Options Chain Column Descriptions

Quote Data
Strike	Option strike price; the price at which the owner of an option can purchase (call) or sell (put) the underlying security
Symbol	Stock, option, or index symbol
Last Trade	Price of last trade
Change	Change from Previous Close to Last Trade
Bid	Current inside Bid price
Ask	Current inside Ask price
Midpoint	Midpoint between Bid and Ask
Volume	Number of shares/contracts the security has traded for the day
Bid Size	The quoted size of the inside bid price
Ask Size	The quoted size of the inside ask price
Open Int	Open Interest is the total number of outstanding options contracts that have not yet been closed
% Change	Percent change from Previous Close to Last Trade
Last Size	Size of last trade
Last Time	Time of last trade
Chg (Open)	Change from Open to Last Trade
% Chg (Open)	Percentage change from Open to Last Trade
Open	Opening price for the day
High	Highest price the security has traded at for the day
Low	Lowest price the security has traded at for the day
Prev Close	Closing price from previous market session
Ending Ask	Ending Ask price of the market session
Ending Bid	Ending Bid price of the market session
Ending Mid	Ending Midpoint price of the market session
Intrinsic Value	The value by which the option is in the money, calculated for calls as (underlying price – strike price), or for puts as (strike price-underlying price)
Time Value	The value of the option that is not attributed to the intrinsic value, calculated as (Midpoint - Intrinsic Value)

Quote Data

Strike

Option strike price; the price at which the owner of an option can purchase (call) or sell (put) the underlying security

Symbol

Stock, option, or index symbol

Last Trade

Price of last trade

Change

Change from Previous Close to Last Trade

Bid

Current inside Bid price

Ask

Current inside Ask price

Midpoint

Midpoint between Bid and Ask

Volume

Number of shares/contracts the security has traded for the day

Bid Size

The quoted size of the inside bid price

Ask Size

The quoted size of the inside ask price

Open Int

Open Interest is the total number of outstanding options contracts that have not yet been closed

% Change

Percent change from Previous Close to Last Trade

Last Size

Size of last trade

Last Time

Time of last trade

Chg (Open)

Change from Open to Last Trade

% Chg (Open)

Percentage change from Open to Last Trade

Open

Opening price for the day

High

Highest price the security has traded at for the day

Low

Lowest price the security has traded at for the day

Prev Close

Closing price from previous market session

Ending Ask

Ending Ask price of the market session

Ending Bid

Ending Bid price of the market session

Ending Mid

Ending Midpoint price of the market session

Intrinsic Value

The value by which the option is in the money, calculated for calls as (underlying price – strike price), or for puts as (strike price-underlying price)

Time Value

The value of the option that is not attributed to the intrinsic value, calculated as (Midpoint - Intrinsic Value)

Greeks
IV	Implied Volatility based on the option midpoint price and underlying price as calculated with selected option pricing model. IV is a theoretical value (in %) designed to represent the forecasted volatility of the security or index as determined by the prices of multiple call and put options using the Black-Scholes pricing model. Other variables usually include security price, strike price, risk-free rate of return, and days to expiration. If all other variables are equal, the security with the highest volatility will generally have the highest option prices.
IV Ask	Implied Volatility based on the option ask price and underlying price as calculated with selected option pricing model.
IV Bid	Implied Volatility based on the option bid price and underlying price as calculated with selected option pricing model.
Delta	Estimate of the change in option price per one point change in the underlying price based on the selected option pricing model.
Gamma	Measures the change in delta for a change in the underlying security price
Theta	Estimate of the change in option price per one day passing based on selected option pricing model.
Vega	Estimate of the change in option price per a 1% change in volatility of the underlying based on selected option pricing model.
Rho	Estimate of the change in option price per a 1% change in interest rates based on selected option pricing model.
Multi Leg Greeks	For Multi Leg strategies, the sum of each individual leg is used to produce a single Greek value. The value will always be reflective of the Ask side to the strategy. Example: Vertical Call Delta Buy 1 100 Strike Call Delta .7056 Sell 1 105 Strike Call Delta .5678 Results in Net Delta of .1378 (0.7056 – 0.5678) Note: Multi Leg Greeks are available for all Options trading strategies except Custom.

Greeks

Implied Volatility based on the option midpoint price and underlying price as calculated with selected option pricing model.

IV is a theoretical value (in %) designed to represent the forecasted volatility of the security or index as determined by the prices of multiple call and put options using the Black-Scholes pricing model.

Other variables usually include security price, strike price, risk-free rate of return, and days to expiration. If all other variables are equal, the security with the highest volatility will generally have the highest option prices.

IV Ask

Implied Volatility based on the option ask price and underlying price as calculated with selected option pricing model.

IV Bid

Implied Volatility based on the option bid price and underlying price as calculated with selected option pricing model.

Delta

Estimate of the change in option price per one point change in the underlying price based on the selected option pricing model.

Gamma

Measures the change in delta for a change in the underlying security price

Theta

Estimate of the change in option price per one day passing based on selected option pricing model.

