A diagonal spread is an option spread that has both different strike prices (like call and put credit and debit spreads) and expiration dates (like Calendar Spreads). Generally, the option leg that is purchased or long has a later expiration date than the sold or short option. Diagonal spreads can be constructed for both a debit (Bull call Diagonal and Bear Put Diagonal) and a credit (Bear Call Diagonal and Bull Put Diagonal).
Bull Call Diagonal Spread (Poor Man's Covered Call)
The strategy involves buying a longer term expiration ITM call and selling a nearer term expiration OTM higher strike call against it.
Main View
- Price~ - the delayed stock price at the time the strategy is updated for the underlying equity.
- Expiration Date Leg 1 - the expiration for the Leg 1 option.
- Leg1 (Buy) Strike - the price at which the underlying security can be bought if the option is exercised.
- Expiration Date Leg 2 - the expiration for the Leg 2 option.
- Leg2 (Sell) Strike - the price at which the underlying security can be bought if the option is exercised.
- Net Debit (Max Loss) - the potential loss of this strategy. Max Loss is: Leg1 Ask (ITM Call) - Leg2 Bid (OTM Call)
- Max Profit - Strike Difference - Net Debit (if closed at the first expiration)
- Payout% - (Strike Difference - Net Debit) / Net Debit (if closed at the first expiration)
- Leg1 Delta - Delta measures the amount an option price will change as a result of a $1.00 price change of the underlying security.
- Leg2 Delta - Delta measures the amount an option price will change as a result of a $1.00 price change of the underlying security.
- Net $ Delta -
- a. Leg1 Ask + ((Leg2 Strike - Security Price) * Leg1 Delta)
- b. Leg2 Bid + ((Leg2 Strike - Security Price) * Leg2 Delta)
- Net $Delta = Step a. - Step b - Net Debit (Leg1 Ask - Leg2 Bid)
- Net $Theta - the time decay. Net $Theta =
- Step 1: Calculate theta loss per leg:
a. Leg2 theta loss = {Leg2 theta * Leg2 DTE}
b. Leg1 theta loss = {Leg1 theta * Leg2 DTE}
- Step 2: Calculate decay legs by theta loss
a. Leg2 decay = Leg2 Bid - Leg2 theta loss
b. Leg1 decay = Leg1 Ask - Leg1 theta loss
- Step 3: Calculate the spread using the new bid and ask values
a. Theta spread = Leg1 decay - Leg2 decay
(spread can not be wider than Leg1 decay)
Net $Theta = Theta spread - Net Debit (Leg1 Ask - Leg2 Bid)
Bear Put Diagonal
The strategy involves buying a longer term expiration ITM put and selling a nearer term expiration OTM lower strike put against it.
Main View
- Price~ - the delayed stock price at the time the strategy is updated for the underlying equity.
- Expiration Date Leg 1 - the expiration for the Leg 1 option.
- Leg1 (Buy) Strike - the price at which the underlying security can be bought if the option is exercised.
- Expiration Date Leg 2 - the expiration for the Leg 2 option.
- Leg2 (Sell) Strike - the price at which the underlying security can be bought if the option is exercised.
- Net Debit (Max Loss)Â - the potential loss of this strategy. Max Loss is: Leg1 Ask (ITM Put) - Leg2 Bid (OTM Put)
- Max Profit - Strike Difference - Net Debit (if closed at the first expiration)
- Payout% - (Strike Difference - Net Debit) / Net Debit (if closed at the first expiration)
- Leg1 Delta - Delta measures the amount an option price will change as a result of a $1.00 price change of the underlying security.
- Leg2 Delta - Delta measures the amount an option price will change as a result of a $1.00 price change of the underlying security.
- Net $ Delta -
- a. Leg1 Ask + ((Security Price - Leg2 Strike) * Leg1 Delta)
- b. Leg2 Bid + ((Security Price - Leg2 Strike) * Leg2 Delta)
Net $Delta = Step a. - Step b - Net Debit (Leg1 Ask - Leg2 Bid))
- Net $Theta - the time decay. Net $Theta =
- Step 1: Calculate theta loss per leg:
a. Leg2 theta loss = {Leg2 theta * Leg2 DTE}
b. Leg1 theta loss = {Leg1 theta * Leg2 DTE}
- Step 2: Calculate decay legs by theta loss
a. Leg2 decay = Leg2 Bid - Leg2 theta loss
b. Leg1 decay = Leg1 Ask - Leg1 theta loss
- Step 3: Calculate the spread using the new bid and ask values
a. Theta spread = Leg1 decay - Leg2 decay
(spread can not be wider than Leg1 decay)
Net $Theta = Theta spread - Net Debit (Leg1 Ask - Leg2 Bid)
Bear Call Diagonal
This strategy involves selling a nearer term expiration ITM call and buying a longer term OTM expiration higher strike call against it.
