OptionScope

 How can I quickly reduce the number of columns displayed in OptionScope?
You can now toggle between the default columns and a compact set of columns by following the steps below:
MetaStock v20 --> Current

Open MetaStock.
From the Power Console, select the OptionScope button.
Select or type a ticker symbol.
Click Open OptionScope or press Enter.
On the right side of the columns, click the Compact View button.

How to open OptionScope in MetaStock?
In MetaStock version 17 we introduced a new Power Tool called OptionScope. It is a tool that will provide an up to date options chain. There a few different ways to open OptionScope. Choose one from the below scenarios to open OptionScope:

MetaStock v17 --> Current

Scenario 1
Open MetaStock.
From the Power Console, select the OptionScope
Type the desired ticker in the Instrument field or select a ticker from the list.
Set the desired Filters.
Click Open OptionScope or double click on a ticker.

Scenario 2
Open MetaStock.
From the standard toolbar at the top of the application, click the OptionScope
Type the desired ticker in the Symbol
Set the desired Filters.
Click Go.

Scenario 3
Open MetaStock.
Open a chart
Right click in an empty area of the chart
Select OptionScope.

Scenario 4
Open MetaStock.
Open the Tools menu.
Select OptionScope.
Type the desired ticker in the Instrument field or select a ticker from the list.
Set the desired Filters.
Click Open OptionScope or double click on a ticker.

 How do I set filters in OptionScope?
In OptionScope you can use the filters to narrow down and display only those options are interested in.

MetaStock v17 --> Current

Scenario 1

Open MetaStock.
From the Power Console, select the OptionScope
Select a ticker from the list or type in a ticker
On the right side of the Power Console you will see Filters that can be set prior to opening the option chain.
Expiration date range filter – This will filter out any options that do not expire with X number of days. Set to All for no filter.
Strike Price filter - This will filter out any options where the strike price is not within the selected percent of the underlying instrument (% from at the money). Set to All for no filter.
Expiration type filter – This will filter out any options that are not Weekly, Monthly, etc. Set to All for no filter.
Click Open OptionScope.

Scenario 2

Open the chart of a desired stock if the chart is not already open.
Right click in the chart and select OptionScope.
In the upper left corner click the arrow.
Select Filters.
Under Filters you will see Filters that you can apply to the option chain.
Expiration date range filter – This will filter out any options that do not expire with X number of days. Set to All for no filter.
Strike Price filter - This will filter out any options where the strike price is not within the selected percent of the underlying instrument (% from at the money). Set to All for no filter.
Expiration type filter – This will filter out any options that are not Weekly, Monthly, etc. Set to All for no filter.
In/Out of the money filter – This will darken the cells of any options that are not of the selected type: In the money, Out of the money, or At the money.
To clear all of the filters so that it will display all of the available options for the security, click the "Clear all filters" button at the top.

 How do I open a chart from OptionScope?
MetaStock v19 --> Current

Open OptionScope.
Check the box next to the desired option ticker.
Right click on the ticker.
Select Open selected Options in a Chart.

MetaStock v17 -->v18
Open OptionScope.
Double click on the desired option ticker to open the chart.

Or

Open OptionScope.
Check the box next to the desired option ticker.
Click the Open selected Options in a Chart

 What are the Greeks?
Option analysis includes five derivatives named for Greek letters; Delta, Gamma, Theta, Vega, and Rho. These values provide insight into options' performance and a means to quantify their sensitivity to price changes.

The Greeks' calculations include the current interest rates. Historically, those rates do not change very often.
Delta measures the expected move in an option's price based on a $1 move in the underlying stock's price.
The Delta of call options ranges from 0 to 1, reflecting the price of call options move the same direction as the underlying stock. That means that an option with a Delta of 0.25 whose underlying stock increase in price by $1 should experience a $0.25 increase in the option price. That assumes all other factors affecting the price of the option remains the same.
The Delta of put options ranges from 0 to -1, reflecting the price of put options move in the opposite direction as the underlying stock. That means that an option with a Delta of -0.25 whose underlying stock increase in price by $1 should experience a $0.25 decrease in the option price. That assumes all other factors affecting the price of the option remains the same.
Two generally observed principles are:
- Shorter-term options tend to have higher Deltas than longer-term options
- In-the-money options tend to have higher Deltas than out-of-the-money options

Gamma measures the expected change in an option's Delta based on a $1 move in the underlying stock's price.
Delta changes as options move closer or farther from their strike price. A high gamma is beneficial if the price moves in a direction favorable to your position as it indicates a rapid change in the option's value. Similarly, a high gamma value is dangerous in an adverse market for the same reason.

Theta measures the expected change in an option's price based on a one-day change in the options expiration.
If an option expires out of the money, it is worthless. If an option expires in the money, it is sold for the value or converted to the stock. As the time to expiration draws near, the chance for an option to move in or out of the money decreases, affecting the value of the option. The time left until expiration is sometimes referred to as the life of the option. Theta measures expected option price change per day due to the decrease in the option's life.
A high Theta helps option sellers as the value of the option drops faster. Conversely, a low theta helps preserve the value of an option, thereby benefiting option buyers.
Theta tends to increase as options get closer to expiration, accelerating the decay in option value.

Vega measures the expected change in an option's price based on a one-point change in the underlying stock's implied volatility.
A stock's volatility measures how much the price of a stock can be expected to change from one day to the next. High volatility enables rapid change in a stock's worth. It can quickly switch between "in the money" and "out of the money," or move farther from the strike price. As such, changes in volatility provoke changes in the option's price, measured by Vega.

Rho measures the expected change in an option's price based on a one-percent change in the interest rates.
Investing is a matter of deciding where to apply monetary resources. Since the rate of return varies with investments (as does the safety of those funds), part of an option's price comes from expected long-term investments during the life of the option. Higher interest rates generally make bonds and similar investments more attractive, reducing the price of options.
Short-term options and those close to expiration are less likely to be affected by interest rate changes and usually have correspondingly low Rho values.

What is a Strategy?
A strategy is the pairing of one or more market positions, called legs. Each leg represents the buying or selling of either an option or the underlying instrument. After defining the positions, MetaStock displays a Profit/Loss graph based on the cost to enter that strategy and the various strike prices. You can use that graph together with your analysis of the underlying instrument and expectations of the market to tailor your risk, market exposure, and potential profit.