Vega

Estimate of the change in option price per a 1% change in volatility of the underlying based on selected option pricing model.

Rho

Estimate of the change in option price per a 1% change in interest rates based on selected option pricing model.

Multi Leg Greeks

For Multi Leg strategies, the sum of each individual leg is used to produce a single Greek value. The value will always be reflective of the Ask side to the strategy.

Example:

Note: Multi Leg Greeks are available for all Options trading strategies except Custom.

Estimates (excludes commissions)
Max Gain	The maximum amount of profit based on the selected strategy inputs.
Break Even	The price at which the profit or loss is 0 for the selected strategy inputs.
Max Loss	The maximum amount of loss based on the selected strategy inputs.
Return % of Risk	Max Gain divided by Max Loss, expressed as a percentage.

Estimates (excludes commissions)

Max Gain

The maximum amount of profit based on the selected strategy inputs.

Break Even

The price at which the profit or loss is 0 for the selected strategy inputs.

Max Loss

The maximum amount of loss based on the selected strategy inputs.

Return % of Risk

Max Gain divided by Max Loss, expressed as a percentage.

Covered Calculator
% Max Gain	The % return if the max gain is reached, expressed as a % of the initial investment price, calculated as follows: Call Calculation: Max Gain / ((stock Ask or input cost – Call Bid)share quantity)* Put Calculation: Max Gain/ ((stock Bid or input cost + Put Bid)share quantity)*
Static ROI	Static Return on Investment shows in Dollars the return if the stock price did not move from the current price and the option was to expire. Calculations: If stock would be assigned, uses the Max Gain calculations above If stock would not be assigned, Call Calculation: Call Bid share quantity* Put Calculation: Put Bid share quantity*
% Static ROI	The Static ROI represented as a %. Call Calculation: Static ROI / ((stock Ask or input cost – Call Bid)share quantity) Put Calculation:* Static ROI/ ((Stock Bid or input cost + Put Bid)share quantity)*
Target ROI	Target Return on Investment shows in Dollars the return if the target price is reached at expiration. The Target price can be any price the stock could reach, and could be used to see what the profit or loss would be at that target price. Calculations: If stock would be assigned, uses the Max Gain calculations above If stock is unchanged, uses the Static ROI calculation above If stock price changes, Call Calculation: Call Bid +/– difference in stock Ask or input cost to target price Put Calculation: Put Bid +/– difference in stock Bid or input cost to target price
% Target ROI	The Target Return on Investment expressed as a % Call Calculation: Target ROI / ((stock Ask or input cost – Call Bid) share quantity)* Put Calculation: Target ROI/ ((Stock Bid or input cost + Put Bid) share quantity)*
% Protection	Due to the nature of Covered Call and Covered Put strategies, there is a degree of hedging that takes place by selling the option against the stock position. Call Calculation: Call Bid/stock Ask or input cost 100* Put Calculation: Put Bid/Stock bid or input cost 100*

Covered Calculator

% Max Gain

The % return if the max gain is reached, expressed as a % of the initial investment price, calculated as follows:

Call Calculation: Max Gain / ((stock Ask or input cost – Call Bid)*share quantity)
Put Calculation: Max Gain/ ((stock Bid or input cost + Put Bid)*share quantity)

Static ROI

Static Return on Investment shows in Dollars the return if the stock price did not move from the current price and the option was to expire.

Calculations:

If stock would be assigned, uses the Max Gain calculations above
If stock would not be assigned,
- Call Calculation: Call Bid * share quantity
- Put Calculation: Put Bid * share quantity

% Static ROI

The Static ROI represented as a %.

Call Calculation: Static ROI / ((stock Ask or input cost – Call Bid)*share quantity)
Put Calculation: Static ROI/ ((Stock Bid or input cost + Put Bid)*share quantity)

Target ROI

Target Return on Investment shows in Dollars the return if the target price is reached at expiration. The Target price can be any price the stock could reach, and could be used to see what the profit or loss would be at that target price.

Calculations:

If stock would be assigned, uses the Max Gain calculations above
If stock is unchanged, uses the Static ROI calculation above
If stock price changes,
- Call Calculation: Call Bid +/– difference in stock Ask or input cost to target price
- Put Calculation: Put Bid +/– difference in stock Bid or input cost to target price

% Target ROI

The Target Return on Investment expressed as a %

Call Calculation: Target ROI / ((stock Ask or input cost – Call Bid) * share quantity)
Put Calculation: Target ROI/ ((Stock Bid or input cost + Put Bid) * share quantity)

% Protection

Due to the nature of Covered Call and Covered Put strategies, there is a degree of hedging that takes place by selling the option against the stock position.

Call Calculation: Call Bid/stock Ask or input cost * 100
Put Calculation: Put Bid/Stock bid or input cost * 100

Options carry a high level of risk and are not suitable for all investors. Certain requirements must be met to trade options through Schwab. Multiple leg options strategies will involve multiple commissions. Please read the options disclosure document titled "Characteristics and Risks of Standardized Options." Supporting documentation for any claims or statistical information is available upon request.