Option Sheet

The Option Sheet is the primary trading tool in T4 Options Pro.

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Properties Opens the properties for the Option Sheet window. Click here for more information.
Add a New Sheet Opens a sheet selection window that allows a new Option Sheet for any product to be added to the multi-sheet window.
Expand/Collapse Toolbar Toggles between full toolbar view and limited view. Icons to be seen in the limited view can be chosen from the general options settings in the main CTS toolbar.
Sort DTE Arranges option sheets in order of shortest to longest Days to Expiration (DTE).
Views Changes the view for all Option Sheets in workspace.
Solver Shortcut Opens a new Option Strategy Solver window.
Click Trading Mode When this icon is colored in, click trading from the Option Sheet will result in a new contract window opening for the selected option. When this icon is grey, click trading from the Option Sheet will result in a price prompt opening for the selected option, shortening the time to order submission. Note that for strikes that lack sufficient market data, such as a bid or offer, a contract window will open in lieu of a price prompt.
Center All Sheets to ATM Strike Centers all Option Sheets within the multi-sheet window to the relevant At-the-Money (ATM) strike.
Delete Sheet Removes the selected Option Sheet from the multi-sheet window. Note that this does not delete any volatility or skew fitment information for that particular month.
Move Sheet Up/Down Moves the selected Option Sheet up or down relative to the other sheets within the multi-sheet window. For vertical sheets, these arrows will point left and right.
Product and Expiry Describes the product and expiration that this particular sheet refers to. In the image above, this is E-mini S&P Options (ES) March 2016 expiry (H16).
Model Management This icon opens the Model Management window, which is the core of the Option Sheet. For information about the Model Management window, click here. The right side of this icon has a small arrow that opens a drop down menu. From this menu several new windows can be opened.
Series Name Displays the analysis series being used by this Option Sheet.
Center This Sheet to ATM Strike Centers only this Option Sheet to the At-the-Money (ATM) strike.
Expiration List This list displays the option expiration currently viewed in the Option Sheet and serves as the expiration selection tool to change the month for the sheet. It can be viewed as a drop down list (pictured) or as a tab strip. This setting is changed in the general option settings under Option Sheet Formats.
Market Mode The color of this button indicates the current market state, i.e. green indicates an open market. Clicking this button displays a pop up with market information pertaining to the underlying futures contract.
Underlying Futures Displays the underlying futures for the selected option expiration. Clicking this box opens a contract window for the corresponding futures.
Underlying Bid/Offer Size The volume in the best bid/offer for the underlying futures. Clicking these boxes will open a price prompt window that will either join or hit the chosen side, depending on the selection made in the global options click trading settings. Note that right clicking will do the opposite, i.e. right clicking will “hit” if left clicking “joins.”
Underlying Bid/Offer Price The price in the best bid/offer for the underlying futures. Clicking these boxes will open a price prompt window that will either join or hit the chosen side, depending on the selection made in the global options click trading settings. Note that right clicking will do the opposite, i.e. right clicking will “hit” if left clicking “joins.”
Underlying Net Change The net change of the underlying futures based on prior settlement and last trade.
Underlying Settlement The prior settlement of the underlying futures.
Underlying Price Mode Visual identifier for the price type used for sheet calculations. When grey with an orange background, a static price is being used. Clicking on this button in this state will return the sheet to the default live price type. Live price types can be selected from the model management window. Read more about model management here.
Underlying Sheet Price This is the underlying futures price used for sheet calculations. If this box has an orange background, a static price is being used. If this box has a grey background, a live price feed is being used. Clicking on this box will open a price selection window that enables the selection of a different price or a reversion to the live price feed. The green and red arrows to the left and right of this box will raise and lower the sheet price by 1 minimum tick increment per click.
Sheet Volatility This is the volatility at the reference price listed in the model management window. The green and red arrows to the left and right of this box will raise and lower all strike volatilities for this expiration by the volatility increment chosen in model management. Clicking on this box directly will open a new window that allows for specific adjustments of volatility. The up and down arrows in this new window will raise and lower all strike volatilities for this expiration by the shown increment. When changed, this increment will also serve as the new increment for the red and green quick volatility adjustment arrows. Prior to the change taking effect from this new window, the selected change, new volatility, and new at-the-money straddle value will be displayed. The changes can then be applied or discarded.
ATM Straddle Value This is the theoretical value of the At-the-Money (ATM) straddle. Clicking on this box will open a new window that allows for specific adjustments of theoretical ATM straddle value. Prior to the change taking effect from this new window, the selected volatility change, new volatility, and new at-the-money straddle value will be displayed. The changes can then be applied or discarded. Note that this adjustment, while originating from the ATM straddle value change, will adjust all strike volatilities for this expiration by the same amount.
DTE Days to Expiration (DTE) for the options in the current sheet.
Sheet Navigation Clicking these arrows moves through the option sheets without changing their order. Vertical sheets will have left and right arrows.
Sheet Navigation List of the option sheets currently contained within the multi-sheet. Clicking a specific sheet will move the view to the selected sheet. Sheets within the current view are shaded.

