live option chain in excel

How to get a live option chain in Excel

To get an option chain in Excel, install the MarketXLS add-in and enter =QM_GetOptionChain("AAPL") in an empty cell. The formula returns a table of current, non-expired AAPL contracts across strikes and expirations, which you can filter, chart, or feed into your own strategy models. On Excel for Mac or Excel for the web (the Microsoft 365 add-in), write it as =mxls.QM_GetOptionChain("AAPL"). Options data is end-of-day on the MarketXLS Standard plan and real-time on the Advanced and Business plans (see pricing).

A few practical details:

• Smaller chains. =QM_GetOptionChainActive("AAPL") excludes zero-volume contracts. Filtered versions such as QM_GetOptionChainAtTheMoney, QM_GetOptionChainWeeklies, and QM_GetOptionChainMonthlies return only part of the chain.
• Snapshot vs streaming. The chain functions return a snapshot that updates when Excel recalculates. For ticking prices on specific contracts, build the contract symbol with =OptionSymbol("AAPL",DATE(2026,9,18),"C",250) and use =QM_Stream_Last() with streaming on. Each streamed contract uses one live symbol subscription.
• Room to spill. The chain returns a table, so leave empty cells below and to the right. A #SPILL! error means something is blocking the output.

See the options data guide for every chain variant, and real-time stock option pricing in Excel for the product page.

What an option chain shows: calls and puts

Every option chain lists calls and puts. A call gives the holder the right, but not the obligation, to buy a set number of shares (usually 100) at the strike price before or at expiration. A put gives the holder the right to sell shares at the strike price. Call buyers profit when the stock rises well above the strike; put buyers profit when it falls well below it.

Option premium and strike price

The option premium is the price the buyer pays the seller (the option writer) for the contract. The strike price is the price at which the holder can buy (call) or sell (put) the underlying stock. A call is in the money when the stock trades above the strike; at expiration its buyer gains the difference between the stock price and the strike, minus the premium paid. A put works the other way around.

Implied volatility and Greeks

Implied volatility (IV) is the volatility of the underlying stock that the option's market price implies over the life of the option. Higher IV means a more expensive option, all else equal, so traders compare IV across strikes and expirations to judge whether premiums are rich or cheap.

Option Greeks measure how an option's price responds to changes in its inputs:

• Delta: change in option price for a $1 move in the underlying.
• Gamma: change in delta for a $1 move in the underlying.
• Theta: change in option price from one day of time decay.
• Vega: change in option price for a 1-point change in implied volatility.
• Rho: change in option price for a change in interest rates.
• Charm: change in delta as time passes (delta decay).

Time decay, open interest, and market pricing

Time decay is the loss of an option's time value as expiration approaches. Open interest is the number of contracts that are open (not yet closed or exercised) for a given strike and expiration, and is a common gauge of liquidity. Option prices are set by supply and demand in the market; models such as Black-Scholes estimate a theoretical value to compare against.

Underlying stock and expiration date

The underlying is the asset the option's value is derived from: a stock, ETF, index, or other instrument. The expiration date is the last date the holder can exercise the option.

Risk/reward analysis and bullish or bearish strategies

Risk/reward analysis compares the maximum potential profit of a trade with its maximum potential loss before you enter it. Bullish strategies (such as long calls or bull call spreads) profit if the stock rises; bearish strategies (such as long puts or bear put spreads) profit if it falls. The free options profit calculator plots the payoff of a strategy at expiration.

Options strategy templates

Here are some templates that you can use to create your own models

Synthetic Short Straddle with Calls
Synthetic Short Straddle with Puts

Search for all templates in the MarketXLS template library.

Relevant blogs that you can read to learn more about the topic

Covered Calls- Managing And Tracking

Options Profit Calculator
Real Time Stock Option Pricing In Excel
Using Marketxls To Find The Best Cash-Secured Put Option To Sell