Main View
- Price~Â - the delayed stock price at the time the strategy is updated for the underlying equity.
- Expiration Date Leg 1 - the expiration for the Leg 1 option.
- Leg1 (Buy) Strike - the price at which the underlying security can be bought if the option is exercised.
- Expiration Date Leg 2 - the expiration for the Leg 2 option.
- Leg2 (Sell) Strike - the price at which the underlying security can be bought if the option is exercised.
- Net Credit (Max Profit) - the potential return of this strategy. Max Profit is: Leg1 Bid (ITM Call) - Leg2 Ask (OTM Call)
- Max Loss - Max Loss = Strike Difference - Net Credit (if closed at the first expiration date)
- Risk/Reward%Â - Risk/Reward Ratio = (Strike Difference - Net Credit) / Net Credit (if closed at the first expiration date)
- Leg1 Delta - Delta measures the amount an option price will change as a result of a $1.00 price change of the underlying security.
- Leg2 Delta - Delta measures the amount an option price will change as a result of a $1.00 price change of the underlying security.
- Net $ Delta -
- a. Leg2 Ask + ((Leg2 Strike - Security Price) * Leg2 Delta)
- b. Leg1 Bid + ((Leg2 Strike - Security Price) * Leg1 Delta)
- Net $Delta = Step b. - Step a. - Net Credit (Leg1 Bid - Leg2 Ask)
Net $Theta - the time decay. Net $Theta = - Step 1: Calculate theta loss per leg:
a. Leg2 theta loss = {Leg2 theta * Leg1 DTE}
b. Leg1 theta loss = {Leg1 theta * Leg1 DTE}
- Step 2: Calculate decay legs by theta loss
a. Leg2 decay = Leg2 Ask - Leg2 theta loss
b. Leg1 decay = Leg1 Bid - Leg1 theta loss
- Step 3: Calculate the spread using the new bid and ask values
a. Theta spread = Leg1 decay - Leg2 decay
(spread can not be wider than Leg1 decay)
Net $Theta = Theta spread - Net Credit (Leg1 Bid - Leg2 Ask)
Bull Put Diagonal
This strategy invoices selling a nearer term expiration ITM put and buying a longer term expiration OTM lower strike put against it.
Main View
- Price~Â - the delayed stock price at the time the strategy is updated for the underlying equity.
- Expiration Date Leg 1 - the expiration for the Leg 1 option.
- Leg1 (Buy) Strike - the price at which the underlying security can be bought if the option is exercised.
- Expiration Date Leg 2 - the expiration for the Leg 2 option.
- Leg2 (Sell) Strike - the price at which the underlying security can be bought if the option is exercised.
- Net Credit (Max Profit) - the potential return of this strategy. Max Profit is: Leg1 Bid (ITM Put) - Leg2 Ask (OTM Put)
- Max Loss - Max Loss = Strike Difference - Net Credit (if closed at the first expiration date)
- Risk/Reward%Â - Risk/Reward Ratio = (Strike Difference - Net Credit) / Net Credit (if closed at the first expiration date)
- Leg1 Delta - Delta measures the amount an option price will change as a result of a $1.00 price change of the underlying security.
- Leg2 Delta - Delta measures the amount an option price will change as a result of a $1.00 price change of the underlying security.
- Net $ Delta -
- a. Leg2 Ask + ((Security Price - Leg2 Strike) * Leg2 Delta)
- b. Leg1 Bid + ((Security Price - Leg2 Strike) * Leg1 Delta)
- Net $Delta = Step b. - Step a. - Net Credit (Leg1 Bid - Leg2 Ask)
- Net $Theta - the time decay. Net $Theta =
- Step 1: Calculate theta loss per leg:
a. Leg2 theta loss = {Leg2 theta * Leg1 DTE}
b. Leg1 theta loss = {Leg1 theta * Leg1 DTE}
- Step 2: Calculate decay legs by theta loss
a. Leg2 decay = Leg2 Ask - Leg2 theta loss
b. Leg1 decay = Leg1 Bid - Leg1 theta loss
- Step 3: Calculate the spread using the new bid and ask values
a. Theta spread = Leg2 decay - Leg1 decay
(spread can not be wider than Leg2 decay)
Net $Theta = Theta spread - Net Credit (Leg1 Bid - Leg2 Ask)
Options information is delayed a minimum of 15 minutes, and is updated at least once every 15-minutes through-out the day. The screener displays probability calculations based on the delayed stock price at the time the strategy is updated. The new day's options data will start populating the screener at approximately 8:55a CT.