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Name Click in the empty box to the right of “Name” to give this window a unique name.
Save as Default When clicked, the layout and settings of the current Option Sheet will be saved as default and used to create all new Option Sheets.
Save Copy This will save a copy of the current Option Sheet layout.
Multi-Sheets When checked, the Option Sheet window will be able to hold more than one option sheet, i.e. multiple products and/or expirations within one window.
Sheet Orientation Horizontal sheets display strikes side by side while Vertical sheets display strikes in a stacked manner.

These properties are global and are located on your main account bar.

Option Sheet Views

Creating and managing views is located in the global properties. There are 5 preset views provided and they cannot be edited. There is also one default view that can be edited. To add the views simply click in the value area to bring up the list of views. left click on each one you want to add then click ok to add it. Image

Image Clicking on Number (#1) you will bring up the below window. This is helpful because it allows you to copy and edit a pre-set view. Image When you click on the default or copied view (#2) it will bring up a menu that will allow you to add or remove the below options to your view. Once your view is created to your liking click here to see how to toggle and select your view on your Option Sheet.

Default

View Name:This is name of the view.
Clear All: Clear out everything in this view.
Select All:Select everything for this view.

Inventory

Call & Put Net: Show the Call and Put Inventory on the sheet.
Strike Net: Show the Strike's Inventory on the sheet

Theoreticals

Call & Put: Show the Call and Put Price on the sheet.
Straddle: Show the Straddle Price on the sheet.

Electronic Options

Working Orders: Show the working orders on the sheet on a call strike and put strike basis.
Bid/Offer Prices: Show the bid and offer prices on sheet.
Bid/Offer Volatility: Show the bid and offer volatility on sheet.
Bid/Offer Size: Show the bid and offer size on sheet.
Edge: Edge for the bid is the difference between the theoretical price and bid price.
Details:
- Edge for the bid is the difference between the theoretical price and bid price.
- Edge for the offer is the difference between the theoretical price and offer price.
- Negative edge can be turn on or off in the Formats All Sheets tab.

Last Trade: Show the Last Trade Price on the sheet.
Last Traded(Over/Under): Show the last trade price over or under the theoretical price on the sheet.
Last Trade Diff(Over/Under): Show the difference of last trade price from the theoretical price and placed over or under the theoretical price on the sheet.
Last Traded Volume: Show the last traded volume for the option on the sheet.

