Thinkorswim Users: Code the Options Chain Columns and Take Full Advantage of the Options Market’s Transparency

This is my options chains view, from which I posted stuff, yesterday.

The beauty of the options market is its transparency.  For Thinkorswim users, you can see exactly what’s going on – live, realtime – with just a little Thinkscript coding and by putting Delta and Probability of Touch into your columns.  (Delta is roughly equal to the probability of being ITM at expiration.  And most of the hedging is done around the 30 delta.)

Yesterday, you could have seen where the options market was collaring their longs …could have seen the negative delta and gamma, intra-day …could see the probabilities for touching those levels that saw the most volume.