Frequently Asked Questions
Is Opzun free?
Yes, completely free. No account required, no credit card, no hidden fees.
Where does the options data come from?
Options chain data (premiums, IV, Greeks) comes from CBOE's delayed data feed. Stock prices come from Finnhub, and index prices (SPX, NDX) from Yahoo Finance. All data is delayed — it is not real-time.
How delayed is the data?
CBOE delayed data is typically 15-20 minutes behind real-time during market hours. After market close, it reflects the last available quotes from that trading day.
Are the premiums accurate?
During market hours, premiums reflect CBOE delayed bid/ask midpoints. After hours, we use CBOE's theoretical (model) prices or last trade prices as fallback. For the most accurate fills, always check with your broker.
How are the P&L curves calculated?
We use the Black-Scholes model for theoretical pricing and Greeks. The expiry curve shows pure intrinsic value at expiration. The theoretical curve factors in time value and IV. All computation runs in your browser — nothing is sent to a server.
Can I trade through Opzun?
No. Opzun is a visualization and educational tool only. We do not connect to any brokerage or execute any trades.
Do I need an account?
No. You can build and share strategies without any account. We don't collect email addresses, passwords, or any personal information.
What data do you collect?
When you share a strategy, we store the Zun data (ticker, strikes, premiums) and coarse geolocation (city/region/country from your IP). We do not collect personal information, use tracking cookies, or run analytics. See our Privacy Policy for details.
What happens when I share a strategy?
Clicking Share creates a Zun — a shareable strategy card — and generates a short link (e.g., opzun.com/r/abc123). Anyone with the link can view your Zun, explore the chart, and remix it into their own.
Does the shared link show a preview on Discord/Twitter?
Yes. Shared links include OpenGraph metadata and a preview card image showing the P&L chart and key metrics. This renders automatically when you paste a link on Discord, Twitter/X, Reddit, Slack, and most other platforms.
Why do the premiums change when I switch expirations?
Different expirations have different option prices. Longer-dated options have more time value and typically higher premiums. When you switch expirations, we fetch the new chain data and re-populate premiums.
Why is my P&L curve flat or weird-looking?
Usually this means the premiums are very small (common for far-OTM options or after-hours stale data). Try adjusting the IV slider higher, or use a closer expiration with more time value.
What does the IV slider do?
The IV (Implied Volatility) slider adjusts the volatility assumption used in the Black-Scholes model. Higher IV means more uncertainty — the theoretical curve becomes rounder and breakevens widen. Lower IV means less uncertainty — the curve flattens toward the expiry shape.
What does the Time slider do?
The Time slider simulates the passage of time from now to expiration. At "Now," the theoretical curve reflects current time value. At "Expiry," it collapses to the intrinsic-value-only expiry curve. This shows how theta decay erodes your position over time.
Can I enter my actual fill price?
Yes. Click the Net CR/DR field and type your actual fill price. The entire P&L curve, max profit, max loss, and breakevens adjust instantly to reflect your real entry cost.
What does the dot on the P&L chart mean?
The dot on the P&L curve shows your current profit or loss at the spot price. It updates in real-time as you drag the spot price line or adjust the time and IV sliders.
How does the time slider work for 0DTE?
For 0DTE and 1DTE expirations, the time slider shows actual Eastern Time values from now to 4:15 PM ET. This lets you model intraday theta decay in minutes rather than days — essential for same-day options where time value evaporates quickly.
How is POP calculated?
Probability of Profit (POP) uses a lognormal probability distribution weighted by implied volatility and the current spot price. It is not a simple percentage — it recalculates dynamically as you move the spot price, change IV, or adjust time.
Is this financial advice?
No. Opzun is for educational and informational purposes only. Nothing on this site constitutes financial advice. Options trading involves substantial risk of loss. Always consult a qualified financial advisor before making trading decisions.
Have a question not listed here?
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