Data Updates
For pages showing Intraday views, we use the current session's data with new price data appear on the page as indicated by a "flash". Stocks: 15 minute delay (Cboe BZX data for U.S. equities is real-time), ET. Volume reflects consolidated markets. Futures and Forex: 10 or 15 minute delay, CT.
The list of symbols included on the page is updated every 10 minutes throughout the trading day. However, new stocks are not automatically added to or re-ranked on the page until the site performs its 10-minute update.
For reference, we include the date and timestamp of when the list was last updated at the top right of the page.
Page Sort
Pages are initially sorted in a specific order (depending on the data presented). You can re-sort the page by clicking on any of the column headings in the table.
Views
Most data tables can be analyzed using "Views." A View simply presents the symbols on the page with a different set of columns. Site members can also display the page using Custom Views.
Each View has a "Links" column on the far right to access a symbol's Quote Overview, Chart, Options Quotes (when available), Barchart Opinion, and Technical Analysis page. Standard Views found throughout the site include:
- Main View: Symbol, Name, Last Price, Change, Percent Change, High, Low, Volume, and Time of Last Trade.
- Technical View: Symbol, Name, Last Price, Today's Opinion, 20-Day Relative Strength, 20-Day Historic Volatility, 20-Day Average Volume, 52-Week High and 52-Week Low.
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- Moving Averages View: Symbol, Name, Last Price, 20-Day Moving Average, % From 20-Day Moving Average, 50-Day Moving Average, % From 50-Day Moving Average, 100-Day Moving Average, % From 100-Day Moving Average, 200-Day Moving Average, % From 200-Day Moving Average.
- Fundamental View: Available only on equity pages, shows Symbol, Name, Market Cap, P/E Ratio (trailing 12 months). Earnings Per Share (trailing 12 months), Net Income, Beta, Annual Dividend, Dividend Yield, and Latest Earnings Date.
Note: For all markets except U.S. equities, fundamental data is not licensed for downloading. Your .csv file will show "N/L" for "not licensed" when downloading from a Canadian, UK, Australian, or European stocks page. - Mini-Chart View: Available for Barchart Plus and Premier Members, this view displays 12 small charts per page for the symbols shown in the data table. You may change the bar type and time frame for the Mini-Charts as you scroll through the page. The default settings for Mini-Charts are found in your Site Preferences, under "Overview Charts".
- Pre-Post Market Data: Available for Barchart Plus and Premier Members, this view will show any pre- or post-market price activity for U.S. equities only.
View Symbol More Data (+)
Unique to Barchart.com, data tables contain an option that allows you to see more data for the symbol without leaving the page. Click the "+" icon in the first column (on the left) to view more data for the selected symbol. Scroll through widgets of the different content available for the symbol. Click on any of the widgets to go to the full page. The "More Data" widgets are also available from the Links column of the right side of the data table.
Flipcharts
Also unique to Barchart, Flipcharts allow you to scroll through all the symbols on the table in a chart view. While viewing Flipcharts, you can apply a custom chart template, further customizing the way you can analyze the symbols. Flipcharts are a free tool available to Site Members.
Note: Flipcharts, unlike the full-page chart or Dashboard, does not stream updated data to the chart.
Download
Download is a free tool available to Site Members. This tool will download a .csv file for the View being displayed. For dynamically-generated tables (such as a Stock or ETF Screener) where you see more than 1000 rows of data, the download will be limited to only the first 1000 records on the table. For other static pages (such as the Russell 3000 Components list) all rows will be downloaded.
Free members are limited to 1 site download per day. Barchart Plus Members have 10 downloads per day, while Barchart Premier Members may download up to 250 .csv files per day.
Note: Due to licensing restrictions, Canadian fundamental data cannot be downloaded from Barchart.com. You will see "N/L" in a downloaded column when this is the case. Fundamental data for US equities is also limited to 15 fields per download request.
Should you require more than 250 downloads per day, please contact Barchart Sales at 866-333-7587 or email solutions@barchart.com for more information or additional options about historical market data.
