MarketXLS

Top Options Contract By Volume

Returns the option contracts with the highest trading volume for a given underlying symbol. This helps identify where market participants are most active.

Parameters

Parameter Required Default Description
Symbol Yes - Underlying stock ticker (e.g., AAPL, TSLA)
NumberOfOptions No 10 Number of top contracts to return

Understanding Volume

  • Volume = number of contracts traded today
  • High volume indicates active trading interest
  • Can signal institutional activity or upcoming events
  • Use with open interest for complete picture

Notes

  • Returns an array that spills into multiple cells in Excel
  • Results include both calls and puts
  • Data includes contract symbol, volume, and other metrics

Syntax

=TopOptionsByVolume(Symbol, [NumberOfOptions])
Excel Desktop (Windows)

Parameters

symbolstringRequired

Underlying stock ticker symbol

numberOfOptionsnumber

Number of top contracts to return

Returns

array

Array of top option contracts sorted by trading volume

Examples

=TopOptionsByVolume("AAPL")
Top 10 most active AAPL options
=TopOptionsByVolume("AAPL", 5)
Top 5 most active AAPL options
=TopOptionsByVolume("TSLA", 20)
Top 20 most active TSLA options
=TopOptionsByVolume("SPY", 10)
Top 10 most active SPY options
=TopOptionsByVolume(A1)
Symbol from cell reference

When to Use

  • Identifying where market activity is concentrated
  • Finding liquid option contracts for trading
  • Spotting unusual trading activity
  • Analyzing institutional positioning
  • Building options flow analysis tools

When NOT to Use

Scenario Use Instead
Need top by open interest TopOptionsByOpenInterest()
Need total symbol volume opt_TotalVolumeOptions()
Need specific contract price Option_Last_Price()
Need put/call volume ratio opt_PutCallVolRatio()

Common Issues & FAQ

Why is volume different from open interest?

Volume = contracts traded today. Open interest = total outstanding contracts. A contract can trade multiple times in a day, adding to volume but not open interest.

How do I identify unusual activity?

Compare today's volume to average daily volume or look for volume > open interest which indicates heavy new positioning.

Are results delayed?

Volume data is typically 15-20 minutes delayed during market hours.

Related Formulas

More MarketXLS Options formulas you can use in the same worksheet:

See TopOptionsByVolume used in a complete workbook: Options Profit Calculator: Excel-Based Options P&L Analysis With Real-Time Data

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MarketXLS Excel Add-in Tutorial - How to Use Top Options Contract By Volume and Other Financial Formulas
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