What Does It Mean

When Things Go Wrong

Purchasing and Upgrading a License

Answers to Questions

When you click on the link to download, your browser will ask what you would like to do with this file: Run or Save. Choose Save. You will then be asked where; save it some place on your hard drive where you will be able to find it once it is downloaded, e.g. c:\setup4.exe
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How do I install OpenInterest once I have downloaded the setup program?

Once the downloading is complete, locate the downloaded setup file and launch it. You will be told which version of OpenInterest you are about to install, and will be asked whether you wish to proceed. Click on Yes.

You will be shown the terms of the license and be asked to agree to them. Click Yes if you agree.

You will also be prompted to choose a folder into which OpenInt will be installed. The default location is under the "Program Files" folder. It doesnt' much matter where you install to, but be careful not to install on top of an existing OpenInt installation. Either install to a different location, or uninstall the old version first.
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How do I configure OpenInterest once I have installed it?

If you are using a dialup connection, OpenInt should work properly as soon as it is installed. There are some situations where you will need to make some configuration changes, however. See the following questions and answers to find out how to modify the display, adapt to changing interest rates, work behind a proxy server,

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What do I do when interest rates change?

In order for OpenInt to perform its calculations correctly, it must know the current 'risk-free' rate. You should make sure that this setting is always current.

In OpenInterest, click on Tools | Interest Rate..., and enter the current rate. If the rate is for example 5.25%, you'll need to enter "0.0525" to express this rate in decimal form for OpenInt. Press OK.

All subsequent values displayed by OpenInt will be based upon this new setting.
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Is there anything special that I need to do to run on a LAN with a proxy server?

If you are running behind a firewall or proxy server, you'll need to inform OpenInt of that fact.

In OpenInterest, click on Edit | Proxy Server..., and enter the domain name (or IP address) of the proxy server, and the port number used for HTTP mapping.

If you are not sure what the correct values to use are, you can look them up in Internet Explorer. In IE, look under Tools | Internet Options; click on Connections, and click on the "LAN Settings" button. Copy the Address and Port settings that appear in the Proxy Server section into the OpenInterest proxy dialog, and press OK.
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How do I re-arrange the displays (v4)?

In version 4 you can re-arrange and hide columns on the Quotes, Scenarios and Strategies pages.

Select Edit | Display Columns.... The Column Layout dialog will appear. Select the tab corresponding to the main window page that you want to modify. You can remove a column from the display by highlighting it (click on it) in the left-hand column, and press "Remove>>". Restore a hidden column by highlighting it in the right-hand column and pressing "<You can change the position of a column by highlighting it, and pressing either "Move Up" or "Move Down" as many times as necessary to create the order you want.

Note: the first column, "Ticker" can neither be moved nor removed.
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How do I get option quotes?

First, you must be connected to the internet.

Click on File | Get Option Quotes.... In the Get Option Chain dialog that appears, first ensure that the proper exchange is selected. Then either (a) type in the ticker symbol into the "Underlying Ticker Symbol" box, or (b) if it is listed in the "Previous" list, select it (click on it). It will be transferred to the Underlying Symbol box. Press "Open".

If you want to view previously-downloaded data, you can repeat the above steps, but also check the "Work Offline" box. When you press Open, the already-fetched data will be displayed. Current data is not obtained in this situation.
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What is implied volatility?

Implied volatility is the market's current estimation of the volatility of a stock, based upon the current bid/ask for a particular option.

Open Interest calculates implied volatility by first making a guess about the volatility, using that guess to apply an option pricing model, and then adjusting that guess depending on whether the option price determined by the model is greater than or less than the market price of that option. This process is repeated until the option pricing model yields an option price sufficiently close to the actual market price.
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What do Delta, Gamma, Theta, Vega and Rho mean?

Delta measures the theoretical sensitivity of the option's price to the underlying price. A Delta of 50 suggests that, if the underlying were to change by 1 point, the option price should change by 0.50 points.

Gamma measures the theoretical sensitivity of the option's delta to the underlying price. A Gamma of 3 suggests that, if the underlying were to change by 1 point, the option's delta should change by 3.

Theta measures the theoretical sensitivity of the option's price to the time remaining until expiry. A Theta of -0.10 suggests that, all other things being equal, the price of the option should be 0.10 less tomorrow.

Vega measures the theoretical sensitivity of the option's price to the volatility. A vega of 0.05 suggests that, if the volatility were to increase by 1, the option price should increase by 0.05.

Rho measures the theoretical sensitivity of the option's price to the interest rate. A Rho of 0.01 suggests that, were the risk-free rate to increase by 1 percentage point, the option price should increase by 0.01.
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What does "%-Dbl" mean?

Percent-to-Double is the (theoretical) percentage change required in the underlying for the option price to double from its current value.
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What does "PrITM" mean?

Probability that the option will EVER go "In The Money". This does not suggest that the option should STAY in the money until expiry. An option that is currently in the money will report a value of 1.00 for this field.
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What does "PrProfit" mean?

Probability of Profit is the (theoretical) probability that the option will, at expiry, be worth more than its current price.
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What do I do with the Historical Volatility information?

It is just another hint about what you might expect the future volatility of the underlying to be. If you are considering an option that expires in a month, you might look at the 20-day (one month of trading days) historical volatility to see what has happened to the historical volatility on that timescale.
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Why am I not getting any data?

If you do not see anything displayed after requesting an option chain, there are several possible explanations to consider.

Are you connected to the internet? If not, connect.

If you are on a LAN, you may have to configure OpenInt to use your proxy server.

Make sure, in the "Get Option Quotes" dialog, you are specifying the exchange and ticker symbol that you intend. If you have any doubts, try a combination that you are certain of, e.g. "CBOE" exchange, "IBM" ticker.

It is possible that the web site providing the data is down or otherwise unavailable. You might have to just try again later.

If OpenInt seems to fetch data (you see activity in the status line while downloading: "Received xxxx bytes" etc.), but at the end nothing appears, it is possible that the data format has been changed by the web site providing it. In this case, contact us for a fix.
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What happens if the data source changes location, formatting, etc?

Contact us for a fix. Typically, we have been able to adapt to data source changes within a day or two.
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When I start OpenInt, it says that the demo period has expired. What can I do about this?

You can purchase a license. OpenInt should become fully-accessible immediately.
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When can I buy a license to use OpenInterest?

You can buy a license at any time. Use the "Help | Buy a License" command in the program to purchase a license with your credit card. You can do this during the demo period, or after the demo period has passed. Remember that you must be connected to the internet at the time you want to purchase a license, since this command brings you to a web site where you can perform the transaction.
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How long does a license last?

Forever. I can't guarantee that free data will always remain available for OpenInt to use, but there is not time limit on the life of a license to run the program.
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What does a license cost?
Version 4 (including access to your CBOE Real Time snapshot quotes account, if you have one): $250 (US dollars)
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I don't want to send my credit card number over the internet. What should I do?

Contact us. You can postal mail a cheque, and we will email you a license key.
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