Beginner

Reading an Option Chain Quiz

By Dennis Bosmans · Updated July 2026 · 2 min read · Risk disclaimer

An option chain packs a lot of information into a small grid. These six questions check that you can read every column with confidence.

Pick an answer for each question — your score appears at the end.

1. Question 1The difference between the bid and the ask price is called the…

   SpreadStrikePremiumDelta

   The bid-ask spread is the gap between the best buy and sell prices; a tighter spread means better liquidity.

2. Question 2Open interest tells you…

   Contracts traded todayThe total number of outstanding contracts still openThe strike priceThe implied volatility

   Open interest counts all contracts currently open, while volume counts only today's trades.

3. Question 3The mark (or mid) price of an option is usually…

   The strikeThe bid priceThe midpoint between the bid and the askThe ask price

   The mid is the average of the bid and ask and is a fair estimate of the option's value.

4. Question 4A call is 'at the money' when the stock price is…

   Far below the strikeZeroFar above the strikeRoughly equal to the strike

   At the money means the stock is trading near the option's strike price.

5. Question 5High volume with very low open interest on a strike usually signals…

   A lot of new activity opening and closing that dayA dead, untradeable strikeThat the option has expiredA stock split

   Volume without matching open interest points to heavy same-day trading that has not settled into open positions.

6. Question 6Moving down the rows of a chain, each line typically shows a different…

   Expiration dateStrike priceUnderlying stockBroker

   Within one expiration, each row lists a different strike price for the calls and puts.

Educational use only. Quotes are delayed ~15 minutes and nothing here is financial advice. Options trading involves substantial risk of loss. Privacy Policy · Terms & Conditions.