I know this has been asked numerous times, and Ive read all the threads. I just dont think previous threads on the topic really got anywhere. What is a good value for money, comprehensive Options Trading Software package that is easy enough for a beginner to start with but one that they wouldnt outgrow once they moved to more advanced trading strategies? Overall cost is less important than value for money. So far the more common titles being thrown around are TOS, OptionVue, Hoadley's products. Obviously there may not be a clear winner as it will ultimately depend on the users actual needs. But opinions from users based on their experience or those with knowledge of options trading software would be greatlty appreciated. Look forward to some constructive posts!!
I really believe it's best to start with the software offered by your broker. Then you will know what's missing. You will know what you need from a software package and then search for one that delivers what YOU need. This question solicits opinions from others on what THEY need in such a package. Mark
Options trading software covers a broad range of functionality. What do you need out of the software? Order execution? price updates? strategy creation?
Mark, that would be a good place to start, I trade through IB. Im interested in hearing whats out there though, whats good value for money. Whats just plain expensive... Covered_Call. Right, I was after something more strategy creation/analytical based, but the best would be an overall package.
I'd say thinkorswim's platform is a good benchmark in terms of what tools one may need for options. OptionVue is good, but it's relatively expensive. I used to use Hoadley's tools, which I still think is the best value-for-money package. However, thinkorswim meets all my needs these days.
I use IB also. Their analytical software is reasonable, but for me, certain items are lacking. I've never used it but I have a friend who loves Hoadley, and it's a one-time charge of $100. Mark
I second hoadley. I love being able to customize anything and everything. Its cheap, and Hoadley has written me back personally with a small problem I had. (Wasn't a problem with the software, Yahoo quotes aggregated the GOOG binaries with GOOG standard options)
Thanks for the replies so far guys. Its all very helpful. So far from what I have gathered. Optionvue is good but expensive. Are there any optionvue users out there who feel that its worth the money? (I believe that TT is worth the money although a lot of people think its over priced). How easy would Hoadleys be to pick up for a relative beginner? Some times Excel based interfaces arent always the easist to follow despite being extremely powerful.