Analytics

Call & Put Deltas: Show the call and put deltas on the sheet.
Volatility: Show the current volatility values on the sheet.
Definition of Volatility = The measure of future's movement for 1 standard deviation.
Vega: Show the vega values on the sheet.
Definition of Vega = The change to the options extrinsic value (time premium) given a 1% change to volatility.
Vega Dollars: Show the vega dollars values on the sheet.
Definition of Vega dollars = The change to the options extrinsic value (time premium) given a 1% change to volatility
OEV: Show the OEV values on the sheet.
Definition: OEV = (Vega based option equivalence) Equivalent number of ATM (at the money) options based on Vega. This expresses vega in terms of number of ATM options.
Example: If your OEV is equal to -5.8 means it is equivalent to being short 5.8 at the money options in terms of vega. Buying 5.8 atm options would flatten the vega risk.
Gamma: Show the gamma values on the sheet.
Definition of Gamma = The change to the delta given a chnage to the future's price.
OEG: Show the OEG values on the sheet.
Definition: OEG = (Gamma based option equivalence) Equivalent number of ATM (at the money) options based on Gamma. This expresses gamma in terms of number of ATM options.
Theta:Show the theta values on the sheet.
Definition of Theta = The change to the options extrinsic value (time premium) given a 1 day change to days to expiry.
Theta Dollars: Show the theta dollars values on the sheet.
Definition of Theta = The change to the options extrinsic value (time premium) given a 1 day change to days to expiry.
OET: Show the OET values on the sheet.
Definition: OET = (Theta based option equivalence) Equivalent number of ATM (at the money) options based on Theta. This expresses theta in terms of number of ATM options.
Slope Premium: Amount of premium given to the slope at a given strike
Definition of Slope Premium = Amount of premium to take out of the option to get to a flat slope.
Strike Distance % Show the amount the underlying would need to change by to reach the strike in percentage terms.
Strike StDev DTE: Show the standard deviation based on days to expiry for the strike.
Strike stDev: Show the standard deviation for the strike. The standard deviation is annualized.

Settlement Information

Theo at Fut Settle: Show the theoretical price given the futures settlement for the options on the sheet.
Vol at Fut Settle: Show the volatility of theoretical price at the futures settlement for the options on the sheet.
Details: Volatility at settle = (Vol at Settle) Your volatility for the option given the futures settlement.
Settle's Vol: Show the settlement's volatility for the options on the sheet.
Details: Settlement's volatility = (Settle's Vol) The implied volatility given the option's settlement.
Settle's Vol - Vol at Fut Settle: Show the difference of settlement's volatility less volatility at settle for the options on the sheet.
Details:
Formatting options = located on the main window's properties under option sheets: formats.
Settlement's volatility = (Settle's Vol) The implied volatility given the option's settlement.
Volatility at settle = (Vol at Settle) Your volatility for the option given the futures settlement.
Settle - Theo at Fut Settle:Show the difference of settlement price and the theoretical price at settlement and place under or over the theoretical price at settlement for the options on the sheet.
Settle - Theo Show the difference between settlement less theoretical price and place the difference over or under theoretical price on the sheet.
Settlement Price: Show the settlement price for the options on the sheet.

Market Information

Net Change: Show the net change on the day for the options on the sheet.
Total Volume: Show the total trade volume (TTV) for the day on the sheet.
Open Interest: Show the open interest for the options on the sheet.
Open Interest Net Change: Show the open interest net change for the options on the sheet.

Miscellaneous

Strike: Shows strikes on the sheet. It can be used to separate areas of the sheet.
Second Strike: Shows a second set of strikes on the sheet. It can be used to seperate areas of the sheet.
Separator: Places a separator used to help identify and separate areas of the sheet.

Left click on the plus to expand or click the minus to minimize the category, then click in the value area of the categories below to easily format your current Option sheet view.

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General

Headers:
Details:
- Under descriptions length choose: none (hide), short, medium, or long.
- Under Call/Put on left choose: placing a C for call or P for put on the left or right side of the description.
- Under Use Call/Put Character choose use a symbol to represent the C (call) and P (put).
Zoom:
Configure:
Press up and down arrows to adjust.
Type in the zoom rate.
Details:
The format for percentages are in decimal form.
example: .65 = 65%, 1 = 100% .
zoom minimum is .60.
zoom maximum is 3.00.
Margins: The space between cell text and the border.

