Introduction to the options trading page
Click the [Coin-M Options] in the top navigation bar to enter the options trading page as follows.
1. Option products
BIT currently supports BTC, ETH and BCH coin-margined options.
2. Option expiration date information
BIT currently offers daily options, weekly options, monthly options, and quarterly options.
3. Option Chain Chart
As shown above, the option chain chart consists of basic options information, strike prices, options parameters and call/put orderbook.
3.1 Basic option information at the top of the chart
It shows the underlying price, option symbol, and expiry of the option.
3.2 The strike prices in the middle of the chart
Each strike price represents an option product. The information on the left and right sides of each strike represents the volume, position, quotation, volatility and other parameters of the option.
For example, the strike price of 24000 represents a BTC option with an expiration date of Jul 28, 2022 and a strike price of $24000.
3.3 Options parameters in the horizontal row
|
24h Vol |
Open |
Last |
Size |
Bid |
Mark |
Ask |
IV |
Delta |
Pos |
|
Last 24 hours volume |
Total open interest |
Last trade price |
Current order size for bids or asks |
The highest bid for the option |
The mark price for the option |
The lowest ask for the option |
The IV of the option |
The change of option price based on $1 increase in the underlying asset’s price. |
Your position of the option |
3.4 Option Quotes on Both Sides
The left and right sides of the option chain are quotation sheets for call options and put options respectively.
4. Position risk information
Display the risk information of your account, including key indicators such as equity, margin balance, liabilities, IM, and MM rates.
5. Trading Information
Here you can view the position information, open orders, order history and trade history.
Order Types
In the options chain, you can select the option product you want to buy/sell and place an order.
Select [Options] - [Coin-M Options] in the top navigation bar
Select the option product you want to trade (BTC/ETH/BCH)
Select the expiration date
Select the strike price and the option type (calls on the left / puts on the right)
Click on the option product you want to trade and enter the order widget.
Select the trading type (regular / RFQ)
Select the order type (Limit Order / Market Order)
Select the pricing method of order (currency denominated/USD/IV)
Enter the price (limit order)/best market price (market order)
Enter the order size
Select [Buy] or [Sell] to place the order
Coin margined options offer both regular trading and RFQ trading services. For regular trading, traders can choose to price in three ways: pricing in the underlying asset (e.g. BTC), pricing in USD (USD orders), and pricing in implied volatility (IV orders).
Currency Orders
Currency orders are option orders priced at the underlying asset of the option. For example, the currency order of BTC-24JUN22-29000-C is an order priced in BTC. After the order is placed, the quoted price will remain constant in the currency dimension.
USD Orders
USD orders are option orders priced in USD. If you want to buy an option for a fixed amount of USD, you can place an order by selecting a USD order.
Due to the constantly changing exchange rate between the underlying asset and the USD, the order size is not fixed when converted to the underlying asset, but the order book only accepts currency quotes. Therefore, the order will be continuously monitored and changed by the pricing engine in order to keep the USD value of the order stable.
IV Orders
IV orders are orders where the implied volatility remains constant. The pricing is done based on the Black-Scholes option pricing model. Please note that prices are refreshed once per 6 seconds.
Request for Quote (RFQ)
If the depth or price of the floor does not meet your options trading needs, you can request a quote and trade by using the RFQ feature. Learn more about RFQ.