The Option master panel delivers detailed information about options, permits to analyse strategies
graphically and trade them rapidly.
To open a new Option master panel, go to Terminal > Option master OR Click on this icon in the
Pressing the button opens the dialog window ‘Option Master – Settings.’ This block allows
specifying general settings to the Option master panel.
The General settings tab is separated into three sections: General, Analyser and Volatility lab.
These settings are used to customize the following parameters
The ‘Option Chain’ tab shows detailed information about a specific options contract and allows you
to trade from it. The tab uses the colouring method to differentiate between strikes that can be bought and sold.
Depending on the price change at a certain strike, you can see them highlighted.
Users can choose specific number of strikes to be displayed for each expiration date from the
drop- down button placed below the ‘Option Chain.’
To customise column settings, right- click in the column menu in the ‘Option Chain’ tab and customise from the
list of available options.
The total number of option contracts available for a specific underlying is displayed through the Context menu
by right- clicking on the table header OR in the blank space next to the ‘Option Chain.’
There are two categories of ‘Option Chain types’
This mode displays the current options contract for the underlying. The strikes are placed at the centre of the
panel with ‘Call Options’ on the left and ‘Put Options’ on the right.
To select an alternate options contract, go to the drop- down in the Option Chain panel and choose from
the available list of tradable contracts.
You can choose your ‘Strikes aggregation style’ from either of the following:
Displays all existing contracts side by side. You can check the required options contracts and make them accessible
for trading in the ‘Option Chain’ tab.
Here, you will find three types of ‘Strikes aggregation style’
The Implied Volatility (IV) column shows expected volatility which characterizes the degree of the price volatility
of the underlying. If IV is high, expect the underlying price to be extremely volatile.
Allows selecting the colouring scheme for the ‘Option Chain’ tab from the dropdown: Classic or Historical volatility.
If you select ‘Classic’, you can choose the colour of ITM and OTM options separately.
However, if you select Historical volatility, you will have to define
To start trading,
Once the positions and quantity are added, they will appear in the "paper" status and will be displayed in the
'Test on paper' tab below the ‘Options chain.’ To view the pay-out diagram of your strategy before
placing real- time trades, click on the ‘Analyser’ button next to the ‘Options chain’ tab.
“Test on paper” panel contains a very useful column called “Link” which can be used to link current asset price to
the column “Price” of created (paper) order based on Bid, Ask and Last. You can use the buttons of the
“Test on paper” tab to carry out the following actions-
To convert "paper positions” into real- time trades, check the 'Send' column and click on the 'Place selected' button.
Real- time trades can be viewed under
You can also place trades by following the steps mentioned below
This tab is used to graphically represent the pay-out of options strategies in the ‘Test on paper’ mode. The main
purpose of this tab is to describe the portfolio of positions (Test on paper tab) graphically and to model
and change the portfolio accordingly.
A typical analyser chart comprises of four components
To maximize the chart view, hide the Chart settings menu by pressing the button.
To zoom-in/ zoom out of charts, click the located at the bottom- right corner of the chart field.
Allows calculating the probability of price movements of the underlying from any of the following values
To calculate probability, select any of the above functions and click on the "Refresh probability" button.
To overlay ’Greeks’ in the Option analyser chart, right click anywhere in the vertical axis to the left of the chart analyser window. Choose the data series to overlay the options payout diagram from Delta, Gamma, Vega, Theta and Rho.
Only one data series can be selected. "What if" scenario cannot be applied to the data series located on the auxiliary axes. Double click within the chart area or in the ‘X axis’ in order to enable Auto scale mode for both the axis simultaneously.
This tab allows plotting volatility values for a specific option contract. It is also possible to plot "Volatility lab" graph based on real- time market data and Vanna-Volga implied volatility model. Users can customize parameters from the ‘Settings menu.’
In the following description, the blue line represents "Volatility lab" plotted from real- time data and the red line indicates Vanna-Volga implied volatility model.