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olay: option chain line chart

olay is the ConvexValue Terminal app that draws one option parameter by strike, with a line for each expiration, live. With volatility it is the IV smile of each expiration; with any other parameter, the same picture of the chain.

How to use olay

olay SYMBOL PARAMETER [param=value ...]
olay AAPL volatility exp=1

The symbol and the parameter are required, in that order. Type the command in the command bar of a pane, or set the same parameters in the control panel (the ⚙️ at the right of the bar). In a browser, the app opens at convexvalue.com/go/olay/.

Parameters

Parameter Values Default What it does
SYMBOL An underlying symbol, or @ required The underlying. @ is the global symbol.
PARAMETER One options parameter: volatility, oi, volm, gxoi ... required What the lines show.
exp Numbers, ranges or both: 1, 1-5, 1-5,10 every expiration Which expirations to draw. 1 is the nearest.
rng A whole number, a percentage every strike Keeps the strikes within that percentage of the spot price. rng=10 is 10% up and down.
otm t or f f otm draws out-of-the-money options only: puts below the forward price, calls above it.
day A whole number none Also draws the values of that many days ago. day=1 is yesterday.
flip t or f f flip multiplies the puts' values by -1.
agg t or f f agg adds the expirations up into one chart.
hb t or f f hb hides the bottom chart and its handles.

The parameters you can draw are the Options Parameters of the Data Parameters page. The control panel lists them too.

Examples

olay AAPL volatility exp=1

The IV of every strike of AAPL's nearest expiration.

olay SPY volatility exp=1-4 otm rng=10

The smiles of the four nearest expirations, out-of-the-money options only, within 10% of the spot price.

olay NVDA volatility exp=2 day=1 rng=15

The second expiration today and yesterday: where along the strikes IV moved.

olay SPX gxoi exp=1-3 flip rng=3

Gamma multiplied by open interest for the three nearest expirations, the puts drawn below zero.

olay QQQ oi exp=1-6 agg

The open interest of six expirations, added up strike by strike.

How to read it

  • The horizontal axis is the strike, the vertical axis the parameter. Each expiration is one colour.
  • Each strike has a yellow dot for the call and a blue dot for the put.
  • The line at the spot price moves with the stock, and the values update as the market does.
  • The bottom chart is every expiration added up. Drag its two handles to zoom in on a range of strikes.
  • Move the pointer to read the nearest strike and its call and put values.
  • With day=, the earlier values are drawn with the current ones: the gap between the two is the change.
  • joy: the same parameter with one row per expiration instead of one line.
  • grid: the change since an earlier day, as numbers.
  • terms and skew: IV by expiration instead of by strike.