What Is the Order Book in Options Trading on Pluang?

The order book in options trading on Pluang shows the current bid price and ask price for a specific options contract at the strike price and expiry date you've selected, reflecting how much buying and selling interest exists for that contract right now. The bid is the highest price a buyer is currently willing to pay, and the ask is the lowest price a seller is currently willing to accept — the gap between them is the bid-ask spread, and a narrower spread signals higher liquidity. This is different from Pluang's live order book with multi-level market depth, which is available only for Crypto, Crypto Futures, and Indonesian Stocks on the Trade Page; for Options, you see the prevailing bid and ask for the single contract you've selected, not a stacked list of prices across multiple levels. Because each strike-and-expiry combination trades as its own separate contract, liquidity — and therefore the bid-ask spread — can vary significantly even within options on the same underlying stock or ETF.

What drives an options contract's bid-ask spread:

• Moneyness — at-the-money (ATM) contracts near the current stock price typically attract more trading activity and tighter spreads than deep in-the-money (ITM) or out-of-the-money (OTM) contracts.
• Time to expiry — contracts closer to a popular expiry date usually see more volume, which tends to narrow the spread; far-dated or unusual expiry dates often trade thinner.
• Volume and open interest — the more contracts currently open and trading at a given strike, the more competing bids and asks exist, which generally tightens the spread.
• Underlying stock popularity — options on widely traded US stocks and ETFs tend to have deeper, more competitive bid-ask pricing than options on less-followed names.

How the bid and ask inform your order:

• Placing a market order fills at the best available ask (when buying) or bid (when selling) at that moment, so a wide spread means a less favorable fill.
• Placing a limit order lets you set your own price between the bid and ask, which can improve your fill price but may take longer to execute — or may not fill at all — if no counterparty accepts it.

Access requirement: Viewing and trading options contracts, including their bid and ask prices, requires completing Global & Yield Asset Verification first — this is the KYC tier that unlocks US Stocks & ETFs and US Stock Options on Pluang.

Related questions:

Q: What does a narrow bid-ask spread on an options contract mean?
A narrow bid-ask spread means the highest price buyers are offering and the lowest price sellers are asking are close together, which signals healthy liquidity for that specific contract. This makes it easier to get a fair fill on both market and limit orders, since less price concession is needed to complete a trade. Conversely, a wide spread means fewer active participants at that strike and expiry, so an order may fill further from the "true" price, especially with a market order.

Q: Why do options on the same underlying stock have different spreads?
Each strike price and expiry date is its own separate contract with its own pool of buyers and sellers, so liquidity isn't shared across them. An at-the-money contract expiring soon typically trades far more actively — and shows a tighter spread — than a deep out-of-the-money contract with a distant expiry on the exact same stock. Always check the bid-ask spread for the specific contract you intend to trade, not just the underlying stock's liquidity.

Q: Should I use a limit order or market order based on the bid and ask price?
If the bid-ask spread is wide, a limit order set between the two prices generally gives better control over your entry or exit price than a market order, which fills immediately at the less favorable side of the spread. If the spread is already narrow, a market order is less risky since the difference between the bid and ask is small. Either way, always check the current bid and ask before submitting an order.

Q: Do I need extra verification to see options bid and ask prices?
Yes — options contract details, including bid and ask prices, are only visible and tradeable after completing Global & Yield Asset Verification, the KYC tier required for US Stocks & ETFs and US Stock Options on Pluang. Users who haven't completed this verification cannot access the options order book or place options orders. Once verified, bid and ask prices update for every strike and expiry you select.