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
Examples
=TopOptionsByVolume("AAPL")=TopOptionsByVolume("AAPL", 5)=TopOptionsByVolume("TSLA", 20)=TopOptionsByVolume("SPY", 10)=TopOptionsByVolume(A1)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
Q: Why is volume different from open interest? A: 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.
Q: How do I identify unusual activity? A: Compare today's volume to average daily volume or look for volume > open interest which indicates heavy new positioning.
Q: Are results delayed? A: Volume data is typically 15-20 minutes delayed during market hours.
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