Disable Precision

Theoretical Value: Disable the precision for the theoretical value on the option sheet.

Toolbars

Month Selection Type: Choose between a pull down or a tab strip method to change the viewable month on the option sheet.
Future Toolbar: Choose how to configure the the futures toolbar.
Options Toolbar: Choose how to configure the options toolbar.

Inventory

Call & Put: Formatting options for the call and put inventory.
Strike Net: Formatting options for the strike net inventory.

Theoreticals

Format Individual Months:
CHECKED BOX:this allows each month to be formatted individually.
UNCHECKED BOX:this allows all months to be formatted the same.
Price: Formatting options for theoretical price.
Straddle: Formatting options for theoretical straddle price.
Delta: Formatting options for theoretical delta.

Electronic Options

Working Orders: Formatting options for working orders.
Price: Formatting options for bid and offer price.
Volatility: Formatting options for bid and offer volatility.
Size: Formatting options for bid and offer size.
Edge: Formatting options for edge.
Details:
Definition of Negative Edge = is when the bid difference or offer difference is less than the configured Edge Level (relative to the theoretical price).
Definition of Positive Edge = is when the bid difference or offer difference is greater than the Edge Level (relative to the theoretical price).
Definition of Edge for Bid = is the difference between the configured Edge Level (relative to the theoretical price) and bid price.
Definition of Edge for Offer = is the difference between the configured Edge Level (relative to the theoretical price) and offer price.
To set the edge levels = Press the Series button , in the Volatlity tab, in the Heap Map Edge Level group.
Show Negative Edge: Show the negative edge on the sheet.
Details:
CHECKED BOX = shows both negative and positive edge.
UNCHECKED BOX = shows only positive edge.
Definition of Negative Edge = is when the bid difference or offer difference is less than the configured Edge Level (relative to the theoretical price).
Definition of Positive Edge = is when the bid difference or offer difference is greater than the Edge Level (relative to the theoretical price).
Definition of Edge for Bid = is the difference between the configured Edge Level (relative to the theoretical price) and bid price.
Definition of Edge for Offer = is the difference between the configured Edge Level (relative to the theoretical price) and offer price.
Last Trade: Formatting options for last trade.
Price Over or Under Theo: Formatting options for last trade price and placed over or under the theoretical price.
Details:
if the last trade is GREATER THAN the theoretical price = places last trade OVER the theoretical
if the last trade is LESS THAN the theoretical price = places last trade UNDER the theoretical
Diff Over Under Theo: Formatting options for the difference of last trade price from the theoretical price and placed over or under the theoretical price.
Details:
if the last trade is GREATER THAN the theoretical price = the difference between the last trade price and theoretical price is placed OVER the theoretical
if the last trade is LESS THAN the theoretical price = the difference between the last trade price and theoretical price is placed UNDER the theoretical
Last Trade Volume: Formatting options for last trade's volume.

Analytics

Volatility: Formatting options for Volatility.

Details:

Definition of Volatility = The measure of future's movement for 1 standard deviation.
To show on the sheet = On the properties in the Views tab.
Formating Options:
back color
font color
font size
font style
decimal places

* Vega: Formatting options for Vega.

Details:
Definition of Vega = The change to the options extrinsic value. (time premium) given a 1% change to volatility
To show on the sheet = On the properties in the Views tab.
Formating Options:
back color
font color
font size
font style
OEV Formatting options for OEV.
Definition:
OEV = Vega based option equivalence.
Equivalent number of ATM (at the money) options based on Vega.
This expresses vega in terms of number of ATM options.
Example:
If your OEV is equal to -5.8 means it is equivalent to being short 5.8 at the money options in terms of vega. Buying 5.8 atm options would flatten the vega risk.
Details:
To show on the sheet = On the main properties in the Views .
Formating Options:
back color
font color
font size
font style
decimal places
Gamma: Formatting options for Gamma.
Details:
Definition of Gamma = The change to the delta given a change to the future's price.
To show on the sheet = On the properties in the Views tab.
Formating Options:
back color
font color
font size
- font style
decimal places

* OEG: Formatting options for OEG.

