OptionStrat is a robust options analysis platform that provides more than 50 built-in trading strategies and supports the creation of custom strategies. It is equipped with advanced tools to help you visualize potential profits and losses, track unusual options order flows, and identify options with high liquidity. Additionally, OptionStrat can assist in generating optimal trading strategies tailored to any ticker and anticipated price movement.
Options Trading Strategies
OptionStrat features over 50 built-in options trading strategies, including advanced ones like backspreads, covered straddles and strangles, ladders, call and put ratio spreads, and long and short synthetic futures. You can also explore strategies such as iron condors, butterfly spreads, calendar spreads, and covered calls.
You can also create your own custom strategy by adding trades to any of the strategies that OptionStrat offers. The platform allows you to save any trade and automatically calculates the historical performance of those trades over the recent past.
Another way to generate trading strategies in OptionStrat is by using the built-in trade optimizer. Simply enter a ticker symbol and choose whether you want a bullish, bearish, or neutral position. For more detailed profit and loss calculations, you can also input a target price and trade size. OptionStrat will then automatically recommend several options strategies with varying risk/reward profiles, including complex strategy types.
OptionStrat Pricing
OptionStrat offers a free tier allowing you to build and optimize options strategies, with access to many features; however, all data is delayed by 15 minutes.
- Live Tools Plan**: Priced at $14.99 per month or $149.99 annually, this plan provides real-time data, profitability estimates for your strategies, and access to OptionStrat’s private Discord community.
- Live Flow Plan**: Available for $49.99 per month or $499.99 per year, this plan includes all unusual options flow alerts and additional features like custom filters and alerts.
You can try either the Live Tools or Live Flow plan with a 7-day free trial.
Market News
OptionStrat includes a basic market news feed. Although it isn’t a replacement for dedicated news services such as TradeTheNews or Benzinga Pro, it helps keep you updated on market events that could impact unusual options activity or generate new trading ideas.
Options Flow
OptionStrat monitors options order flow and notifies you of large and unusual trades. Real-time data access is available exclusively with a Live Option Flow plan, while Free and Live Option Tools users experience a 15-minute delay and can access detailed trading information solely for trades completed in the past 15 minutes.
You can filter options flow activity by specific tickers, premiums paid, expiration dates, and whether the activity is bullish, bearish, or neutral. Additionally, you can screen for out-of-the-money trades and transactions where the options volume exceeds the open interest. Filters can be saved for future use.
Options Analysis
OptionStrat’s core features revolve around its analysis and visualization tools. After choosing an options strategy, the options profit calculator presents a color-coded table indicating potential profit or loss across time (x-axis) and price (y-axis). This allows you to easily identify your maximum profit and loss, probability of success, breakeven price, and the options Greeks for your trade. OptionStrat automatically determines the implied volatility of each stock, but you have the flexibility to adjust the implied volatility to observe its effect on your trade.
OptionStrat also offers the ability to visualize your trade through traditional profit and loss charts, with price on the x-axis and gain or loss on the y-axis. Using sliders, you can easily assess how your profitability evolves as the expiration date nears and how alterations to your contract strike price impact your trade.
One of the distinct features of OptionStrat is its ability to show the volume of calls and puts traded at each strike price. This helps you consider liquidity when formulating your strategy, which is a significant advantage when evaluating complex strategies.
Simulated Trading
OptionStrat provides a built-in demo account feature that lets you save trades to your account without actually executing them. This seemingly small capability is incredibly beneficial for honing your options trading skills and testing complex strategies.
OptionStrat Platform Differentiators
OptionStrat distinguishes itself by offering over 50 built-in options trading strategies, enabling you to easily develop and customize trades. The platform provides flexible visualizations to help analyze potential risks and rewards. When unsure of which strategy suits a particular stock, the trade optimizer serves as an excellent starting point. Additionally, the volume overlay feature simplifies evaluating liquidity during trade assessments.
The platform’s order flow screener is noteworthy for its simplicity and comprehensive coverage of essential parameters necessary for identifying significant institutional and smart money activities.
To see how OptionStrat stacks up against other options scanners, check out these reviews:
- Unusual Whales Review
- FlowAlgo Review
- InsiderFinance Review
- Cheddar Flow Review
- Option Samurai Review
- Market Chameleon Review
- Optionsonar Review
While many of these platforms focus on identifying unusual options order flow and scanning for trades, OptionStrat goes a step further. Like OptionStrat, OptionSamurai allows simulation of trading strategies and visualization of profit and loss. However, OptionSamurai offers only 24 built-in strategies, and its tools for creating custom strategies lack the same flexibility. For those looking to delve deeply into analyzing options trade ideas, OptionStrat is currently one of the best tools available.
- More than 50 built-in options strategies
- Ability to develop custom strategies by incorporating your own trades
- User-friendly and versatile visualization tools
- Volume indicator available for call and put contracts
- Customizable options order flow screener
- Real-time options order flow data comes at a high cost
- Historical price charts are limited to line chart format only
- Prop firm automation solution is separate from the main plans
OptionStrat is a robust platform tailored for experienced options traders who want to delve into advanced strategies. It features a strategy builder that allows users to create custom trades and offers a dynamic visualization of potential profits in complex scenarios. It’s particularly advantageous for professional traders thanks to its order flow tools, which help in identifying trades based on institutional investment activities.
Although beginners can use OptionStrat, it lacks extensive guidance compared to other options analysis platforms. The platform’s flexibility to add custom trades and adjust implied volatility might pose a challenge for those unsure how to navigate these features. Nevertheless, the trade optimizer serves as a useful entry point for new traders, and the visualization tools can aid in understanding how options trades function in real-world situations.
