Options Chain
A table listing all available option contracts for a security, organized by expiration and strike price.
What is Options Chain?
An options chain is a real-time listing of all available option contracts for a specific underlying security, organized by expiration date and strike price. For each contract, the chain displays the bid price, ask price, last trade, volume, open interest, and implied volatility. Traders use options chains to identify which contracts offer the most liquidity, assess the market's implied probability of price moves, and construct multi-leg strategies.
Example
When a trader views Apple's options chain before an earnings announcement, they can see calls and puts across 50+ strike prices and dozens of expiration dates. Elevated implied volatility in near-term contracts signals the market is pricing in a large earnings move, helping traders size positions or assess hedging costs.
Source: CBOE — Options Institute