Explorer View allows users to select from a wide range of variables to discover relationships between different data points. In addition to customizable x- and y-axes, a new z-axis is introduced that changes the dot size for each name on the chart.

Explorer View Fields

When using Explorer View, users can choose to plot variables from the Scanners table, along with several additional fields:

• Call Skew Percentile: This measures how high IV is for calls versus the stock’s recent history, with a larger percentile reflecting relatively high call IV.
• Put Skew Percentile: This measures how high IV is for puts compared to the stock’s recent history, with a larger percentile reflecting relatively high put IV.
• IV Percentile: IV Percentile measures the percentage of days over the prior year when the underlying asset’s IV was lower than its current IV. Larger IV Percentiles suggest volatility is relatively high for the stock with expensive options, while a smaller IV Percentile suggests that volatility is low and options are cheap.
• Risk Reversal Percentile: Risk Reversal Percentile measures the percentage of days with a lower Risk Reversal metric than the current level. Lower values suggest more bullishness in the stock, while higher values indicate bearishness.
• Proximity to Call Wall: This measures the distance between current price and the stock’s call wall. A lower percentage indicates the stock is closer to its call wall, while a larger percentage indicates it is further away. Once the call wall is broken, the stock will show up on the border of the grid.
• Proximity to Put Wall: This measures the distance between current price and the stock’s put wall. A lower percentage indicates the stock is closer to its put wall, while a larger percentage indicates it is further away. Once the put wall is broken, the stock will show up on the border of the grid.
• RSI: RSI (Relative Strength Index) measures the momentum of a stock based on the speed and magnitude of recent price movement. A low RSI often indicates buying conditions, and a high RSI often indicates selling conditions.      
• High Bollinger Band %: Bollinger bands measure stock price in relation to recent history. A high Bollinger Band % indicates price may revert lower (bearish), while a low Bollinger Band % can signal a reversion upwards (bullish).

Saved Views

Within Explorer View, users can select Save Current Configuration at the top of the chart so they can reference that same x, y, and z-axes in the future. Saved views can be accessed using the View Saved Configurations icon at the top of the Explorer View chart.

Example of Using Explorer View to Trade

Compare 1-month IV to 1-month Realized Volatility to see which names have experienced more recent volatility than anticipated. In these conditions, traders may consider strategies involving buying options vs. selling options.

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