knowledgeable comments requested

Discussion in 'Options' started by earlyred, Oct 31, 2011.

  1. earlyred


    Hello Traders,
    I have an information request for this group. I have been "lurking" on this site for many years without joining, so despite my reservations, I decided to join in the fun. I am also relatively familiar with the potential high quality of some of the responses generated on this forum, so here goes. For income production, I currently trade an intraday technical method with a long time proven edge.

    I would like to add a somewhat longer term perspective of a Wealth Building Portfolio, using this same method on Weekly/Daily bars. I would like to begin to trade stock options, with a holding period of anywhere between 3 days to 30 days. I have a limited knowledge of actually using stock options, but a good working knowledge of options in general. And I would like to use only simple basic ITM/ATM Puts and Calls, with nothing exotic. I would very much like to hear from someone who is currently doing something similar, or has had experience doing something similar.

    For example: I recently watch as Netflix took a nosedive, and my technical method would have identified it as a Put candidate significantly earlier. I would like to be onboard for the next mover like this. I have many questions regarding the use of stock options for this purpose, and I would greatly appreciate any constructive comments and or suggestions on what I’m proposing to do. Please, if you cannot say something constructive and civil, then please do not comment at all….please.

    I have a few questions, and I require an options software platform, and/or combinations of platforms, which can do the following:

    1. What brokerage has the best cost structure and software in your experience?
    2. What software can technically scan the entire US Optionable Stocks in less then a few minutes.
    3. What software can handle programming of simple bar patterns for scanning purposes?
    4. Is capable of using Multiple Time Frames in running technical studies on the same workspace page, with very little if any page switching.
    5. Is capable of running and locking selected technical/filters studies on selected stocks within the scans?
    6. Is capable of collecting and storing important news events on individual stocks?
    7. Is capable of providing an accurate Options Chains with good Strike Price depth?
    8. Is capable of providing on demand "P-n-L Diagrams" for various prices for "what-if" studies?
    9. Is capable of providing Direct Order Entry from within the s/w, or a compatible 3rd party?
    10. Is capable of running a realtime data Sim-Testing Account with reporting?

    Many years ago, I had used TC2000 to do my Commodity trading accomplishing most of these tasks. But I know that the Options Industry has changed so much recently, that there are likely better alternatives today.

    Thanks for your help.