Option Expected Move plots a dynamic price range band directly on your chart, showing the expected price movement for the session based on the implied volatility of options. The band gives you a statistically derived estimate of how far price is likely to move from its current level by the end of the session.

Note: Option Expected Move is available on NDX, QQQ, SPY, and SPX.

How to Add Option Expected Move

1. Go to New in the top menu

2. Click on Option Chart

   

   
   

3. A Select Instrument dialog will appear with the following options:

   • NDX - Symbol: NQ-CME, Exchange: CME

   • QQQ - Symbol: NQ-CME, Exchange: CME

   • SPX - Symbol: ES-CME, Exchange: CME

   • SPY - Symbol: ES-CME, Exchange: CME

     

     
     

4. Select your preferred instrument and click to open the chart

5. Once the Option Chart is loaded, click the Indicator Add button on the chart toolbar

6. Search for Option Expected Move and click + to add it

7. Click the settings icon to open the configuration window

   

Understanding the Band

The Option Expected Move displays a shaded band on your chart with three components:

• Range (1) - the main shaded band showing the full expected price range for the session. Price is statistically expected to close within this band

• Range + (2) - the upper boundary of the expected move. This is the upper price target the market is pricing in for the session

• Range - (3) - the lower boundary of the expected move. This is the lower price target the market is pricing in for the session

  

Understanding Key Terms

Before choosing a value, it helps to understand a few core options concepts:

• Implied Volatility - The market’s expectation of how much the underlying price will move, derived from options pricing. Higher implied volatility means the market expects larger price swings

• Standard Deviation - A statistical measure of how spread out price movements are expected to be. One standard deviation covers roughly 70% of expected outcomes, while two standard deviations covers roughly 95%, giving a wider but less likely range

Settings

Parameters

General

• Interval - Choose the timeframe for which the expected move is calculated. Options available:

  • Daily (default) - calculates the expected move for the full trading session.
    Use this when: you want a target range for the full session

    
    

  • Thirty minute - calculates the expected move for a rolling 30 minute window.
    Use this when: you want a shorter term intraday target rather than a full session range

• Value - Choose the statistical measure used to calculate the expected move. Options available:

  • Average - uses the average implied volatility to calculate the expected range.
    Use this when: you want a simpler, single estimate of the expected range without a specific probability attached

    
    

  • One standard deviation (default) - the range within which price has approximately a 70% probability of closing by the end of the session.
    Use this when: you want the most commonly used and statistically grounded range for typical session moves

    
    

  • Two standard deviation - a wider range within which price has approximately a 95% probability of closing by the end of the session.
    Use this when: you want a broader view of extreme potential moves, useful for identifying outlier scenarios

Subgraphs

Range (1)

• Line - Set the color of the range band border line

• Background - Set the color of the shaded band background

• 2° Line - Set a secondary line color

• 2° Background - Set a secondary background color

• Subgraph Style - Choose between Hidden or Range. Default is Range

• Auto Color - Options: None, Slope, +/-. Default is None

• Line Style - Choose between Solid or Dash. Default is Solid

• Line Width - Default is 1

• Short Name - Set a custom label for this series

• Name Label - Toggle visibility of the name label

• Value Label - Toggle visibility of the value label

• Name Background - Toggle the name label background

• Value Background - Toggle the value label background

• Chart color for marker - Enable to use chart color for markers

• Include on Auto Center - Enable to include this series in auto centering. Default is disabled

  

Range + (2)

• Color - Set the color for the upper boundary line. Default is green

• 2° Color - Set a secondary color

• Subgraph Style - Choose between Line, Hidden, or BrokerLine. Default is Hidden

• Auto Color - Options: None, Slope, +/-. Default is None

• Line Style - Choose between Solid or Dash. Default is Solid

• Line Width - Default is 1

• Short Name - Default label is 0DTE R+

• Name Label - Toggle visibility of the name label

• Value Label - Toggle visibility of the value label

• Name Background - Toggle the name label background

• Value Background - Toggle the value label background

• Chart color for marker - Enable to use chart color for markers

• Include on Auto Center - Enable to include this series in auto centering. Default is disabled

  

Range - (3)

• Color - Set the color for the lower boundary line. Default is purple

• 2° Color - Set a secondary color

• Subgraph Style - Choose between Line, Hidden, or BrokerLine. Default is Hidden

• Auto Color - Options: None, Slope, +/-. Default is None

• Line Style - Choose between Solid or Dash. Default is Solid

• Line Width - Default is 1

• Short Name - Default label is 0DTE R-

• Name Label - Toggle visibility of the name label

• Value Label - Toggle visibility of the value label

• Name Background - Toggle the name label background

• Value Background - Toggle the value label background

• Chart color for marker - Enable to use chart color for markers

• Include on Auto Center - Enable to include this series in auto centering. Default is disabled

  

Example - How to Use Option Expected Move

Once added to your chart, you will see a shaded band plotted directly on the price chart. Here is a simple way to use it:

• Price inside the band - When price is trading within the expected move band, it is behaving within the range the options market has priced in. Moves inside the band are considered normal for the session

• Price approaching the upper boundary (Range +) - When price is pushing into the upper boundary, it is reaching the limit of what the options market expected. This can act as a potential target for long trades or a warning level to be cautious about chasing breakouts

• Price approaching the lower boundary (Range -) - Similarly, when price is pushing into the lower boundary, it is reaching the downside limit. This can act as a potential target for short trades or a support area to watch for reversals

• Price breaking outside the band - When price moves outside the expected range, it signals an unusually large move that the options market did not fully price in. These moves can be significant and often indicate a strong directional day

  

Tip: Use the expected move band in combination with your GEX levels and key price structure to identify high probability trade targets for the session.

Any Questions?

Our support team is available 24/7 and ready to help you with any question.

When reaching out, please include:

• Screenshot (if any)

• Briefly describe the assistance or support you require

DeepCharts Live Support - Chat with our agents directly using the live chat box on www.deepcharts.com, or click here for 24/7 Live Chat for immediate access.

Email Support - Reach us at support@deepcharts.com - please note that email responses may take a little longer than a live support chat.