For the complete documentation index, see llms.txt. This page is also available as Markdown.

Options Page Guide

This page explains the main components of the Rails options trading page, including contract selection, the option chain, and post-trade views.

Use the sections below to jump directly to contract selection, chain filters, the option chain, and your post-trade views.

New to Options?

Market selector and expiries

The Options screen starts with two key choices: the underlying asset and the expiry date.

Pick the asset first. Then choose the expiry you want to analyze or trade. The chain updates to show only the contracts for that expiry.

The top row helps you orient quickly:

  • Underlying market selector: Chooses the asset for the options chain — BTC or ETH.

  • Expiry buttons: Switch between listed expiries for that asset. Contracts are listed on weekly and monthly schedules, and all contracts expire at 08:00 UTC on their expiry date.

  • Selected expiry: Controls the contracts shown in the chain below.

Chain filters

Rails includes quick filters above the chain to reduce noise and focus on the most relevant strikes.

These filters help in different ways:

  • Approximately ATM: Centers the chain around strikes that are closest to the current underlying price, so you can focus on contracts that are near at-the-money (ATM).

  • Strike Range: Controls how many strikes Rails shows above and below the current market area, so you can widen or narrow the visible section of the chain.

Use these filters when you want a faster view of the most active or most relevant contracts around the market.

Option chain

The option chain is the core market view for options trading on Rails. It shows calls on the left, puts on the right, and the strike ladder in the center.

Above the chain, Rails displays the current Underlying Price, the selected expiry date, and the time until expiration for that contract set.

The chain columns help you compare contracts quickly:

  • Calls / Puts: Calls appear on the left. Puts appear on the right.

  • Strike: The central strike price for each contract pair.

  • Bid / Ask: The best available buy and sell prices for that contract.

  • Mark: The platform's model-based fair value, used for margin, unrealized P&L, and liquidations. It is a reference price and is not necessarily the same as the last traded price.

  • Bid Size / Ask Size: The visible size available at the best bid or ask.

chalkboard-user

The Ask is what you pay to buy now.

The Bid is what you receive to sell now.

The Mark is the reference price used by the platform for risk and valuation.

  • Delta: The contract's delta, which estimates how much the option price tends to change when the underlying moves.

  • Position: Your current size in that exact contract. A dash means you do not hold that contract.

  • Open: Open interest for that contract.

  • 24H Vol.: The contract's trading volume over the last 24 hours.

The active strike row is highlighted to make the current area of interest easier to scan:

For a deeper explanation of moneyness, premiums, and delta, see Intro to Options and Black-76 & the Greeks.

Trade summary tabs

Below the chain, Rails groups your contract activity into tabs so you can monitor positions and orders without leaving the trading screen.

The Positions tab shows your currently open option contracts.

It helps you confirm what you hold and how the contract is performing in real time.

The visible fields include:

  • Instrument: The contract you hold, including its expiry, strike, and call or put type.

  • Side: Whether your position is long or short.

  • Value / Size: The current contract value and contract count.

  • Avg. Price: Your average entry price for that contract.

  • Mark Price: The current reference price used for valuation.

  • RSPL: Realized profit or loss already locked in on the position.

  • USPL: Unrealized profit or loss based on the current mark price.

  • P&L: The total profit or loss view for that position.

  • Close by: Quick actions to close with a Limit or Market order.

Account summary

The Account Summary panel (bottom right of your screen) keeps your key account figures visible while you trade.

The panel shown here includes:

  • Available Balance: Funds currently available to support new orders.

  • Account Balance: The current total balance of the account you are trading from.

  • P&L: Your account-level profit and loss.

  • Fees: Your total all-time account fees charged.

  • Volume: Your all-time options trading volume.

  • Unrealized P&L: The P&L of your open positions.

The Margin Ratio bar shows you how close you are to liquidation.

Keep this panel in view when you write options or manage multiple open contracts, since available collateral directly affects what you can open and maintain.

To learn how balances, margin usage, and liquidation risk work on options, see Margin & Liquidation and the Options Metrics Guide.

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