How do I read an options chain?

An options chain lists all available contracts for a given stock, organized by expiration date and strike price. The chain shows the bid (what buyers will pay), ask (what sellers want), last price, volume, open interest, and implied volatility (IV) for each contract. Calls are typically on the left, puts on the right. In-the-money options are usually highlighted differently than out-of-the-money ones.