Definition
An option chain — sometimes called an options matrix — is a structured table that displays every option contract currently available for a single underlying stock or index. Calls are usually shown on one side and puts on the other, with strike prices running down the center.
Each row presents live market data for a contract: bid and ask prices, last trade, volume, open interest, and implied volatility. Traders use the chain as their primary tool for finding and comparing contracts before placing an order.
Why it matters
How it works
A trader selects an underlying, then chooses an expiration date to view. The chain lists strikes from deep in-the-money to deep out-of-the-money. Reading across a row shows how the same expiration prices differently at each strike; reading down a column shows how price and liquidity change as strikes move away from the current stock price.
Most platforms let users overlay extra columns such as delta or theta, turning the chain into a quick scan of risk characteristics. Filtering by expiration and strike range keeps the view focused on relevant contracts.