Options Trading
LamaTrader provides a complete professional options trading environment: a live multi-expiry options chain, a visual strategy builder for multi-leg positions, real-time combined Greek calculations, and automatic expiration alerts. Everything a professional options trader needs is available in one integrated workspace.
Options Chain Grid
The options chain displays every available contract for a given underlying symbol and expiration, updated continuously from the live market data feed.
Each row shows:
- Bid / Ask / Mid price with spread
- Volume and Open Interest
- Implied Volatility (IV) per contract
- Delta, Gamma, Theta, Vega, Rho — live, per contract
- Days to Expiration and Intrinsic / Time Value breakdown
Filtering options:
- By moneyness: ITM / ATM / OTM
- By option type: calls only, puts only, or both
- By minimum volume or open interest
- By custom strike range
Multiple expiration dates are available from a date picker. Switch expirations without losing your place in the chain.
Strategy Builder
The Strategy Builder lets you compose multi-leg options strategies from pre-built templates or from scratch. Select a template, and the builder pre-populates the leg structure with auto-selected strikes based on the live underlying price.
Available templates:
| Strategy | Structure |
|---|---|
| Long / Short Call | 1 leg |
| Long / Short Put | 1 leg |
| Vertical Spread (Bull Call / Bear Put) | 2 legs, same expiry, different strikes |
| Straddle / Strangle | 2 legs, call + put |
| Calendar Spread | 2 legs, same strike, different expirations |
| Diagonal Spread | 2 legs, different strike and expiration |
| Butterfly | 3 legs (1-2-1 ratio) |
| Broken Wing Butterfly (BWB) | 3 legs, asymmetric wings |
| Iron Condor | 4 legs, sell inner wings, buy outer wings |
| Iron Butterfly | 4 legs, ATM short straddle + OTM wings |
The platform detects your strategy type automatically as you add and adjust legs. Change any strike, expiration, or ratio — the builder updates the strategy label and recalculates risk metrics in real time.
Combined Greeks
The Strategy Panel shows net Greeks across all legs of a position simultaneously:
- Net Delta (Δ) — directional exposure. Positive = bullish bias, negative = bearish, near zero = market neutral.
- Net Gamma (Γ) — rate of delta change. High gamma amplifies P&L swings near expiration.
- Net Theta (Θ) — daily time decay in dollar terms. Negative = time decay hurts you (long premium); positive = time decay helps (short premium).
- Net Vega (V) — sensitivity to implied volatility changes. High vega benefits from IV expansion; low or negative vega favors IV contraction.
- Net Rho (ρ) — interest rate sensitivity. Relevant for longer-dated LEAPS positions.
Combined Greeks update in real time as legs are added, removed, or adjusted. The strategy panel also shows net premium (debit or credit), maximum profit, maximum loss, and breakeven prices where applicable.
Expiration Alerts for Calendar Spreads
Calendar spreads carry a specific risk: the near-dated leg expires while the far-dated leg remains open. Forgetting to close or roll the near leg results in naked short exposure or unwanted assignment.
LamaTrader monitors all calendar spread positions and surfaces alerts as the near leg approaches expiration:
- 8–30 DTE: Informational notice in the strategy panel — begin planning your roll
- ≤7 DTE: Prominent warning — near leg needs action soon
- 1 DTE / Expiration Day: Persistent alert — this leg expires today or tomorrow
Alerts appear in the platform UI and as toast notifications on the dashboard.
Placing Options Orders
Options orders use the same trade form as equities. Select the contract from the chain grid or the strategy builder, choose direction (buy to open, sell to open, buy to close, sell to close), set quantity, and choose your order type.
Multi-leg strategies are submitted as combo orders — all legs route as a single order for net debit or net credit, reducing execution slippage versus legging in manually.
All options trading features work in paper trading mode. Use paper mode to practice strategy mechanics with real market data before committing capital.
Options and the AI Assistant
The LamaTrader AI has full access to the options chain, your open positions, and live Greeks. Use the AI to:
- Surface the contracts closest to your target delta for a given expiry
- Calculate IV rank for an underlying symbol
- Identify which of your open positions has the most theta decay today
- Find strategies that match a directional and volatility outlook you describe in plain English
- Check your net portfolio delta and suggest a hedge
Results appear as interactive widgets inline in the conversation — not as text tables.