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Using Stock and Index Options in eSignal

In this article, we'll discuss the basic features of the Option Chain window, along with the recent changes (Options Symbology Initiative) to the format used for Stock and Index Options. We hope that everyone who follows options has already upgraded to eSignal 10.6 or newer. If not, head to our Download Page for your free upgrade.

The Option Chain Window

Use the Option Chain window to quickly display calls and puts for any given symbol. To launch a new Option Chain window, click File / New / Options Chain from the main menu. The new Option Chain will display the new symbology for options as mandated by the exchange. Read on for more information regarding the new format.

The Option Chain displays data in a tabular format with the options symbol in the center, data for Calls on the left and data for Puts on the right. You can insert, delete, move and replace headings to customize the window for your needs. Just right click the mouse over one of the existing fields.

You can also filter options to display only the ones you wish to follow. You can filter by Month, Strike Price, Volume and more. Filters also minimize the load times, as well as your total symbol count.

You can customize the appearance of the Option Chain by going to the menu bar in the program and clicking on "Option Chain". For example, besides changing the window color and fonts, you can change the display by clicking the "Mirror Column Mode".

Options Symbology Initiative (OSI)

OSI is an industry-wide exchange mandate to make options symbols more intuitive and easy to follow. The new format was put into place in the eSignal feed on February 1, 2010 and is used for all stock and index options. The new options symbology features a more descriptive and easy-to-follow format. eSignal is strictly using the full underlying symbol, a two-digit year code, the month code and the strike price (to the hundredths).

O:<Underlying Symbol><space><TwoDigitYear><Month Code><StrikePrice>

For example:
O:IBM 10B90.00 (IBM 20Feb10 90 Call)

In addition, there is an optional regional ID code and an exchange day identifier, used for quarterly, weekly or any expiry other than the third Saturday. These codes can be added to the end of the symbol as shown here:

O:<Underlying Symbol><space><TwoDigitYear><Put/Call and Expiration Month Code><StrikePrice>[<DayIdentifier>][=RegionalExchangeID]
O:IBM 10O100.00=B (IBM March 2010 Put at 100.00 from Boston Stock Exchange)
O:DIA 10C74.00D30 (DIA March 30, 2010 74.00 Call – Quarterly expiration)