Hermēs DocumentationOption Chain
The Option Chain window stacks real bid/ask, volume, open interest, IV and Greeks alongside per-strike GEX for every strike — the workhorse window for US equity and ETF options traders to pick contracts and validate structure. Requires Pro.
The Option Chain stacks everything about a single strike in one view: real bid/ask, volume, open interest, implied volatility, Greeks like Delta/Theta, plus our own per-strike GEX. It is the workhorse window for US equity and ETF options traders to pick contracts and validate structure. Requires Pro.
Open it in the Options Desk via ＋ New Window → Data & Analytics → Option Chain; switch any single-name / ETF / index ticker within the same window.
Who it is for
US equity / ETF options traders. Once you have a direction or key level from GEX structure, the Option Chain tells you exactly which contract to buy/sell — which strike has good liquidity (tight bid-ask, thick OI), whether IV is rich, and whether this strike's GEX is support or resistance.
Panel walkthrough
Toolbar
Along the top: the Ticker Selector, the expiry dropdown, a view toggle (both sides / Calls only / Puts only), and a ±% range slider around spot — narrow the strikes to the band you care about instead of drowning in deep-OTM noise.
Column meanings
With STRIKE as the axis, each side gives symmetrically: GEX (dealer Gamma exposure at that strike), Vol (volume), OI (open interest), bid/ask (real quotes), IV (implied volatility), Delta and Theta.
Per-strike GEX overlay
Each strike's GEX comes from the same options-chain calculation as the main chart — positive-GEX strikes tend to form suppression / resistance, negative-GEX strikes correspond to acceleration / broken support. Use it to confirm whether a strike is a "wall" or a "gap".
Update cadence
Bottom label: bid/ask and volume/OI are real-time, Greeks and IV update hourly, with a Greeks timestamp. Drive intraday decisions off bid/ask and volume; use IV/Greeks for structural judgment.
Typical workflow
- Lock a key strike from the main chart or the GEX Data Center (e.g. a Call Wall).
- Set the Option Chain to that ticker and the nearest expiry, and use the ±% slider to focus around the key level.
- Read that strike's OI / Vol: thick OI and active volume = trustworthy structure and good liquidity.
- Read bid-ask width to choose limit vs market, and IV to judge whether premium is rich.
- Cross-check direction with that strike's GEX sign, then take the contract into the Strategy Workshop to build a structure.
The Option Chain is a live-only window: it shows a frozen overlay in replay mode and does not participate in historical replay. For historical per-strike values, use the GEX Data Center.
Next steps
Frequently asked questions
What subscription does the Option Chain need?
The Option Chain is a Pro window — log in with a Pro or higher subscription. Single-name and ETF data is also gated per ticker, and most single names need Ultra.
How often do the Option Chain quotes and Greeks update?
Bid/ask, volume and open interest are real-time; Greeks (Delta/Theta etc.) and IV update hourly, with the last-update time shown at the bottom of the window.
Why is my Option Chain empty or asking me to upgrade?
The ticker may need a higher tier, it may be outside US market hours, or you may be in replay mode (the Option Chain is a live-only window and freezes during replay).
Options Desk Overview
The Options Desk is a freely draggable multi-window trading workstation, open once you log in. Chart, Tactical and Live Flow are free; strategy and volatility windows need Pro; backtest and cross-asset correlation need Ultra.
Vol Intelligence
Vol Intelligence is the options trader's volatility command center — five tabs covering IV percentile and variance risk premium, skew, term structure, the market-implied probability distribution (Breeden-Litzenberger) and Vanna·Charm hedging flow. Requires Pro.