This page only explains what each number on the simulator's option chain means. It gives no directional advice and predicts nothing. Quotes are delayed about 15 minutes, for paper practice only — not real-time quotes, not investment advice.
Each row is one strike. The row nearest the spot price is at-the-money (ATM); strikes above and below spot sit on either side. The reference card at the top of the simulator marks the ATM row directly.
Bid is the per-share price you receive when you sell; ask is the per-share price you pay when you buy; mid is the average of the two. The simulator marks positions to mid, which does not mean you can trade at mid. Buys fill at ask and sells fill at bid — that is this simulator's fill convention.
Ask minus bid is the bid-ask spread; times 100 times the number of contracts, it approximates the round-trip spread cost. The larger the spread relative to the premium, the heavier the cost of getting in and out; the simulator breaks this out in the order estimate and flags it in red when it exceeds 20% of the premium.
IV is the market-implied volatility backed out of the option price, shown as a percentage. It is not a promise about future volatility — only what the current price implies. For 0DTE contracts expiring today, IV also decays as time passes.
Delta approximates how much the option price moves when spot moves 1 point, and in which direction: Calls run from 0 to 1, Puts are negative, and near ATM the absolute value is about 0.5. Delta describes sensitivity — it is not a win rate and not directional advice.
For a long buy, breakeven is strike plus the per-share premium (at ask) for Calls, and strike minus the per-share premium for Puts; if spot has not reached breakeven by the close, the long premium expires to zero. A long's maximum loss is the premium plus fees. A naked short has no protective leg, so losses can far exceed the premium, and the simulator asks for an extra confirmation.
Fees are $0.65 per contract per side, and all P&L is shown net of fees; the daily fee circuit breaker trips at $60. Margin locked on selling to open is a simplified simulator convention of 20% of strike — not a broker's real margin requirement — and is released on close.
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