As I evaluate options trading software, I've found what i want is the following: The ability to set a skew; implied or created by system. Overlay that skew to the market and find variances. Execute and hedge; trading a volatility level accurately. scale the strategy, be able to trade 10-20 strikes and or names. The problems, i've encountered with wex or itg, is that the system doesn't scale. I have to trade more than 5 names or products. in the commodity space, i haven't found a system that is affordable and will let me auto-hedge or scan for opportunities. Is anybody aware of this type of system.
For the things you are looking to do, you are looking around a $1,500 a month fee or more. Some systems that come to mind are Option City, Actant, Microhedge. I see that you list your location as Chicago. You should consider going to the Futures and Options Expo on Oct 31st. Most of the software that you would be interested in will be demonstrated there.
I have gone the last few years. Very interesting seeing all the products out there. Here is a link http://www.futuresindustry.org/expo/
Are there any option traders in Toronto area that are willing to share the cost of an option trading platform to the likes of Actant or Wex? Feel free to send me a PM