Options Trading Software

Discussion in 'Options' started by shajdsu, Oct 17, 2009.

  1. shajdsu


    Hello, I am very new to options trading and I have been benefiting lots from the posts here. Thanks,

    I have a very simple questions. Right now, I have an account in Fidelity, which is not user friendly at all for options trading. I am thinking about buying a new software and open a new account somewhere else.

    Which software you guys using for options trading? I am thinking about using interactive broker and use esignal, but the review for esingle are mostly for stock and not options.

    Any suggestions?
  2. rickf


    ThinkorSwim. Hands down recommend it -- great platform, great reliability, free data, great customer service, etc etc etc.

    I've been a TOS'er for 1.5 years and am quite happy.
  3. Do you mean software for options strategy analysis ?

    If yes, have you checked out The Options Lab ? ( http://www.TheOptionsLab.com )

    For placing order, you need an options brokers such as IB or TOS.
  4. erol


    +1 on thinkorswim. This will really help learn options too as you can visualize you risk profile and play with the sensitivities. Ex change the volatility, underlying price, date
  5. shajdsu


    Thanks all. You guys are the greatest.

    I will go ahead and open an account in TOS.
  6. I'm running a 14-day trial on OptionVue6 and love it. It is limited in terms of multi asset modelling (eg, long aapl,goog,msft,amzn calls and short equivalent qqqq calls), but the vols scenario analysis is great. It's certainly not the cheapest software, but can do backtesting, real time data feed, customizable, exporting of data to excel--to manipulate information yourself--etc.
  7. AJJ



    If you want to analyse how option strategies behave in eg. time and/or moving underlying price.....(gamma, delta, vega, rho, theta, discrete dividend)....
    try straddleplanner.com ...is a free online option calculator.

    Hope it helps.

  8. I have heard people talking about how great ToS is, but frankly I don't see it. I personally use Interactive Brokers and have been with them now close to 5 years. I would not recommend any other broker.

    The problem is that if you are serious about the market only IB will work. ToS is great if you want to put on a couple of trades and make some small potatoes.

    For example, I gave a friend of mine a golden, and I do mean golden option play. I was on IB and he on ToS. I told him to play value X, he said, "oh no I can get a better price in ToS". I replied, "huh? The bid is X"

    So I said if ToS can get you a better price, play it and be happy. Well, he played it and ToS said, "try going lower to get a fill."

    It was at that point I thought WTF? Essentially what I heard from my friend was that ToS was making the interface cutsy. Whereas IB just gives you the market data.

    I also like the commissions with IB. Granted you need to pay for market data. But with the low commissions you can implement many strategies that require low commissions. Many people complain about the commissions and if you are playing penny stocks, fair enough. But then again most professionals don't play penny stocks since the volatility and liquidity is absolute crap.

    Additionally because there is an API most people end up implementing their own strategy using their own mathematics. For example I have my own option pricing routines implemented as an Excel/.NET sheet. There is no way that ToS could do that type of pricing.

    If there is a point of grip with IB is that they are the bare market and they are for professionals. You are expected to know about things like exchanges, routing, order strategies, etc. And that could be hard for a beginner.
  9. JC_smith


    Think or swim rocks !!
  10. Sure it does if you want to pay more commissions, pay more in margin fees, and get less interest from the money that sits in your account.

    IB Options pricing: 0.70 per contract 1 USD minimum
    ToS pricing: 1,25 per contrat 12.95 min, or 1.50 per contract plus 9.95.

    IB Stock pricing: 0.005 per share 1 USD minim
    ToS pricing: 0.015 per share 5 minimum or 9.95 flat

    And look at all of the other fees that ToS puts on top.

    This is why I really wonder when people say that ToS rocks when it is more expensive, and offers access to less markets to IB...
    #10     Oct 27, 2009