Since our inception, we have constantly thrived towards introducing high quality and innovative products and services, with the objective of unlocking value to our customers. In line with this philosophy, it gives us immense pleasure in informing you that we have tied up with GoCharting for one of their key products, Options Desk. Our objective for this tie-up is to provide our clientele with a robust and an all-inclusive Options analytics and execution platform that would enable them to make better and informed decisions when trading options on the Indian markets.
Over the last few years, options trading has gained significant traction among retail market participants in India. Gone are the days when retail participants used to deploy just the basic, one-legged option strategies, which was primarily done with the intent of either hedging their underlying exposure in the futures/cash segment or taking one-sided directional trades. Today, due to the ease of accessibility to financial education amongst other things, traders have enhanced their trading skillset manifolds in the last few years. They have developed the knowledge to deploy sophisticated, multi-legged option strategies. However, having access to rich and reliable information relating to various facets of options is still a daunting task for most traders. This is where we seek to bridge the gap, via our tie up with GoCharting.
GoCharting is a modern financial analytics platform offering a great trading and charting experience. GoCharting provides access to some unique tools such as Orderflow analysis, Cluster charts, Imbalance charts, Volume Profile, Market Profile, and Options analytics. To read about them and their offerings, click here.
About Options Desk
GoCharting recently launched Options Desk, an advanced web and mobile-based options trading platform with very useful features that are unique in India. Some of the key features of Options Desk are highlighted below:
Advanced Options Chain:
The intuitive option chain allows you to see, in a single screen, various aspects of Call and Put options across strikes for a particular expiry. You also have a choice to display advanced tools such as option Greeks, IVs, ITM probability, theoretical price etc.
A very valuable feature that can be displayed on the option chain is the OI sense. This feature informs the viewer the sort of activity that is taking place across each strike for both calls and puts – long unwinding, short unwinding, short buildup, and long buildup.
Series wise option chain in a single window:
For easy access, all the option chain expiries can be seen in one screen. Clicking the dropdown icon displays the option chain for the chosen expiry. Furthermore, for each expiry, the viewer can also see series wise data such as cumulative OI, max pain, PCR, ATM IV etc. This is a very useful feature.
As the name suggests, this feature allows you to build your own option strategy, be it single legged or multi-legged. Alternatively, you could add one from the GoCharting library that has over 40 predefined option strategies. And that is not all. Once a strategy is added, it is then displayed in the strategy builder window, which shows various individual details of each leg such as strike price, quantity, side (long/short), entry, exit, P&L, IV, Delta etc. Furthermore, the strategy builder window also displays metrics at the global level such as probability of profit, total premium, P&L, Delta etc.
Besides trading with real capital, you also have the choice to paper trade. This is quite useful, especially when you would like to test a particular strategy under various conditions. Furthermore, in the option chain, there is a choice to view paper as well as real trade. This lets you easily see at what strikes you have the positions open, the quantity that is open, and the side that is open (green for long, red for short).
Option Chain Heat Flow:
Not only can you view the option chain in the standard format, but you can also view the option chain in the heat flow format. This feature allows you to view series-wise metrics in a single window. For instance, you could view OI across strikes and expiries in a single window, or you could view the OI sense, or you could even view one of the Greeks, etc. The heat flow feature is quite useful in that it allows you to get a holistic view of one particular metric across strike prices and expiries – all in a single window!
Once an option position (real or paper, single-legged or multi-legged) has been established, you can see the payoff of that position in the Payoff Chart. Not only can you see the P&L of the position in one of the two vertical axes, but you also have a choice to see one of the five Greeks in the other vertical axis. The payoff chart also displays parameters such as the minimum and maximum profit of the strategy, the risk/reward ratio, and the probability of profit.
Moreover, if you have established a paper position, you could also move the strike price(s) alongside the X-axis, to understand how the position profitability and Greeks change by varying the strikes. This can be a handy tool, especially when testing a strategy before executing it.
You could also perform a ‘What-if Analysis’ in the payoff chart. Using this functionality, the user can adjust the time decay, IV, and percent change in the underlying to understand how the P&L changes when one or more of these inputs are changed.
In addition to each of the features mentioned above, Options Desk has a separate panel where the user could see one or more of the volatility smile, cumulative open interest at various strikes, the call and put premium for each strike, and the max pain. Moreover, these charts can be viewed for different expiries.
Movable and Resizable UI:
Options Desk is highly customizable. You can easily drag and drop each tab and view 2-4 tabs in a single window. As an example, you could view the option chain, volatility smile, and the payoff chart in a single window. This gives you the flexibility to view multiple metrics, all in one window.
Also, you could change the colour of the background, as per your preference and likings.
Last but not the least, as you might have gauged by now, Options Desk is not only an options analytics platform but you could also execute real orders via the Options Desk.
All these features will grant retail traders access to several vital analytical and execution tools relating to Options, which are otherwise available mostly to sophisticated traders. This in turn will enable the retail community to make better and informed decisions when trading options.
Please note that during the launch phase, price feeds on Options Desk would be refreshed every 1 minute.
How to access Options Desk:
Options Desk can be accessed directly from Fyers Web. To do so, right click anywhere on the chart and then select Options Desk from the choices that are displayed.
Once you click on the Options Desk button, it will take you to a new window. There, click on the Fyers icon that is coloured in blue to be redirected to the Options Desk.
Fyers customers will get exclusive access to the platform for FREE up to 30th September 2021. Thereafter, the platform will be charged at an affordable price. We shall keep you posted regarding any pricing update about Options Desk.
Options Desk is a great value added product, especially if you trade options or use them to understand the state of the market. Having access to such vital tools, which are not otherwise accessible to all, and using them in conjunction with other parameters would give you immense edge and confidence when trading options. We hope you find this product highly beneficial for your trading.
Stay tuned, we will continue working on introducing more value-added features with the objective of elevating your options trading experience. If you have any queries, feel free to reach out to us. Alternatively, you could also write to the GoCharting support team (firstname.lastname@example.org).
Stay safe and happy Trading!