Definition:
OEG = Gamma based option equivalence.
Equivalent number of ATM (at the money) options based on Gamma.
This expresses gamma in terms of number of ATM options.
Details:
To show on the sheet = On the main properties in the Views .
Formating Options:
back color
font color
font size
font style
decimal places

* Theta: Formatting options for Theta.

Details:
Definition of Theta = The change to the options extrinsic value (time premium) given a 1 day change to days to expiry.
To show on the sheet = On the properties in the Views tab.
Formating Options:
back color
font color
font size
font style
OET: Formatting options for OET.
Definition:

* OET = Theta based option equivalence.

Equivalent number of ATM (at the money) options based on Theta.
This expresses Theta in terms of number of ATM options.
Details:
To show on the sheet = On the main properties in the Views .
Formating Options:
back color
font color
font size
font style
decimal places

* Slope Premium: Formatting options for Slope Premium.

Example:
If slope premium is 15 means: if you added 15 ticks to the theoretical price it would be on a flat slope.
Details:
Definition of Slope Premium = The number of ticks that the price of the option would need to change by in order to get to a flat slope.
Slope premium formatting options.
back color
font color
font size
font style

* Settlement Information

Theo at Fut Settle: Formatting options for theoretical at future's settlement.
Theo Vol at Fut Settle: Formatting options for theoretical volatility at future's settlement.
Details:
Theoretical volatility at future's settle = (Vol at Fut Settle) Your volatility for the option given the futures settlement.

* Settle's Vol: Formatting options for Settlement's Volatility.

Details:
- Settlement's volatility = (Settle's Vol) The implied volatility given the option's settlement.

* Settle's Vol-Theo Vol at Fut Settle: Formatting options for settlement volatility difference from volatility at future's settlement.

Details:
Settlement's volatility = (Settle's Vol) The implied volatility given the option's settlement.
Volatility at settle = (Vol at Fut Settle) Your volatility for the option given the futures settlement.

* Settle Theo at Fut Settle Over: Formatting options for settlement over theoretical price at future's settlement. * Settle Theo at Fut Settle Under Formatting options for settlement under theoretical price at future's settlement. * Settle- Theo Over Theo: Formatting options for settlement less theoretical price and is greater than the theoretical price . * Settle- Theo Under Theo: Formatting options for settlement less theoretical price and is less then the theoretical price . * Settlement: Formatting options for settlement.

* Market Information

Net Change: Formatting options for net change.
Total Trade: Formatting options for total traded volume for the day .
Open Interest: Formatting options for open interest.
Open Interest Net Change: Formatting options for open interest's net change .

* Miscellaneous

Strike: Chooses formats for the strikes and Separator for the options.
Also Known As of Strike Price:
- Exercise price
- Strike
Second Strike: Chooses formats for the second set of strikes for the options.
Also Known As of Strike Price:
- Exercise price
- Strike
Seperator: Chooses formats for the separator for the options.
Details:
- The separator is a blank line than can be used to separate parts of the sheet.
- Also Known As of Strike Price:
- Exercise price
- Strike

The Model Management allows you to quickly Manage models, volatility, skews and time Valuation Models such as Whaley, Black and Bi-Nominal. It also alows you to Skew Models such as Linear, cubic spline, smoothing (with wing flatteners), cat mull rom, monotone. Skew Building Methods Slope, Multiple Slope, Vols per strike, and Four fit / adapt methods including current market volatility and settlement volatility. Complete volatility and skew management: Upside, downside, pivot, tilt, width and shift, including linear type adjusts to curves.Add studies to skew chart: Standard deviation and histogram.

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The Model management has been broken into links explaining each numbered section. Please click a link below to learn each section.

Option Sheet

Option Sheet Properties

Option Sheet Global Properties

Option Sheet View

Option Sheet Formats

Model Management

WIKI