BigDipperOptions Glossary
A
API (Application Programming Interface)A set of tools that allows different software systems to communicate. BigDipperOptions uses APIs to fetch option chain data and stock prices.
B
Bid / Ask / MidThe bid is the highest price a buyer offers; the ask is the lowest price a seller accepts. The mid is the midpoint between them—a useful reference, but not a guaranteed execution price. The spread (ask minus bid) affects your real cost to trade. Bid-Ask Spread
Difference between the ask and bid prices; smaller spreads generally indicate better liquidity.
C
Call OptionA contract that gives the holder the right (but not obligation) to buy the underlying stock at a specified strike price before expiration. Call Wall
Strike price with the largest concentration of call options in terms of Gamma Exposure (GEX). Acts as a resistance zone in the market. Covered Call
An options strategy where you own the underlying stock and sell a call option against it to generate premium income.
D
Delta (Δ)Measures how much an option’s price is expected to change for a $1 move in the underlying stock. Days To Expiration (DTE)
How many days remain until the option’s expiration date. Used in chain filters, the Wheel page, and wheel screening (e.g. 21–45 days). Brokers may count calendar or trading days slightly differently. Delayed Data
BigDipperOptions uses a 15-minute delayed options data stream sourced from OPRA that is fetched regularly during the market cycle—chart prices are not live underlying or option quotes.
E
Expiry / ExpirationThe date when an option contract ceases to exist. After this date, the option can no longer be exercised.
G
Gamma (Γ)Measures the rate of change of delta as the stock price changes. High gamma indicates that delta will shift quickly with small price moves. Gamma Exposure (GEX)
Aggregate gamma of options at different strikes; shows how market makers’ hedging activity could affect the stock price. GEX Weight Distribution
Visual representation of where gamma is concentrated across strike prices. GEX Flip
A change in the sign of gamma exposure, indicating potential shifts in market stability or volatility.
I
IV (Implied Volatility)Market expectation of how much the underlying may move, embedded in option prices. Higher IV generally means higher premiums. On BigDipperOptions, IV is one input in the composite score (with OI, gamma/GEX, volume, and more)—so you can screen strikes without sorting raw IV columns first. After you shortlist here, confirm live IV and IV Rank at your brokerage before selling premium.
M
Max Gamma Call / PutStrike price where gamma is at its peak for calls or puts; these are sensitive points where small stock moves can lead to larger hedging adjustments.
O
Option ChainA table or dataset showing all available calls and puts for a stock, with strikes, expiries, and prices. Options Trend Graph
Visual representation of historical buying and selling activity of options.
P
ScoreThe platform score is a composite of strike-level signals—including IV, OI, gamma/GEX, volume, and more. BigDipperOptions combines these into one number so you can compare strikes without juggling raw broker columns—then confirm live IV, IV Rank, and quotes at your brokerage before you trade. Higher scores indicate greater relative engagement—not whether a trade is “good” or “bad.” The score is experimental and is not a buy/sell recommendation. See What Does the Score Show?. Put Option
A contract that gives the holder the right (but not obligation) to sell the underlying stock at a specified strike price before expiration. Put Wall
Strike price with the largest concentration of put options in terms of Gamma Exposure (GEX). Acts as a support zone. Period ROC (Wheel)
Return on capital for one cash-secured put cycle: option premium divided by cash collateral (typically strike × 100), expressed as a percentage for that expiry’s holding period. Use when your minimum-income rule is tied to the actual DTE you are selling.
R
Annualized ROC (Wheel)Period ROC scaled to a 365-day year so puts with different DTEs can be compared on the Wheel scatter. Short-dated options produce very high annualized figures—treat as a comparison ruler, not an achievable yearly return. Return on Capital (ROC)
On the Wheel page, premium collected divided by cash secured for a cash-secured put. See Wheel Page Guide — Period ROC vs annualized ROC. Reward-to-Risk Ratio
Potential profit divided by potential loss for a trade or spread.
S
SpreadA strategy that involves buying and selling two or more options simultaneously to control risk and reward. Common types include bull call spreads, bear put spreads, and iron condors. Strike Price
Price at which an option can be exercised.
T
Theta (Θ)Measures the time decay of an option; how much value an option loses as it approaches expiration. Trade Strategy
A plan using options and/or stock positions to achieve a specific risk/reward profile.
V
Vega (ν)Measures sensitivity of an option’s price to changes in implied volatility.
W
Wheel StrategyA strategy that combines selling cash-secured puts to potentially acquire stock, then writing covered calls against owned stock to generate premium. It’s a repeatable income-focused approach.