What is an options chain?

An options chain (also called an options matrix) is a detailed list of all available call and put contracts for a specific stock, ETF, or index. It displays essential information—such as strike prices, expiration dates, and premiums—to help you analyze and choose the right option for your trading strategy.

How to view an options chain

When options trading becomes available on Longbridge:

  1. Search for a stock, ETF, or index on the trading platform.
  2. Open the asset’s trade page.
  3. Select “Trade Options” to view the full options chain for that symbol.
  4. Choose an expiration date and option type (call or put) to see all available strike prices and contract details.

What information is displayed on the options chain?

Each line in the chain represents a single option contract. You can filter or sort contracts by expiration date, strike price, and type (call or put). The key metrics include:

Option name or symbol

Each option contract has a unique identifier that includes the underlying symbol, expiration date, strike price, and option type (C for call or P for put).

Example: AAPL240621C190 represents an Apple call option with a $190 strike price expiring June 21, 2024.

Call and Put

  • Call Options: Give the buyer the right—but not the obligation—to buy the underlying stock at the strike price before expiration.
  • Put Options: Give the buyer the right—but not the obligation—to sell the underlying stock at the strike price before expiration.

Strike Price

The strike price is the predetermined price at which the option can be exercised.

  • For a call, it’s the price at which you can buy the underlying stock.
  • For a put, it’s the price at which you can sell it.

Expiration Date

Each contract has an expiration date, which is the last day it can be exercised.

  • American-style options (most stock and ETF options) can be exercised at any time before expiration.
  • European-style options (primarily index options) can only be exercised on the expiration date.

Bid and Ask Price

  • The bid is the highest price a buyer is willing to pay for the option.
  • The ask is the lowest price a seller is willing to accept.
  • These values represent the premium paid or received to open the position.

Change

Shows how the option’s last traded price has moved compared to the previous day’s close, expressed in dollars or as a percentage.

Volume

Indicates how many contracts of that specific option have traded during the current session. High volume often signals greater liquidity.

Open Interest

Represents the total number of contracts that remain open—meaning they haven’t been closed, expired, or exercised.

Breakeven

The breakeven price is the stock price at which an investor neither gains nor loses money on an option position at expiration.

  • For calls: Strike price + premium paid.
  • For puts: Strike price – premium paid.

Why the options chain matters

Understanding the options chain helps traders:

  • Compare multiple contracts to find the right combination of strike price and expiration.
  • Evaluate market sentiment by examining volume and open interest.
  • Assess liquidity and pricing efficiency before entering a position.