Wondering what all the different columns in the Positions tab mean? Below is a glossary of each column that explains what each one displays. Looking to add any of the columns listed below to your Positions tab? To learn how to add or remove columns in your Positions tab, click here.
Beta: Measures the movement of a stock’s price in relation to the overall market (in most cases, the S&P 500, or SPX, serves as a stand-in for the overall market). Example: XYZ is trading at $100 and has a beta of 0.80. If the market moves up by 1 then, theoretically, XYZ will move up by $0.80. Conversely, if the market moves down then, theoretically, XYZ will move down by -$0.80.
Beta Weighted Net Delta: The theoretical movement of the position given a $1 move up in the SPY (the default Beta Weight of the platform). This metric can help you measure the amount of risk in your position. It essentially provides an “apples-to-apples”. To learn more about beta weighting then click here.
Capital Requirement (Cap Req): The capital requirement of each open position. To learn more about Cap Req. please click here.
Close Price: The closing price of stock or option on the last trading day. It is the base price for the “P/L Day” metric.
Cost: The cost of the trade (gross, without commissions and fees). This number is fixed. It is best to interpret the Positions tab as displaying money inflows and outflows. If you are short a position, then you will see a green (positive) number from the proceeds you received for shorting a stock or options position. On the flip side, if you are long a position then you will see a red (negative) number because you had to pay that amount to be in that position.
Days to Expiration (DTE): The column will display the number of days until expiration. This column may be sorted in ascending or descending order by clicking the column header to help with identifying positions that are near expiration.
Days Since Open (D's Open): The number of days a position is open in your portfolio.
Delta Per Qty: The delta amount before the options multiplier (100). For example, if an option has a 30 delta then the Delta Per Qty will be 0.3 (30 Delta / 100 multiplier = 0.3 Delta Per Qty). It is reflected the same way as if you were viewing the option within the Table view of the Trade Tab (options chain). To learn more about delta, then click here.
Dividend At: If a stock or ETF pays a dividend, then Dividend At will display the ex-dividend date (ex-date). The ex-date is not the date a dividend is paid out, but rather it is when the stock or ETF does not trade with the dividend. The dividend payable date is generally after the ex-date and determined by the company or investment company that manages an ETF.
Equity Probability of Profit (ePoP): The Equity Probability of Profit (ePoP) is the theoretical probability of profit of your portfolio's equity/ positions (stock & options) making at least $0.01. ePoP does not apply to futures or futures options positions. To learn more about ePoP, please click here.
Ex-Dividend Date: If the stock or ETF pays a dividend and they publish a record date, then a date will appear when this column is displayed to indicate when the underlying trades without the dividend. To learn more about dividends and how the ex-dividend date can affect your portfolio when trading options, please click here.
Ext: The amount of extrinsic value of an option based on the mid-price. If an option is out-of-the-money, then the mid-price of the option will be the EXT value since out-of-the-money options are based solely on extrinsic value. On the other hand, if an option was in-the-money then the EXT will show the extrinsic value an option has. For example, if an option is $1 in-the-money, but the option is marking at $1.20 (mid-price) then the EXT for that in-the-money option will be $20. EXT indicates how much extrinsic value, or time value, an option position has. Long options will display as a negative number and short options will display as a positive number.
Extrinsic Rate of Return: The extrinsic rate of return metric allows you to analyze how efficiently your buying power is being used. Add this figure to the desktop platform’s positions tab to compare RoR across all your active positions.
Extrinsic Rate of Return % = (Extrinsic value) x (365/DTE) / (Capital Requirements) x 100
When days until expiration (DTE) is zero (0), the value 0.5 is used instead, as you cant divide a value by 0.
Gamma Per Qty: The gamma amount before the options multiplier (100). For example, if an option has a gamma of 11 then the Gamma Per Qty will be 0.11 (11 Gamma / 100 multiplier = 0.11 Gamma Per Qty). It is reflected the same way as if you were viewing the option within the Table view of the Trade Tab (options chain). To learn more about gamma, then click here.
IV 30-day Change: 30-Day Implied volatility (IV) refers to the forecasted magnitude, or one standard deviation (SD) range, of potential movement away from the underlying price in a 30-day period. IV is not a guaranteed metric, but it’s helpful in traders' understanding ranges from a statistical perspective to help with risk management, buying power fluctuations, etc. A low implied volatility environment tells us that the market isn’t expecting the stock price to move much from the current price over the next 30 days. Inversely, a high implied volatility environment tells us that the market is expecting large movements from the current stock price over the course of the next 30 days.
HV 30-day Change: Historical volatility is a backward-looking metric that measures how far the underlying has deviated from its mean price. Historical volatility is calculated by taking a rolling standard deviation of daily returns. This provides insight into the volatility that an underlying has seen in the past 30 days but is no indication of what level of volatility the underlying is expected to have in the future.
