How Tented prices options

Every curve on the risk graph except Expiry is a model value: Tented prices each leg for a different price, a different time and sometimes a different volatility. If a T+1 line says your butterfly is up $300 tomorrow, that depends on how much time decay Tented charges for the night in between and on where it puts each leg’s IV when the price moves. Two settings, Option time and Vol model, control those two choices, so you can match the graph to your own judgment or to another platform’s.

Open them from Gear menu → Settings → Trading:

Option time: Trading (default) or Calendar.
Time weights (only with Trading): Chain (default) or Fixed.
Vol model: Skew (default) or Sticky strike.
Risk-free rate: Auto (the 1-month Treasury yield, read through Tented’s API) or Manual.

The settings apply to every trade and workspace, and the sidebar’s trade rows use them too, so a row’s theta matches its trade page.

How traders use it

Compare with thinkorswim or ONE. Set Option time to Calendar and Vol model to Sticky strike. Every hour then decays alike and IV ignores the price, so the remaining differences between platforms come from data, not from these two choices.
Plan over a weekend. Keep Trading time on and look at the T+ line for Monday. A weekend costs far less than three days of theta, and the graph shows it.
Test a skew move. Keep Skew on and project the price down 100 points. Put IVs rise as the price falls, which a Sticky strike curve does not show.
Test an IV change. Use the Vol what-if on the projection strip to add or remove points of IV on every leg at once.
Time an entry. In a Time condition, the editor shows what share of today’s decay is gone by then.

Articles

For the Vol what-if, see What-if price, time and volatility. If your numbers differ from another platform’s, see The risk graph doesn’t match my broker.