If you’ve read the blog post about our Standard Pricing Sheet, it’s time to try out our Strike Detail Sheet. Now that you know how to find call, put and straddle prices, view Greek values associated with those positions and manipulate inputs in a theoretical pricing model, you can apply that knowledge on this more advanced page.
Select a strike price from the Strikes column on the left hand side to get started using the Strike Detail Sheet (NOTE: The page will always open with the ATM strike selected). Use this page to find information for strikes and multiple trade types, including Spreads, 1x2s, Flys, Trees and Ladders, Condors, Iron Flys and Strangles (NOTE: To learn more about the trade types on the page, visit the Trade Examples tab in the QS.EDU section of QuikStrike). You’ll notice that the strike width increases in each group of spreads as you move down the line. Look at 1x2s, for example. The 385/390 spread is one strike wide, while the 385/405 spread is four strikes wide.
Let’s look at the OZCG5 Strike Detail Sheet to help you get a better understanding of how it works:
As you can see on the above chart, the Strike Detail Sheet has the same Analysis Bar as all other pricing sheet pages in QuikStrike. Manipulating the Future Price, Volatility (or ATM Price) and Days to Expiration (DTE) will alter the the calculations in the table. Users have the opportunity to see how a change in one of the inputs can affect the Premium Price, Delta Position and Change between the premium price and previous settlement prices for all the common spreads on the table. Don’t forget about the Mode and Direction dropdowns within the Analysis Bar. The Mode allows you to view a specific range or group of strikes, while you can toggle the Direction from Vol to Price to Price to Vol.
Now that you’re comfortable with the Analysis Bar, let’s go through an example. Analyze the information on the table if we decrease the DTE by four days:
Did you notice that almost every value in the table changed? Adjusting each input will affect the values in the table in different ways.
Clicking on the strike prices in any of the spreads will launch a Trade Strategy popup that contains Greeks data, Premium information, Profit/Loss tables and an Expected Return chart. Underneath the chart, you’ll find graphs for all the Greeks. Hovering over the curve on each graph allows users to view Greek values with corresponding future prices.
The popup in the image below displays a 385/390 Call Spread (NOTE: The current values for the the spread are highlighted in pink).
It’s important to note the Risk Analysis button and the ability to save the page down to your machine as a PDF. The image below shows the Risk Analysis page which has the same Expected Return and Greeks chart on the Trade Strategy page. In addition to these larger graphs, users can evaluate the potential risks of their trade in the Future, Volatility and Time sections. In each section, you can analyze how a change in the given variable affects Profit and Loss, Time Value and all the Greek values.
With all the functionality that resides within the Strike Detail Sheet, it’s important to take some time to get acclimated with the page and its popups (NOTE: The Strike Detail Sheet can also be displayed as a popup by clicking any Strike Price within QuikStrike). We’re interested to hear about your experience with the Strike Detail Sheet. Get in touch with us via email at firstname.lastname@example.org or find us on Twitter. We appreciate you reading our blog!