IV HV 30-day Difference: Implied volatility is a forward-looking metric, whereas historical volatility is a backward-looking metric. Historical volatility can serve as a fixed point of reference, while fluctuations in implied volatility reflect the relative value of an option's premium. For example, when HV and IV closely match, options premiums are generally considered fairly valued based on historical norms. The higher the IV-HV 30-day difference, the larger the deviation in expected volatility vs. past levels of volatility. Traders can use these deviations to take advantage of overvalued or undervalued options premiums. For additional information on how to implement this into your trading, visit this link here.
IV Idx 5 Day Change: Displays the five-day change of the IV Index. The IV index, in short, is the 30-day implied volatility. The IV Idx 5 Day Change column can quickly inform you whether there has been a recent expansion or decrease in IV over the past five trading days.
IV Per Expiration: The implied volatility (IVx) metric displayed in the option chain is calculated using a VIX-style calculation. The Cboe calculates the VIX Index using standard SPX options and weekly SPX options. These options are weighted to yield a measure of the expected volatility of the S&P 500 Index. A similar procedure applies to the calculation of IVx for each expiration cycle in the options chain. You can find more details on implied volatility and how to implement it in your trading in this link here. IVx per expiration can be found on the right side of the options chain for each expiration in the desktop platform. IVx on the positions/watchlist tab will default to a 30 days timeframe.
Note: Because IVx is different from one expiration to the next, you will not see this data on the summary line. If you expand each symbol you will see the IVx value for each expiration cycle for your open positions.
Mark: The value that the platform displays as the price of stock or option. It is typically the mid-price of stock or option. It is also the metric the platform uses for profit/loss calculations. To see how mid-price calculation, then please view “Quote Mid.”
Net Delta: The total deltas of an option after the multiplier (100). For example, if you sell a put that had a .30 delta then that means it will have a net delta of 30 (.30 Delta Per Qty x 100 = 30 Net Deltas). To learn more about delta, then click here.
Net Gamma: The total gamma of an option after the multiplier (100). For example, if you sell a put that had a .11 gamma then that means it will have a net gamma of 11 (.11 Gamma Per Qty x 100 = 11 Net Gamma). To learn more about gamma, then click here.
Net Liq: Net Liq is short for “Net Liquidation Value.” Net Liq is calculated from the mid-price of the position. This number is dynamic and will move according to the market price.
Net Theta: The total theta of an option after the multiplier (100). For example, if you sell a put that had a .15 theta then that means it will have a positive net theta of 15 (.15 Theta Per Qty x 100 Net Gamma = 15 Net Theta). To learn more about theta, then click here.
Net Vega: The total vega of an option after the multiplier (100). Vega values represent the change in an option’s price given a 1% move in implied volatility, all else equal. For example, if you sell a put that had a -0.05 Vega then that means it will have a negative net vega of -5 (-.05 Vega Per Qty x 100 Net Gamma = -5 Net Vega). To learn more about vega then click here.
P/L Open Change: P/L Open Change shows the overall percentage return/loss on a position. This will show what your profit or loss is in a percentage. For example, if you sold a put and collected $1.00 credit ($100 after options multiplier) and it was current marking at a price of $0.50 ($50 after options multiplier) then that put would be marked at 50% return.
P/L Day: P/L Day shows the nominal profit or loss in a day based on the prior day’s close. The calculation is based on the closing price of the stock or option and will change according to the price action of the stock or option. Each day it will start from $0.00 and will move positive or negative. For example, a long option increases in price by $0.25 will display a P/L Day of $25.
P/L Day Change: P/L Day Change shows the percentage profit or loss in a day based on the prior day’s close. The calculation is based on the closing price of the stock or option and will change according to the price action of the stock or option. Each day it will start at 0.0% and will move positive or negative. For example, a long option that closed at $1.00 on the last trading day increases $0.25 today. The current mark for the option is $1.25 and will display a P/L Day Change of 25%.
P/L Day Gain Per Qty: P/L Day Gain Per Qty shows the total profit or loss on a given day on a per quantity basis. This means the metric will show an options profit before the multiplier of 100. For stock, it will simply be based on the price movement on a per-share basis, whether you are long or short. The calculation is based on the closing price of the stock or option from the last trading day.
P/L Day w/ Percent Bar: Please refer to the entry for “Percent Bar”.
P/L Open: P/L Open shows the total nominal profit or loss from the time that a position was opened.
P/L Open Per Qty: P/L Open Per Qty shows the total gain or loss on a given day, on a per quantity basis, with the calculation based on the opening price of the stock or option.
P/L w/ Percent Bar: P/L w/ Percent Bar shows the total nominal profit or loss from the time that an option or stock position was opened. To read about the colored bar beneath P/L Open, refer to the entry for “Percent Bar”.
