Chain layers

Layers add context to the strikes without changing what you can click. They are all off by default.

Note

Layers are not shown in the Delta chain. The Delta rails switch and its levels are shared by every workspace.

Open Chain settings → Layers:

• Implied price distribution: shades strikes by the expected move and adds the ±1σ move to each expiration.
• Volume & OI bars: a bar behind each Vol and OI figure.
• Delta rails: a line where |Δ| crosses each level, on calls and puts. With the switch on, a Levels field appears: whole numbers from 1 to 99 (16, 30, 70, 90 by default), plus Reset defaults.
• P/L zones at expiry: tints strikes by the risk graph’s profit or loss at expiration, leaving a gap at the breakevens. It shows when the chain is on the plotted legs’ front expiration.

Expected move

The expected move is the ±1 standard deviation range the options market implies for the underlying by an expiration, derived from the chain’s implied volatility. About two thirds of outcomes fall inside it.