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What columns does the OptiScan strangle table show?

The OptiScan strangle table displays one row per liquid long strangle — a two-leg long-volatility strategy consisting of a long out-of-the-money call and a long out-of-the-money put at different strikes on the same underlying and expiration. OptiView constructs each row by pairing liquid OTM contracts and computing the combined breakeven structure, IV edge, net Greeks, and underlying data.

Position structure columns

  • Underlying: ticker symbol of the underlying asset
  • Underlying Price: latest traded price of the underlying
  • 1D Change: percentage price change of the underlying over the prior session
  • Expiration: the strangle's expiration date
  • Days to Expiry: calendar days remaining until expiration
  • Call Strike / Put Strike: the respective strikes of the call and put legs; both are out of the money at entry
  • Strike Width: distance between the call and put strike — wider strangles cost less premium but require a larger underlying move to become profitable
  • Days to Earnings: calendar days until the next earnings release for the underlying

P&L and breakeven columns

  • Bid / Ask: composite bid and ask for the strangle
  • Net Premium: total debit paid for both legs, adjusted for lot size — equals max loss at expiration
  • Max Loss: equals net premium; the maximum loss occurs if the underlying closes between the two strikes at expiration
  • Upper Breakeven: underlying price above which the strangle is profitable (call strike + net premium ÷ lot size)
  • Lower Breakeven: underlying price below which the strangle is profitable (put strike − net premium ÷ lot size)
  • Breakeven %: net premium as a percentage of the underlying price — the minimum percentage move in either direction needed to break even

Volatility, Greeks, and IV edge columns

  • Call IV / Put IV: implied volatility of each individual leg
  • ATM IV: average of call and put implied volatility — the blended measure of expected volatility embedded in the strangle's cost
  • IV Edge: put leg IV minus call leg IV — quantifies the volatility skew premium built into the position; positive values (typical) indicate the put wing carries higher implied volatility due to skew, increasing the cost of the position relative to a symmetric structure
  • IV Rank: 30-day IV rank of the underlying on a 0–100 scale
  • Realized Volatility: 30-day historical volatility of the underlying
  • IV/RV: ratio of implied to realized volatility; values above 1.0 indicate the strangle is priced above recent realized moves
  • Volatility Risk Premium: IV minus realized volatility for the underlying
  • Delta / Theta / Gamma / Vega: net Greeks of the combined position; because both legs are long, the greeks are additive across the two contracts

Open interest, market data, and fundamental columns

  • Call OI / Put OI: open interest for each leg; Min OI is the lower of the two, representing the binding liquidity constraint
  • Call Volume / Put Volume: contracts traded today for each leg
  • Total Open Interest: aggregate open interest across all options on the underlying; Total OI Rank is its percentile within the 31-day range
  • Put/Call Volume, Volatility Skew, Volatility Skew Rank, Volatility Steepness: market structure metrics for the underlying
  • Sector, Market Cap, EV/EBITDA, P/E Ratio, Dividend Yield, Beta: equity fundamentals for the underlying
  • RSI, CCI, Ease of Movement: technical momentum indicators for the underlying

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