What a $1.00 Option Really Means (How to Read Probability From Any Option Price)

The option market publishes its odds every few seconds. Most people never learn to read them. Ten minutes from now, you will.

Wherever you are, at some point you have opened an option chain, seen a call quoted at $1.00, and wondered what that number is actually saying.

Here is a real one. On the July 17 close, with the S&P 5…