Percent Bar (located beneath P/L w/ Percent Bar and P/L day w/ Percent Bar)
The bar beneath your P/L Day or P/L Open number is your percentage bar. It is a quick visual reference for the percentage profit or loss from a position. Here is an example of a position marking at a 46.8% profit . You will notice that the green bar below is filled nearly halfway. When a percent bar is fully filled a green or red dot will appear to the right of the bar. The dot denotes a profit (green) or loss (red) greater than 100%.
Let's break down an example:
- XYZ is trading at $100
- Day 1: Let's say we sold an XYZ $95 naked put for $1.00
- Day 2: The next day XYZ rallies up to $120, and the put is trading at $0.50. The bar below your P/L would be filled-in green to the halfway point, which represents a 50% P/L Open. At that point, you can either close out the position or keep it on - let’s keep it on for the sake of this example.
- Day 3: XYZ moves down to $85. The stock has blown through your break-even of $99, and you're now facing a full loss of $1.00 + intrinsic of $15 + Time Premium. Let's just say that the put is now trading at $16. Since your put is now at a full loss, plus some, the percentage bar below will be fully filled-in red.
- Day 4: XYZ recovers and returns to $100; the put is now trading at $1. The percentage bar below P/L should now just be an empty grey bar. The P/L is now $0 (or 0%), so the entire bar is just empty/grey.
You may also add a “P/L Change” column within the Positions tab. It will show the actual % of P/L. You can arrange it so that it's next to your “P/L Open” and you should see that the P/L Change metric corresponds to the percentage bar.
P/L YTD: P/L YTD displays profit/loss for the year-to-date. Its value is arrived at by way of the following simple formula: P/L Realized + P/L Open = P/L YTD in the History tab > Year-to-Date area. P/L YTD is a relative number that measures your P/L from the beginning of the year. Additionally, P/L YTD bases on the closing mark of any position held from one year to another. So, if you held position(s) into a new year then P/L YTD will base on the closing mark of the previous year. Remember, P/L YTD is a gross figure and does not factor in commissions and fees.
PoP: POP stands for the probability of profit. This is the probability that you have of making at least $0.01 on the trade at expiration. For trades performed at a credit, it's the likelihood of the break-even price expiring out-of-the-money, and for trades executed at a debit, it's the probability of the break-even price expiring in-the-money.
Quote Ask: Quote Ask shows the lowest asking price for the position.
Quote Bid: Quote Bid shows the highest current bid price for the position.
Quote Last: The last price the position was traded at.
Quote Mid: As the name implies, it is the mid-point price between the bid and ask. It is a theoretical price and not a guaranteed price. It can aid in price discovery. The formula for the mid-price is: Mid Price = ((Ask-Bid) / 2) + Bid.
Realized Day Gain: An aggregate amount of profit or loss on a realized (already closed) position for the current trading day. This number is based on the position's opening mark for the day. When viewing this column when trading futures, please be aware that the reference price will base on the mark-to-market price when holding positions from a prior trading session.
Realized Today: The total profit or loss realized from a position since it was opened (for securities). For futures, the reference price will base on the mark-to-market price when holding positions form a prior trading session.
Theta Per Qty: The theta amount before the options multiplier (100). For example, if an option has a theta of 2 then the Theta Per Qty will be 0.02 (2 theta / 100 multiplier = 0.02 Theta Per Qty). It is reflected the same way as if you were viewing the option within the Table view of the Trade Tab (options chain). To learn more about theta then click here.
Trade Price: The price at which a position was opened. If enabled, the trade price of an underlying with options positions will be added when grouped. The individual trade price of each option will be displayed when the symbol group expanded. Additionally, when you roll a trade, the Trade Price column will not keep track of your rolls, but rather, the display the actual price the position was opened at during the roll. At this time, you must keep track of your total credit received when rolling short options positions.
Underlying Indicators: Notable upcoming events relating to an underlying, such as an upcoming earnings date or dividend. Platform denotes upcoming earnings with a purple ‘E’ icon . If there is a published earnings date, then there will be an earnings countdown that will be next to the ‘E’ . Dividends are denoted with a blue ‘D’ icon.
Unrealized Day Gain: An aggregate amount of profit or loss on an unrealized (not closed) position for the current trading day.
Vega Per Qty: The vega amount before the options multiplier (100). Vega values represent the change in an option’s price given a 1% move in implied volatility, all else equal. For example, if an option has a vega of 3 then the Vega Per Qty will be 0.03 (3 vega / 100 multiplier = 0.03 Vega Per Qty). It is reflected the same way as if you were viewing the option within the Table view of the Trade Tab (options chain). All short options and spreads will have a negative vega. Meanwhile, all long options and spreads have positive vega. To learn more about Vega then click here.