OPTIONS ANALYSIS · ATAS LEARNING CENTER
Learn to see the forces behind futures moves. Get to grips with options market mechanics and market maker behavior — and see how to apply Options "X-Ray Suite" data in real market situations.
Learning formats
Lesson languages: English, German, Spanish
Short, hands-on lessons on the Options "X-Ray Suite" indicators. Each lesson takes about 5 minutes: you'll learn how to enable and configure the indicator, read its data correctly and apply it to futures market analysis.
Course language: English
Learn how Delta, Gamma, Vanna, Charm and market maker positioning drive ES moves — from minute-by-minute CBOE data and heatmaps to confirming entries on the chart.
Course language: German
Seven practical lessons from Markus Stäber and Björn Friedrichs: options data, OI, market-maker risk, 0DTE, expected ranges, Volume Profile, Options Board and Strategy Analyzer.
Lesson languages: English, Russian, German, Spanish
How the options market works, why it moves the S&P 500 futures, and what the ATAS options indicators show - from classic levels to heatmaps of market-maker exposure built on minute-level positioning data.
Live and on demand
FAQ
Detailed answers about options mechanics, ATAS tools, data and access.
Futures and options are more closely connected than they may seem. A market maker is a liquidity provider: they sell call and put options to retail traders and funds. In doing so, they assume enormous risk — on active days, millions of SPX contracts are traded, and the exposure of each can amount to hundreds of thousands of dollars. That risk therefore has to be hedged.
To offset this risk, the market maker buys or sells actual futures. The process follows a strict mathematical algorithm that accounts for many parameters — the Greeks — which change with the news background, volatility and approaching expiration. By understanding how the options-trading algorithm works, you can identify areas where a futures move may slow down and where it may accelerate.
Candles show the direction of price.
Footprint shows how volume at individual levels forms that move.
Options-analysis tools show where large volume was forced to appear.
Options analysis does not replace Order Flow or classic volume analysis. It adds the next layer of context by explaining unexpected impulses and seemingly inexplicably strong levels.
The first reason for the options-analysis boom is the 0DTE (Zero Days to Expiration) revolution. In 2022, CBOE introduced options whose lifetime ends that same day.
Previously, all options expired once a month — on the last Friday, at the same time. Market makers had enough time to hedge their positions gradually. With 0DTE, options on the S&P 500 Index (SPX) expire every day.
Retail traders are also strongly attracted by the price of 0DTE options. Compared with the futures contract or stock itself, they cost very little but offer enormous leverage. A trader may risk $50–100 and, with a certain amount of luck, make $500–1000.
Today, 0DTE accounts for more than 50% of daily SPX options volume. That represents enormous assets and trading intensity. The result is a situation in which the tail wags the dog: futures no longer move options; options flow can move the futures price.
Options-analysis tools have also evolved. CBOE data used to be closed, so traders could analyse only a daily OI snapshot that could not capture intraday changes. Today, CBOE provides ATAS Ultra subscribers with a one-minute feed broken down by Market Makers, Retail, Pros, Firms, Brokers and Intraday Traders. This makes it possible to use the same algorithmic calculations that guide market makers and to see potentially important options events directly on the ES chart.
No. Options cannot currently be traded in ATAS. You can, however, analyse them with advanced tools and use that data when trading futures.
ATAS provides a complete ecosystem for working with options data. Each tool solves a different analytical task depending on your timeframe, focus and market workflow.
Options X-Ray Suite consists of ten advanced indicators based on the one-minute CBOE feed. They let you analyse SPX directly on an ES chart and show how dealer hedging is changing the futures chart right now, where walls are forming and which participant group — market makers, retail traders, brokers and others — is applying pressure.
Available only with Ultra. One-minute CBOE data is included in the subscription.
Options Chain Suite consists of four EOD indicators based on the daily Open Interest snapshot for analysing options on ES, NQ, CL and GC directly on the chart. In practice, you can analyse any asset for which the provider supplies options data.
Available with Pro and Ultra. A Rithmic or Interactive Brokers connection is required.
Options Board and Options Strategy Analyzer (Beta) provide a strike-and-expiration matrix for evaluating quotes, Greeks and implied-volatility skews, plus a module for modelling PnL charts and assessing risk/reward potential. They work with the same ES, NQ, CL, GC and other supported instruments.
Available only with Ultra. A Rithmic or Interactive Brokers connection is required.
Options Chain Suite contains four indicators for classic analysis of the options book, volume distribution and Open Interest directly on the chart:
Options X-Ray Suite contains ten next-generation indicators that recalculate the options book every minute:
No. Options X-Ray indicators are available in the Ultra plan and work without a separate options data feed. Just upgrade to Ultra — there's nothing else to buy, no API keys to connect and no third-party services to set up. You get a ready-to-use, out-of-the-box solution: all 10 Options X-Ray Suite indicators are available right away, with intraday options data updated every minute.
Important note: to open the futures chart itself (for example, ES), ATAS needs a connection to any quote source. Delayed data works too.
They are designed for traders and analysts who use ATAS and want to expand their analytical capabilities. Your existing level of knowledge can vary: the sessions cover options theory, market mechanics and practical work with analysis tools without unnecessary academic complexity.
Yes. Participation in the live online sessions and access to recordings in the ATAS Learning Center are free. You may also choose to purchase paid courses, books or tools from our partners on ATAS Marketplace.
You can watch session recordings directly in the ATAS Learning Center whenever it suits you. To avoid missing important sessions, subscribe to updates and we will email you links to the recordings.
