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Hey Pete. Wondering if it’s possible to create a script resulting in a percentage value of theta compared to the corresponding option price. Example: theta is -$0.45, and “last” price of an option at a particular strike price is $4.11. So script would show Theta % as 10.9% Thank you for your time. (Apologies if I didn’t put this question in the correct category)
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I moved your question out of the "Strategy Guide" topic and into the "Chart Studies" topic. The Strategy Guide topic is for question related to chart strategies for back-testing or Conditional Orders. You did not mention how you wanted to apply this calculated value. I suspect that you intended to use this for a scan or a custom watchlist column. Those details are very important in order to provide a working solution because many of the tools on the Thinkorswim platform will not support this sort of metric. We can get the value of Theta for a specific option contract using the following method: https://toslc.thinkorswim.com/center/reference/thinkScript/Functions/Option-Related/Theta However when we try to use this for a custom scan or a custom watchlist column it fails. Those tools are not supported using this method. Nor does it work in the option chain. The only place I was able to use this method was in a chart study. I can't imagine that this is helpful at all but I can provide the code to display this value in a chart label but the chart itself must be set to an OPRA code as the ticker symbol.
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