Discussion in 'Trading Software' started by Norm, Sep 25, 2005.
I am looking for options analysis software. Any comments on any software would be appreciated.
I have been trading options full time for about 4 years now and highly recommend OptionVue. It is extremely reliable and quite robust.
I have used OptionVue and found it to be an extremely powerful tool. I would not trade options without it.
My suggestion is to learn about basic option theory, then learn about different kinds of spread trades, then purchase the introductory one month subscription.
I have not looked at anything that Optionetics offers for about three years. But as of three years ago, OptionVue blew the doors off Optionetics.
Should you decide to purchase, there are different ways to reduce cost. I would get options data from data provider, etc. Their subscriptions are extremely expensive.
I have owned OV and subscribed to Optionetics and prefer Optionetics.
OV is expensive and everything is ala carte. The software is one price, the background database is another price and I believe the scanner is another price. These must be paid forever. The period for free support is very short and the software is complex. The hourly rate for help afterwards is high. Ask about all this.
Optionetics is web-based. Their software is called Platinum. A key benefit is that they maintain both the software and the data for you. Nothing to mail or download. I found the speed very satisifactory. It has great features for searching for trades. They also have an excellent and unique Risk Graph. They take a normal option Risk Graph, turn it 90 degrees and superimpose a price chart on it. The result is a chart which gives you an excellent idea of how your trade may play out based on past price movement. Support is primarily by email and is excellent. They also have substantial forums for talking to other option traders. These are free, but you must register. There is a 30 day free trial of their service. Its about $500-700/year depending if you catch it on sale.
I have no relationship with either company except as a customer.
Another option is to look at Optionstation by the Tradestation people.
OV is a pro software. That means, it provides tools that pro users need. From personal experience and market makers I know, they simply use OV because it does its job perfectly.
That say, it also means most retail clients will find its price offending and harder to use. Believe it or not, most retail traders who trade options do not carry more than a simple position (2 legs up to 4 legs) and that does not show how good OV is.
Most MMs carry 10 to 15 lines of options per symbols. All basic analysis are not necessary for them because they know options in and out. What they need is the odd (historical volatility) and how the underlying reacting to the scenario.
Thus it is not a matter of which tool is better, it is which tool fits you the best.
Intersting post. Do you mean 10 to 15 legs which is equal
of doing 10 to 15 position transacted?
And where OptionStation.8 stands for it's point of
weakness and advantages? i know they are your
compatitor, but i'm intersted to hear more?
Is optionvue or any others.. are way better tools
to use for option analysis?
10 to 15 lines on each side - some lines are net long and some are net short.
Depending on the MM's strategy, the combined position can be viewed in many ways - break that into multiple positions as you say, or a few big combined positions.
For OS8, I have not used that so I do not really know how far it has progressed since I last tried OS1 many years ago
I am new to options, but looking at those site, seems
optionetics is more educational site, while optionvue
seems to be a vendor who provides more tools for trading
Can anyone says what optionvue important features that
others don't provide? because they are selling lot of separate
You have missed some things on the Optionetics site.
Do the 30 day free trial of their Platinum software.
Why don't you give Optionstar a try.
The low cost alternative in advanced options software.
Several free datafeeds and powerful graphical analysis.
disclaimer, I am the developer
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