Read a long-dated option as a contract, not a stock substitute guarantee
LEAPS offer a longer horizon, but still expire. A long call does not convey stock ownership, dividends or voting rights. A long put may hedge a particular exposure, but basis, size and timing matter. See the Options Industry Council’s LEAPS overview for uses and risks. Leverage can magnify percentage losses, including the entire premium on a standalone long option.
What this screener requests
Enter a ticker and optional strike/type filters. The default minimum is 365 calendar days; a lower setting also includes shorter-dated contracts. One request returns at most 250 records from the Massive option-chain snapshot endpoint. The page flags an additional provider page when present; it does not claim to scan the complete chain. Narrow filters before drawing conclusions from a partial sample.
Missing IV, Greeks, prices or open interest remain unavailable. Rows are retained when a price is missing. Average IV uses only supplied finite IV observations in the returned sample. Request completion time is not a market-data timestamp, and the provider may supply delayed observations.
Check the price basis before comparing leverage
The reference premium uses a non-crossed bid/ask midpoint, then a last trade, then the latest daily close. These are indicative observations, not executable offers. An underlying snapshot is preferred for each contract; an optional FMP quote is a fallback. They may not be synchronized. Verify contract terms and a current broker quote before any trade.
For an ordinary contract, indicative leverage is |delta| × underlying price ÷ premium per share. In a hypothetical example, delta 0.8, underlying 200 and premium 40 yield 4× local percentage sensitivity. Replacing the underlying price with a fixed 100 would give the wrong answer. The screen does not calculate this metric for non-100-share deliverables.
Theta annualization is a snapshot
The theta column shows the provider’s daily sensitivity. The annualized snapshot is −theta × 365 ÷ premium × 100%. With theta −0.02 and premium 40, the illustrative result is 18.25%. This does not predict an 18.25% yearly loss: theta and other inputs vary. The OIC discussion of Greeks explains these local sensitivities.
Boundaries that matter
ATM here means a strike within 1% of the observed underlying price, a display convention. High leverage is not a quality score. A diagonal spread with a short call adds early-assignment and exercise risks; it is not equivalent to owning stock. This screen does not calculate multi-leg margin, recommend a contract or place orders. Use it for research, then verify liquidity, deliverables, fees and expiration procedures independently.