# Options chains: calls, puts, implied volatility and delta

> How to read a Quantisnow options chain at /options/<TICKER>: nearest expirations, calls and puts by strike, IV and delta, and how the 15-minute delayed data works.

Source: https://www.quantisnow.com/docs/options-chains
Section: Docs / Market data pages
Last updated: 2026-10-25

## Key takeaways

- Every optionable U.S. stock or ETF has an options chain page at /options/<TICKER>, for example /options/SPY.
- The page shows the nearest expirations with calls and puts side by side around the current price.
- Each contract shows last price, delta and implied volatility; header stats show average call IV and put IV.
- Data comes from an indicative options feed delayed 15 minutes, and IV and greeks are model-driven.

The options chain page shows calls and puts for a ticker's nearest expirations, with implied volatility (IV) and delta for each contract. Open `/options/<TICKER>`, for example [/options/SPY](https://www.quantisnow.com/options/SPY), or start from [/options](https://www.quantisnow.com/options) and pick a symbol.

## How to open a chain

1. Go to [/options](https://www.quantisnow.com/options) and enter a ticker, or click one of the popular symbols.
2. Or open `/options/<TICKER>` directly.
3. Or, on any company page, click the **Options** heading in the sidebar.

If a symbol has no options data on the feed, the page says so.

## What the page shows

### Header

The header shows the ticker, company name, last price and daily change, and a **View TICKER** button back to the company page. Below it are summary stats:

| Stat | Meaning |
|---|---|
| Expirations | Number of expiration dates loaded |
| Contracts | Number of contracts loaded |
| Call IV | Average implied volatility across loaded calls |
| Put IV | Average implied volatility across loaded puts |

### The chain

Each expiration is its own block, nearest first, labeled with the date, days to expiry, and the count of calls and puts. Inside each block:

| Left side | Middle | Right side |
|---|---|---|
| Call · last · Δ · IV | Strike | Put · last · Δ · IV |

- **Last** is the last traded price of the contract.
- **Δ (delta)** is how much the option price is expected to move for a $1 move in the stock.
- **IV** is the implied volatility priced into the contract.
- **Strike** rows are centered on the current share price, showing 8 strikes per expiration around the money.
- In-the-money contracts are shown in a brighter color than out-of-the-money ones.

New to options? Read [Options chain basics](https://www.quantisnow.com/guides/options-chain-basics).

## Data source and timing

The chain uses an indicative options feed delayed 15 minutes. IV and greeks are model-driven, so they are estimates, and they can be missing for illiquid strikes (shown as a dash). The page loads the nearest expirations rather than every listed expiration, so far-dated contracts may not appear.

Use this page to understand the shape of a chain, not to time an order. Always check live quotes with your broker before trading.

## Options on company pages

Company pages include an **Options** block with a compact snapshot of the nearest expirations and a link to the full chain. Signed-out visitors see the chain partly blurred with a prompt to sign up; any free account shows it in full. See [Company pages](https://www.quantisnow.com/docs/company-pages).

## Tips

- Compare Call IV and Put IV. A large gap can show where traders are paying up for protection or upside.
- Watch IV before scheduled events. IV often rises into earnings or a PDUFA date and falls after. See [How to read an earnings report](https://www.quantisnow.com/guides/how-to-read-an-earnings-report) and [PDUFA dates explained](https://www.quantisnow.com/guides/pdufa-dates-explained).
- Pair the chain with news. Follow the ticker and set alerts so you know when a catalyst lands. See [Alerts](https://www.quantisnow.com/docs/alerts).

Nothing on this page is investment advice.

## FAQ

### Is the options chain real time?

No. It uses an indicative options feed delayed 15 minutes, for every visitor including Plus subscribers.

### Which greeks does the chain show?

Each contract shows delta and implied volatility. IV and greeks are model-driven estimates and may be missing for illiquid strikes.

### Why don't I see every expiration or strike?

The page loads the nearest expirations and shows 8 strikes per expiration centered on the current price, so far-dated contracts and deep strikes may not appear.

### Do I need an account to see options chains?

Signed-out visitors see a partly blurred chain. Any free account shows it in full.