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Podium Markets gives you a full options analysis environment within the Ivy platform, so you can explore chains, read the Greeks, compare expirations, and ask Ivy to explain strategies and risk profiles — all in one place. Whether you’re evaluating a covered call, sizing a speculative long, or trying to understand why IV is spiking, the options tools give you the data and the AI context to think it through.

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Viewing an options chain

To open the options chain for any ticker:
  1. Click the Options module in the left or right side navigation menu.
  2. Search for a company or ticker in the search bar.
  3. The options chain loads with the nearest expiration date selected by default.
If a ticker does not have listed options, the Options tab will indicate that no chain is available for that symbol.

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Reading the options chain

The chain is displayed in a split layout with calls on the left and puts on the right, with strikes listed in the center column. Each row corresponds to a single strike price at the selected expiration. Here is what each column represents:
The price at which the option gives the holder the right to buy (call) or sell (put) the underlying shares. Strikes near the current price are highlighted to indicate at-the-money (ATM) levels.
The highest price a buyer is currently willing to pay (bid) and the lowest price a seller is willing to accept (ask). The spread between bid and ask reflects liquidity — tighter spreads indicate a more liquid contract.
The price of the most recent transaction for this contract. In less liquid strikes, the last price may be stale; always reference the bid/ask midpoint for a current sense of fair value.
The number of contracts traded in the current session. High volume relative to open interest can signal fresh positioning or unusual activity worth investigating.
The total number of outstanding contracts that have not been settled or closed. Large open interest at a given strike can act as a gravitational level for price, especially near expiration.
The market’s forward-looking estimate of volatility implied by the option’s current price. IV is expressed as an annualized percentage. Elevated IV means options are more expensive; suppressed IV means they are cheaper relative to historical norms.
Measures how much the option’s price is expected to move for a $1 move in the underlying. Calls have positive delta (0 to 1); puts have negative delta (0 to −1). ATM options typically have a delta near ±0.50.
The daily time decay of the option’s value, all else equal. Theta is negative for long option positions — each day that passes erodes value. Short options strategies benefit from positive theta.
The rate at which delta changes for a $1 move in the underlying. High gamma (typically in near-expiry ATM options) means delta — and therefore the option’s price sensitivity — can shift rapidly with small moves in the stock.

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Filtering the chain

Use the filter controls above the chain to narrow the view to what’s relevant to your analysis:
  • Expiration date — use the expiration dropdown to switch between available weekly and monthly expirations. The dates shown reflect what is actively listed for the underlying.
  • Strike range — set a minimum and maximum strike to hide far out-of-the-money contracts and focus on the strikes closest to the current price or your target level.
  • Calls / Puts / Both — toggle to view only calls, only puts, or the full split layout depending on whether you are evaluating a directional trade or a spread.
Filter selections update the chain view immediately without a full page reload.

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Using Ivy for options research

Ivy understands options concepts and can help you think through strategies, interpret chain data, and assess risk before you take a position. Open the chat panel while the options chain is visible and ask Ivy questions like:
  • “What’s the risk on a covered call for AAPL at the 195 strike expiring Friday?”
  • “Explain the IV skew I’m seeing in NVDA — why are puts more expensive than calls?”
  • “If I buy this 50-delta call with two weeks to expiry, how much daily theta am I paying?”
  • “What’s the max profit and max loss on a bull put spread at these strikes?”
  • “Should I be worried about gamma risk on this position going into earnings?”
Ivy will walk through the mechanics, flag the key risks, and explain the trade-offs in plain language. You can follow up iteratively to stress-test different scenarios or adjust parameters.
Options trading involves significant risk of loss, including the potential loss of the entire amount invested. Ivy’s analysis is for informational and educational purposes only and does not constitute financial advice. Always consult a qualified financial professional before trading options.
Options data displayed in Podium Markets is sourced from market data feeds and may be subject to delays. Quoted prices, Greeks, and implied volatility figures may not reflect real-time market conditions. Always verify current quotes and executions through your broker’s platform before placing any trade.