What it does Quick start Reading the screen
Order book Calculator History Settings When to trade
Picking a strike Example Risks FAQ
What this tool does
Spike Chain shows the live daily option chain from Delta Exchange for BTC, ETH and Gold , and works out what each option would be worth if the price moves by the amount you expect. Every premium is coloured by that result, so the strikes that could multiply 3–4× stand out at a glance.
How it helps
Finds the right strike fast. Instead of guessing, you see which strike turns a 200–300 point move into the biggest multiple.Shows the real cost of trading. Multiples assume you buy at the ask and sell at the bid, and the Spread column shows how much the gap costs.Shows liquidity. The live order book tells you whether there is enough size to get in and, more importantly, to get out.Plans ahead. The what-if clock shows how today's chain will look 1–4 hours before expiry, when these setups appear.Keeps you honest. If no strike can reach your target, the page says so instead of letting you force a trade.
The idea in one line: close to expiry, cheap out-of-the-money options react very sharply to a fast move. A 150–300 point BTC move in the last 1–3 hours can lift them 3–4×. Far from expiry, the same move barely changes them.
Quick start
Pick the asset with the BTC / ETH / Gold tabs.Set your expected move in points, and how fast you expect it (the Within box, in minutes).Set your target multiple , for example 3×.Look at the two Best pick cards. They show the #1 ranked call (for an up move) and put (for a down move) that reach your target, with #2 and #3 underneath.Check the strike in the chain : its colour, its spread, then hover the strike to see the order book.Too early in the day and nothing is coloured? Open Settings and set Time left to 2 h or 1 h to preview the afternoon.
Reading the screen
Top strip
Spot Live price of the underlying. The green “● Live” tag means it is streaming tick by tick; it flashes green or red as price moves. Time to expiry Countdown to today's settlement: 5:30 PM IST for BTC and ETH, 9:30 PM IST for Gold. Shows “(what-if)” when you are previewing a later time. Window ATR (14) The average range of bars as long as your “Within” time, e.g. 10-minute bars, over the last 14 bars. It is the size of a normal move in your window. Your expected move is compared with it: above 1.5× is rare, so check for a real trigger before entering. Daily ATR (14) The average daily range over the last 14 days. It sets how many strikes are shown and tells you what a “normal” day's move looks like. Strike range How far either side of spot the chain shows, and on what basis.
Scenario bar
Expected move How many points you expect price to move. Calls are priced for a move up, puts for a move down. Within How long the move takes. Min : a number of minutes from now. Till : a clock time in IST, e.g. 2:00 AM, for “BTC moves 1,000 by 2 AM”; the minutes count down on their own. Longer means more time decay, so lower multiples. If the time is after today's expiry, the options are valued at expiry. Target multiple The result you want. Strikes that reach it get a white outline. Settings Opens the rest of the options. The line under it is a short summary of what is set.
Chain columns (calls on the left, puts on the right)
OI Open interest: how many contracts are open. Higher usually means a more active strike. IV Implied volatility. Higher IV means a pricier option. Delta How much the option moves per 1 point of the underlying. Small delta, cheap option, bigger multiple on a sharp move. Bid / Ask Best price someone will pay you / best price you can buy at, right now. Spread Ask minus bid, as a % of the price (dollar amount underneath). Green under 5%, amber 5–15%, red over 15%. Premium The option's price now. The small number under it is the multiple it would reach on your move. After move Estimated price after your move, including time decay. The small line underneath is the move this strike needs to reach your target multiple (e.g. 3× at +180 ). The cell colour grades that move against the window ATR: green up to 0.5× (likely), light green up to 1× (possible), amber up to 1.5× (a stretch), red above 1.5× (unlikely). Strike Hover it for the live order book. The gold row is the strike nearest spot; the blue SPOT line shows exactly where price sits.
Colours
Small gain. Good gain. The zone this tool is built for. Strong, usually cheaper and riskier strikes. Very cheap strikes; check the spread before believing it. Priced below your “Skip premiums below” level: too cheap to trade cleanly. Grey text In the money for that side. Not what this strategy buys. Dimmed Spread is wider than your “Max spread” setting.
Ranking #1 #2 #3 and the best pick cards
Among the strikes that reach your target (above your skip level and within your max spread), each side is ranked by how easy the move to the target is, measured against the window ATR and made worse by a wide spread. The top three get a #1 #2 #3 badge on the premium, and #1 also gets a gold outline. The Best pick cards show #1 with #2 and #3 underneath for comparison. If none qualifies, the card tells you why and what to change.
Order book
Hover a strike to see its call book (left) and put book (right), live from Delta and refreshed every second.Click a strike to keep the books open and scroll them. Hovering other strikes is ignored until you click another strike or click outside. Esc closes.On a phone, tap a strike to open both books in a panel from the bottom.
Red rows are sellers (asks), green rows are buyers (bids). Sizes are in BTC, ETH or gold, with a running total and depth bars.
Choose how many levels to show in Settings → Order book levels (8, 15, 25, 50 or All).
What to look for
Size at the best ask : can you buy your full size at that price, or will you climb the book?Depth on the bid side : this is who buys from you when you exit. Thin bids mean you may not get the “after move” price.Gaps between levels : big jumps in price between rows mean a thin market.
Target calculator
Hover a strike and click the small calculator icon at its right edge. On a phone, tap the strike and press Calculator in the order book panel.Pick Call or Put , then type the premium you want to sell at, e.g. bought at $1 and aiming for $1,000. The chips set 2×, 3×, 5×… of your entry price.
The table shows, for each time window, the price the underlying must reach, the move in points and %, the move in daily ATRs, and a rough chance of price touching that level in the time.
The highlighted row is your scenario window. The last row is expiry, where the option is worth only how far it finishes in the money.
