OptionsChain — Options Analysis (OA) Window Guide

▶ Video SOAP 0DTE (1:53) · VSkew (0:48) · HSkew (1:00) · Volatility Surface (1:13) · all videos

This page describes the Options Analysis window (OA): what it shows, what you can change, and how to use it day-to-day. For installation and IB/TWS connection setup, see the main help page.

Related:

• SOAP2 Help Guide
• Handling expiries in SOAP2
• Toolstrip tutorial
• OptionsChain (OA Window) Guide
• Commit Window (Order Preparation)
• Handling models (combo legs)
• GEX / VEX — Gamma & Vanna Exposure (SPX/RUT)
• GEX, VEX, TRACE & Hedging Flow: A Tutorial (theory & maths)
• Keyboard shortcuts

What the OA window is for

The OA window combines three things in one place:

• options chain view (calls + puts at the same strikes)
• trade workspace (model legs and/or recorded positions)
• analysis tools (skew and risk graph)

Most workflows are:

1. choose a symbol and expiry
2. focus on the strikes you care about (interval filter)
3. build or review a trade (model or recorded)
4. inspect risk/Greeks/exposure
5. optionally open Commit to prepare orders

Opening an OA

Common ways to open an OA:

• Select a symbol in the main window from the Symbols dropdown.
• From the main window, Shift+Click the Show Selected OA button to create a new OA.
• Use the OA dropdown list to reopen an existing OA.

Each OA is tied to one:

• Symbol
• Account
• Trade

NOTE: Symbol and Account are selected on the main window (container).

The Trade itself is selected on the OA window.

The main areas of the OA

While exact layout can vary by settings, the OA generally has:

• Top panel: trading class selectors, strike interval controls, expiry selection
• Chain grids: calls grid (top) + puts grid (bottom), aligned by strike
• Charts: the risk graph viewer and skew (vertical/horizontal)
• Trade controls: model/position controls and commit/order entry

Selecting expiries and trading class

Expiry selection is more than just a calendar date. For some products (especially US indices), you may need to pick the correct:

• trading class (monthly vs weekly)
• settlement (AM vs PM)

For a full walkthrough, see: Handling expiries in SOAP2

Strike interval and filtering

Many option chains have hundreds of strikes. SOAP2 lets you filter the displayed strikes using one or more strike intervals.

Typical usage:

• keep the chain compact and readable (control the number of data requests)
• focus your requests on the strikes you’re analyzing
• keep the near-ATM strikes responsive

The top panel can be expanded/collapsed:

• Alt-Down: show strike interval panel
• Alt-Up: hide strike interval panel

Reading the chain grids (calls/puts)

The grids show calls (top) and puts (bottom) for the same strikes. Depending on your settings and available data, columns may include:

• bid/ask/last/mark
• volume/open interest
• implied volatility
• Greeks (Delta/Gamma/Vega/Theta and more)
• model values / theoretical values (when enabled)

Notes:

• Values will usually populate fastest around the visible part of the grid.
• If you scroll quickly, you may see blanks briefly while data subscriptions catch up.

Skew charts (vertical + horizontal)

SOAP2 displays skew to help you see how implied volatility varies:

• Vertical skew: IV vs strike (at a fixed expiry)
• Horizontal skew: IV across expiries or sampled strikes (depending on view)

These charts are meant as “shape” tools:

• quickly spot rich/cheap wings
• identify smile vs skew
• compare call-side vs put-side skew behavior

Skew

Risk graph overview

The risk graph visualizes the P&L of:

• your recorded position (from the trade log)
• your model legs (simulation)
• or the combination

Common uses:

• understand payoff shape (limited risk vs unlimited)
• compare current position vs a proposed adjustment
• see sensitivity as time advances (T+0, T+n curves)

Tip: The risk graph depends on inputs like underlying price, IV, DTE, rates, and dividends. If those are still loading, the graph may update in stages.

Risk graph controls

• Curves: mouse control to zoom/pan
• Tools: the toolbar gives you display options

You can toggle: full display (hide grids), show/hide the curve at expiry, activate the T+0 time line and change Greeks.

The vol lever (what if volatility moves?)

The Vol button (or Ctrl-Y) opens a vertical slider at the right edge of the risk graph. Drag it up to raise implied volatility, down to lower it: every curve (expiry and each T+n) and the summary Greeks are repriced at the shifted IV. It works together with the time slider, so you can move time and volatility at once.

• Parallel (default): adds the amount, in vol points, at every strike and expiry.
• Term-weighted: the amount applies at a reference DTE (General Settings); nearer expiries move more, farther ones less. Best for calendars and diagonals.
• Relative %: multiplies IV, so high-IV strikes move more points.
• Skew tilt: rotates the smile around the money, by the amount in vol points per 10% of log-moneyness.

It is a what-if only. The chain grids keep showing market IV, the chart says WHAT-IF while a shift is active, and nothing is stored or sent to the AI assistant until it is back at zero. Closing the slider resets it; leaving the risk graph for another mode only hides it.

GEX / VEX (Gamma & Vanna Exposure)

Two more tabs, next to Risk Graph/Skew, for SPX and RUT: GEX shows per-strike Gamma Exposure plus the Flip/Min/Max "gamma wall" levels; VEX shows per-strike Vanna Exposure. Both are computed live from your own IB feed, any expiry, live or delayed data.

See the dedicated guide: GEX / VEX — Gamma & Vanna Exposure.

Model trade vs recorded trade

SOAP2 supports two common modes inside the OA:

• Model Trade: a simulation that is not saved until you Commit.
• Recorded Trade: a trade saved under an account, with a Trade Log (executions) for positions.

In practice:

• Model legs let you explore “what-if” structures without changing your recorded trade.
• Recorded trades let SOAP2 compute exposures from your execution history and keep them updated.

Commit (preparing orders for TWS)

Commit is where you turn a model idea into an order set that can be reviewed in TWS.

Typical workflow:

1. build/select the legs in the OA
2. open Commit
3. review the order details (rights, quantities, strikes, price references)
4. send to TWS for final review/transmission (depending on your setup)

Note: SOAP2 emphasizes reviewable order flow. Always confirm what appears in TWS before transmitting.

Performance / pacing tips (IB limits)

Interactive Brokers API pacing limits are real. SOAP2 helps by focusing requests on visible strikes, but you can still improve responsiveness:

• keep strike filtering tight (don’t display thousands of strikes)
• avoid opening too many OAs at once
• after switching expiry/symbol, give the OA a moment to populate before scrolling aggressively
• if you see delays, reduce request load and let the visible area fill in

Go back to the main help page: SOAP2 Help Guide

⬅ Back