It sounds like my needs might be rather simplistic compared to some of the other traders here. I like the free Options Simulator from OIC. The Strategy Explorer is also good for learning about different spread trades. It seems like this has all the basic strategies that some of the options education companies try to get you to pay so much for. There are web versions available or you can get a install CD. http://888options.com/resources/investigator/default.jsp
Thank you for bringing up Optionstar. Optionstar does provide realtime spread risk graph analysis and many complicated strategies such as calendars and butterlies. Best of all, as you colorfully pointed out.. it is much more affordable than OptionVue bringing you free delayed datafeeds from 4 different sources and one realtime streaming with an ib account. http://www.optionstar.com
I tried Optionstar and didn't like it. I found this Excel module a few years ago at http://www.kaininito.com/theoptionclub/ and I like it a lot better not to mention it's only $37.90 . BTW, I have no affiliation with the developer.
Any modeling tool where one can not set fully independent volatility for each strike and month is, in my humble opinion, a learning toy at best. And I think OptionVue is the only (affordable) tool that can do that.
Thinkorswim now lets you model volatility at each strike for spread trades, nice addition and you cannot bea tthe price if you have an account with them... free
Sorry I couldn't reply earlier, recently I have been very busy. Go to the website, read the information about OSET, download the free version, try it, and then if you have a specific question I will be happy to answer it. This is not a sales pitch, I have no relation to Peter Hoadley, I am just a happy user.