It holds IV at today's level (plus your IV bump) and, with real fills, assumes you sell at the bid. A volatility spike during a fast move can make the real premium higher than shown.
Setup history
When you spot a trade on your chart, set the Expected move and the time (Min , e.g. 500 pts in 15 min, or Till , e.g. 1,000 pts till 11:00 PM).
Under Save setup press ↑ Up , ↓ Down or Both . The page saves the time, spot, your settings and the chain's predictions for the best strikes (premium now, predicted premium after the move, and the multiple).
Open History at the top. After the deadline each setup is checked against Delta's 1-minute prices: did BTC make the move in time, how far did it go, and did each strike's premium actually reach the predicted price and your target multiple?
Results: Worked (move came and the best strike hit the target), Move came, premium short (the chain was optimistic), No move . The summary shows how often your setups worked and how often strikes reached the chain's predicted premium.
History is kept in this browser. Use Export CSV to keep a copy or study it in a spreadsheet.
Settings
Strikes around spot Daily ATR shows strikes within a multiple of the daily range (1× is a good default). Fixed points uses your own ± range. Strike count shows the nearest N strikes each side.Skip premiums below Hides tiny premiums from the picks (striped in the chain). Defaults: $5 BTC, $0.20 ETH, $0.30 Gold. Max spread Keeps strikes with a wider spread out of the best picks. Off by default; 10–20% is a sensible limit. Price basis Buy at ask, sell at bid is realistic and the default. Mid price ignores the spread and looks better than reality.IV change on the move Sharp moves often lift IV, which adds to the gain. Leave at 0% to be conservative; try +10–20% to see the upside. Time left (what-if) Reprices today's chain as if it were 4 h down to 30 min before expiry, with the clock time shown. Update speed Every 1 s by default. Pause to freeze the table while you study it. Order book levels How many price levels each order book shows. Row height Compact (default) fits about a third more strikes on screen. Tight puts each strike on one line, with the multiple and spread beside their numbers, so about twice as many fit. Comfortable is the original spacing. Your browser remembers the choice.
Reset restores the defaults for the selected asset.
When to use it
The 3–4× setups only appear close to expiry. Far from expiry, time value cushions the option and a small move changes little.
Asset Expiry (IST) Best window BTC 5:30 PM 2:30 PM – 5:00 PM ETH 5:30 PM 2:30 PM – 5:00 PM Gold 9:30 PM 6:30 PM – 9:00 PM
Typical BTC picture (call 200–400 pts out)
Time left 150-pt move 300-pt move 4 h about 1.6–1.8× about 2.4–2.9× 3 h about 1.8–2× about 2.8–3.6× 2 h about 2–2.5× about 3.6–5× 1 h about 3–4.5× 6× and more
These are model figures before the spread; the chain shows the real numbers for the current moment.
ETH and Gold: ETH strikes are $20 apart and Gold strikes $10 apart, so near expiry usually only the one or two strikes next to spot are worth trading.
Picking a strike: a checklist
Is it the right time? Within the window above, or use what-if to plan.
Does the strike reach your target (white outline) on a move you actually expect?
Is the spread green or amber? Red spreads eat the gain.
Is the premium above your skip level (not striped)?
Hover the strike: is there enough size at the ask to enter, and enough on the bid to exit?
Two strikes with a similar multiple? Take the one with the tighter spread and deeper book .
Decide your exit before you enter: take profit at your target, and accept that if the move doesn't come, the premium can go to zero.
Worked example
BTC at 83,254, two hours to expiry (3:30 PM IST). You expect a 300-point push up within 10 minutes and want 3×.
Call Premium Spread Multiple 83,400 53.7 4.00 (7.4%) 3.6× 83,600 15.2 3.00 (19.7%) 5.1× 84,000 0.52 3.00 (>500%) 2.6×
84,000 looks tempting at 52 cents, but the spread is several times its price. After costs it only reaches 2.6×. Skip.83,600 pays the most if the move comes, but about a fifth of the price goes on the spread, and the exit is harder.83,400 reaches 3.6× with a tight spread. With “Max spread” set to 10%, this is the pick the page suggests.
These figures come from a model on a saved chain. Use the page for live numbers.
Risks and limits
Most of these options expire worthless if the move doesn't come. In the last hours, a flat 30–60 minutes can take 30–70% off the premium. Only risk money you are prepared to lose in full, and size each trade small.
It's a model. Multiples use Black-Scholes with each strike's current IV. Real prices also move with IV changes, order flow and news.The move must be fast. The “Within” minutes matter. The same move spread over an hour is worth much less.Spreads widen near expiry , especially on cheap strikes, so exits can cost more than shown.Data can lag. If the status says Delta is slow or the feed can't be reached, don't trade off the table until it is live again.Leverage. Delta allows high leverage; buying options limits your loss to the premium, but losing it quickly is common.
This tool is for education. It is not investment advice.
FAQ
Why does it say “No strike reaches 3×”?
Usually because it is too early in the day. Set Time left to 2 h or 1 h in Settings, use a bigger move, or lower the target.
Why isn't the multiple just After move ÷ Premium?
Because it includes the spread: you buy at the ask and sell at the bid. Switch Price basis to Mid price to see the simple ratio.
Why are some cells grey with “ITM”?
Those options are already in the money for that side. They move almost one-for-one with price and don't multiply, so they aren't scored.
The “● Live” tag on spot is missing.
The tick-by-tick stream isn't connected. Spot still updates every second with the table.
How fresh is the data?
The chain refreshes every second (adjustable), the order book every second while open, and spot on every tick when the live tag is showing.
Can I link straight to ETH or Gold?
Yes: add ?asset=eth or ?asset=gold to the page address.