The long put or protective put option strategy involves the outright purchase of a put option, where the goal is to profit from depreciation in the price of the underlying security. Risk is limited to the premium paid (Net Debit) for 100 contracts of the long put option, while maximum profit is the difference between the strike price and the price of the put, which is achieved in the unlikely event the security goes to zero.
Options information is delayed a minimum of 15 minutes, and is updated at least once every 15-minutes through-out the day.
Note:Â 0DTE Friday option expirations are removed from the website at 7:45pm ET each Friday.
The screener displays probability calculations based on the delayed stock price at the time the strategy is updated. The new day's options data will start populating the screener at approximately 8:55a CT. Strikes that have not traded today are excluded from the results.
Main features of the Screener include:
- Ability to add various filters, with hundreds of different combinations.
- Save a Screener: When you've defined filters that you want to use again, save the screener.
- Load a Saved Screener: Select a previously saved set of Screener filters to view today's results.
- View the Results using Flipcharts: Page through charts of the symbols on the results page. You may choose to view charts for the underlying equity or for the option strike when you open the Flipcharts link.
- Download the Results: Download up to 1000 results to a .csv file. The Download will also pull all of the data fields present on the View you use.
- Save Results to a Watchlist: You can save either the underlier symbols or the options symbols presented in the Results tab to any of your Watchlists.
- Automatic Screener Emails: This option is available for Barchart Premier Members. When you save a screener, you can opt to receive the top 10, 25, or 50 results via email along with an optional .csv file of the top 1000 results. Emails can be sent at Market Open (9:00am CT), Mid-Day (12:00pm CT), End-of-Day (4:45pm CT), and Overnight (3:00am CT) Monday through Friday.
Note: When selecting the Filter View for your Screener email, a filter must identify a specific search value in order for it to be included in the email.
Filters
Barchart Premier subscribers can add or modify different filters on the screener to find calls on the most favorable stock options.
Reordering Filters
Once filters are added, you may drag and drop them in the SET FILTERS tab to reorder the way they appear on the RESULTS tab (when using the Filters View). Each filter you add has the "Order" icon which is used to reposition it.
Deleting Filters
To remove a filter from your screener, click the checkbox to the left of the filter name, then click the red "Delete" button at the top of the column. You may also select all filters for deletion by clicking the checkbox at the top of the column, which selects ALL filters for deletion. You will be asked to confirm your decision to delete.
So you can focus on the best options, the screener starts by removing certain puts and calls:
- Only Monthly options are shown, with Days to Expiration between 1 and 60 days.
- Only stocks are screened (with the ability to add ETFs and Indices to the mix).
- For the US market, the options volume must be greater than or equal to 100, For Canada, volume must be greater than or equal to 5.
- For the US market, open interest must be greater than or equal to 500. For Canada, open interest must be greater than or equal to 25.
- Moneyness is between -25% to -5% (OTM). Moneyness refers to the relative position of the underlying asset's last price to the strike price. When a call option's Moneyness is negative, the underlying last price is less than the strike price; when positive, the underlying last price is greater than the strike price. When a put option's Moneyness is negative, the underlying last price is greater than the strike price; when positive, the underlying last price is less than the strike price. Â
- Strikes that have not traded today are excluded from the results.
In addition:
- The stock price must be greater or equal to 1.00.
- The option must not be a "restricted" option (the option cannot be based on a split stock).
- Strikes that have not traded today are excluded from the results.
Greek and IV ConsiderationsÂ
Long puts have negative delta, and with all things constant, will rise in value as the underlying decreases in price. As the puts are purchased, long options have negative theta and will erode in value over time. Increases in implied volatility will tend to raise the prices of options, as puts are owned an increase in IV will benefit the price appreciation of the put.Â
Calculations
- Break Even (Ask) : Strike - Ask
- Net Debit: Ask * 100, the price paid is the price of the option (ask) multiplied by option's number of underlying shares
- Max Profit: Strike Price - Ask, the price of the underlying can only trade as low as zero.
Views
The Results page contains three standard views. You may switch the view using the links at the top of the screener results table. The Main View shows the Volume and Open Interest for each option, while the Dividend & Earnings View can be used to highlight strategies with upcoming dividends and earnings. The Filter view shows you the data contained in the field(s) you've added to the screener.
Main View
- Symbol - the underlying equity. Clicking on the symbol will take you to the current quote page.
- Price~Â - the delayed stock price for the underlying equity.
- Expiration Date - the expiration date of the option
- Strike - the price at which the underlying security can be bought if the option is exercised.
- Moneyness -  the relative position of the underlying asset's last price to the strike price. When a call option's Moneyness is negative, the underlying last price is less than the strike price; when positive, the underlying last price is greater than the strike price. When a put option's Moneyness is negative, the underlying last price is greater than the strike price; when positive, the underlying last price is less than the strike price.
- Ask - The lowest price that a SELLER is willing to receive, or the price at which you can buy the option.
- BE(Ask) - Strike Price - Ask Price
- Net Debit - Ask * 100, the price paid is the price of the option (ask) multiplied by option's number of underlying shares
- Volume - the total number of options traded in the current day for a contract.
- Open Interest - the total number of open option contracts in the market for a particular contract. The more popular the contract is with options traders, the greater the Open Interest. An opening transaction will increase the Open Interest, and a closing transaction will decrease it.
- Implied Volatility (IV)- the estimated volatility of the option strike over the period of the option.
- Delta - Measures the sensitivity of an option's theoretical value to a change in the price of the underlying asset.
- ITM Probability -Probability that the underlying will be below the strike at expiration
- OTM Probability - Probability that the underlying will be above the strike at expiration
- Last Trade - the date/time of the last trade for the option. Options information is delayed a minimum of 15 minutes, and is updated at least once every 15-minutes through-out the day.Â
Dividend & Earnings View
- Next Dividend - the next dividend amount anticipated on the next ex-dividend date.
- Next Dividend Ex-Date - the next ex-dividend date. When no future ex-dividend date has been released, this field will show "N/A".
- Next Earnings Date - The future earnings date. If no future date has been released, this field will show "N/A".
Options View
- Symbol - the underlying equity. Clicking on the symbol will take you to the current quote page.
- Price~Â - the delayed stock price for the underlying equity.
- Exp Date - the expiration date of the option
- Strike - the price at which the underlying security can be bought if the option is exercised.
- Bid - The highest price that a BUYER is willing to pay, or the price at which you can sell the option.
- Ask - The lowest price that a SELLER is willing to receive, or the price at which you can buy the option.
- Volume - the total number of options traded in the current day for a contract.
- Open Interest - the total number of open option contracts in the market for a particular contract. The more popular the contract is with options traders, the greater the Open Interest. An opening transaction will increase the Open Interest, and a closing transaction will decrease it.
- Implied Volatility (IV)- the estimated volatility of the option strike over the period of the option.
- Delta - Measures the sensitivity of an option's theoretical value to a change in the price of the underlying asset.
- Gamma - Measures the rate of change in the delta for each one-point increase in the underlying asset.
- Theta - A measure of the time decay of an option, the dollar amount that an option will lose each day due to the passage of time.
- Vega - Measures the sensitivity of the price of an option to changes in volatility.
- ITM Probability - For a call option, the probability that the underlying price is above the option's strike price at expiration. For a put option, the probability that the underlying price is below the option's strike price at expiration.
- Last Trade - the date/time of the last trade for the option. Options information is delayed a minimum of 15 minutes, and is updated at least once every 15-minutes through-out the day.
