About ThetaOwl

ThetaOwl is a free options analytics platform that provides daily analysis for 600+ US equity symbols. We combine end-of-day options chain data with AI-powered analysis to help traders make more informed decisions.

Data Sources

All options chain data is sourced from publicly available end-of-day (EOD) market data through third-party data providers. Price data, volume, open interest, and implied volatility are captured after each trading session. We do not provide real-time or intraday data.

Update Frequency

Data is processed and updated daily, typically before the next market open. All analytics, screener results, and AI reports reflect the most recent market close. Historical data is retained to enable trend analysis and backtesting.

Methodology

Gamma Exposure (GEX)

GEX measures the total gamma exposure of market makers across all strikes and expirations for a given symbol. Positive GEX indicates market makers are likely to buy dips and sell rallies (stabilizing), while negative GEX suggests they may amplify moves. We calculate GEX from open interest and the Black-Scholes gamma for each contract.

Delta Exposure (DEX)

DEX measures the aggregate delta exposure across all option contracts, reflecting the net directional bias of the options market. Large positive DEX suggests bullish positioning; large negative DEX suggests bearish positioning.

Max Pain

Max pain is calculated by summing the total dollar value that all outstanding option contracts would lose at each strike price. The strike with the highest aggregate loss for option holders is the max pain strike. This is calculated independently for each expiration date.

Implied Volatility Rankings

IV Rank measures where the current implied volatility sits within its 52-week range (0% = lowest, 100% = highest). IV Percentile measures what percentage of days in the past year had a lower IV than today. Both help identify whether options are relatively cheap or expensive.

Expected Move

The expected move is derived from the at-the-money straddle price for each expiration. It represents the one-standard-deviation move the market is pricing in, capturing approximately 68% of probable outcomes.

AI Analysis Reports

AI reports are generated using large language models analyzing the full options data snapshot for each symbol. Reports cover directional bias, theta/income strategies, flow analysis, and earnings positioning. They are generated daily and represent AI interpretation of the data — not financial advice.

Disclaimer

ThetaOwl is not a registered investment advisor. All content is for informational and educational purposes only. Options trading involves significant risk and is not suitable for all investors. Past performance does not guarantee future results. Always do your own research before making investment decisions.