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33
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37
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38
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39
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SEP 20 ´13
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20
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21
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22
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31
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32
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33
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37
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38
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39
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20
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32
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37
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JAN 17 ´14
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JAN 16 ´15
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I pulled this screen—showing the prices for options on Oracle (ORCL)—
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on the weekend of July 20–21, 2013, when the market was closed. The last
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trade of Oracle’s stock on Friday, July 19, was at $31.86, down $0.15 from the
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Thursday’s close. Y our brokerage screen may look different from this one, but
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you should be able to pull back all the data columns shown here. I have limited
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the data I’m pulling back on this screen in order to increase its readability.
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More strikes were available, as well as more expiration dates. The expirations
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shown here are 1 week and 26, 60, 180, and 544 days in the future—the
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544-day expiry being the longest tenor available on the listed market.
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Let’s first take a look at how the screen itself is set up without paying
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attention to the numbers listed. |