Options Structure Explorer
Learn how options work, how the market reads them, and which stocks have the most active options markets — for your own research.
📖 Master the Options Hub⏱️ Options data is delayed (end-of-day, ~1 day). Suited for SWING trading (days–weeks), NOT intraday, day-trading, or 0DTE. Educational/descriptive — not investment advice.
Important risk warning — read before continuing
Options are leveraged derivatives. They can expire worthless and lose 100% of the amount invested (some selling strategies can lose even more). They are complex and not suitable for everyone.
QMA is an analytical and educational tool — NOT investment advice. Nothing here is an instruction to buy or sell any specific option. Consult a licensed advisor before any decision. QMA options data is end-of-day (~1 day lag) — suitable for swing / positional reasoning, NOT day-trading (0DTE).
🏦 By broker: Long call / put / straddle (BUYING options only) work on buy-only brokers (e.g. XTB). Strategies that SELL options — spreads (Bull Put Spread), covered calls, the “Income screener” — need margin/option-selling and are only available on brokers like Interactive Brokers, not on buy-only accounts. Descriptive, not advice — verify with your broker.
A short, plain-language intro to options for total beginners. Each concept in 2–4 sentences + a simple analogy. This is education, not a recommendation to trade.
⭐ The #1 rule: 1 option = 100 shares
One option contract controls 100 shares — not one. When a premium is quoted as $5 “per share”, you actually pay $5 × 100 = $500 for the contract. This is the most common beginner mistake — don’t treat the option price as a single share.
🟢 When you BUY an option
You only pay the premium × 100. You can afford a $300 stock on a small budget — a call with a $4 premium costs you $400, not $30,000.
🔵 Share-based structures (you own shares)
A covered call / cash-secured put needs price × 100 of capital per contract. On a small budget you therefore pick LOWER-priced stocks (e.g. price × 100 ≤ budget).
That is exactly why the “🎯 Candidates by budget” tab has a budget filter — it works out which stocks fit. Educational, not a recommendation.
What is an option?
An option is a contract giving you the RIGHT (not obligation) to buy or sell a stock at a set price by a set date. You pay a fee for that right — the premium. Note: one contract always controls 100 shares, so a “$5 per share” premium means $500 per contract.
🏠 Analogy: a home reservation. You pay a deposit (premium) for the right to buy at today’s price next month. If the price jumps you buy cheap; if not, you only lose the deposit.
Call option
A call is a bet the stock will rise. It gives you the right to BUY the stock at the strike price. If the stock rises above the strike, the call gains value.
📈 Analogy: a coupon to buy at the old price — valuable when the item gets more expensive.
Put option
A put is a bet the stock will fall — or insurance against a drop. It gives you the right to SELL the stock at the strike. If the stock falls below the strike, the put gains value.
🛡️ Analogy: car insurance — you pay a small amount so a big crash doesn’t ruin you.
Strike price
The fixed price at which the option lets you buy (call) or sell (put). It is the line from which we measure whether the option is making money.
Expiration
The date the option ends. At expiry it either has value (is "in the money") or expires worthless. The further out the expiry, the more expensive the option — you get more time for the bet to play out.
⏳ Analogy: a shelf life — longer is more valuable, but an option is a product with an expiry date.
Premium (the option’s price)
What you pay for the option. It is made of intrinsic value (how deep the option is in the money) and time value (what you pay for the remaining time and uncertainty).
ITM / OTM (in / out of the money)
ITM = the option already has intrinsic value (a call below the current price, a put above it). OTM = it has no intrinsic value yet, a pure bet on a move. ATM = the strike sits near the current price.
Intrinsic vs. time value
Intrinsic value = what the option would be worth right now. Time value = the extra you pay because the price can still move before expiry. Time value decays every day (see Theta).
Delta (Δ)
How much the option price changes when the stock moves $1. A delta of 0.50 means the option moves roughly $0.50 per $1 stock move. It is often read as the rough probability the option finishes in the money.
Theta (Θ) — time decay
How much value the option loses each day simply from time passing. For option buyers Theta is the enemy (it bleeds daily); for sellers it is a friend (they collect the decay).
🧊 Analogy: an ice cube — even if nothing happens, it slowly melts.
Vega (ν) — volatility sensitivity
How much the option price changes when implied volatility (expected "nervousness") changes. If IV rises, options get more expensive even without the stock moving.
IV — implied volatility
The market’s expected size of the future move, baked into option prices. High IV = expensive options (the market expects a big move, e.g. before earnings). Low IV = cheap options. IV tells you the expected RANGE, not the direction.
🌩️ Analogy: a storm forecast — high IV means the market expects wild weather, so insurance (the option) costs more.
QMA is an analytical and educational tool, not investment advice. The options content is purely educational and descriptive. Options are leveraged derivatives, are complex and can lead to total loss of the investment. Nothing on this page is a recommendation to buy or sell any option or stock. Options data may be delayed (end-of-day). Consult a licensed financial advisor before any decision.
⚠️ Important Notice: QMA is an analytical and educational tool, not investment advice. Scores, detections and ratings are descriptive, not buy/sell instructions. QMA is not a registered investment advisor (SEC / FINRA / MiFID II / ČNB). Consult a licensed financial advisor before any investment. Past performance does not guarantee future results; all investments carry the risk of capital loss.
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