# Option trading software



## aramz (27 February 2009)

Hey,

I am a newbie and am researching option trading and writting. I was just wondering if anyone knew of any important software that i should have before i start trading. Like chart software among other things. Any advice or links to some free software would be great. I dont mind paying for software either, but would prefer free downloadable stuff.

I have read a few books just recently but is there any must read you guys could recommend?

Thanks


----------



## aramz (27 February 2009)

In having done some more research i was wondering if people on here who trade options prefer esignal or metastock? Or another type of platform. 

Would the metastock end of day witht he annual subscrption be a wise choice or esignal pro or esignal GET advance? I get a bit lost when viewing all these software apps. 

any thoughts?


----------



## jackson8 (27 February 2009)

aramz said:


> In having done some more research i was wondering if people on here who trade options prefer esignal or metastock? Or another type of platform.
> 
> Would the metastock end of day witht he annual subscrption be a wise choice or esignal pro or esignal GET advance? I get a bit lost when viewing all these software apps.
> 
> any thoughts?




hi aramz

if you are just starting out i would not get too entrenched in signing up for lots of expensive software

a question  ........have you had experience trading with shares and were you successfull

being fairly new to options myself i have started out with a simple comsec account , nothing fancy and trading limited risk strageties only


----------



## sails (27 February 2009)

Aramz,  some of the questions you are asking have already been discussed atl length already in previous threads.  I use the Hoadley software.  Just google "Hoadley Options" and it should take you to Peter Hoadley's site.

If you are new to options, I would suggest going through the option archives here at ASF (found in the Derivatives section).  There you will find a wealth of information.  Many different aspects of option trading have been discussed including software.

There are also many other threads here on ASF in other sections that discuss various software packages including Advanced Get.  Well worth the time to go through them as you will find so much other useful info on trading in general.


----------



## a5e0i (28 February 2009)

hey sails, I was wondering what extras you get for using Hoadley. Like jackson8 I just use a simple account. I don't have a lot of money to try all the different software and was wondering if they're worth buying. I've been trading for some time, but often wonder if it would be easier to have some kind of software. As I wait for a reply I will take a look at the site you suggested. ta. a5e0i


----------



## sails (28 February 2009)

a5e0i said:


> hey sails, I was wondering what extras you get for using Hoadley. Like jackson8 I just use a simple account. I don't have a lot of money to try all the different software and was wondering if they're worth buying. I've been trading for some time, but often wonder if it would be easier to have some kind of software. As I wait for a reply I will take a look at the site you suggested. ta. a5e0i




I think the site is self explanatory with many demos.  I found it worked fine for me, but then I only watch about 10 of the top optionable Oz shares - with most of the trading on BHP.  So I don't need fancy software and Hoadley gives me what I need.


----------



## a5e0i (28 February 2009)

Thanks sails, I'll look into it. I too trade mostly BHP with options. There are a few others which work, but I think BHP works the best.


----------



## mazzatelli1000 (14 March 2009)

Quick critique on OptionVue 6 (new boy)

It is actually quite a powerful piece of software which is kind of an all in one package

Pros:
- You have IV charts that go back 6 years - no really need for ivolatility
- Graphically and position analysis is highly customisable and you can compare several adjustments on the one graph
- once an adjustment is made - the total P&L for that position so far is maintained, unlike say ToS, where the Analyzer only shows the remaining components (there is a way around it though)
- Its Backtrader module is great for you to hone your skills in your own time
- Transaction log that is easily exportable to review trades and build a database

Cons:
- Expensive
- Expensive
- Expensive

The killer is actually subscribing for market data (as it is the only way to get data into the software) which is about $1.5k USD annually or $200 USD for ASX data

The Backtrader option (as useful as it is) is $500 USD a year

Software itself is $2k USD

Its a lot of money especially if your just starting out in options, but considering you could access all these features with free and lest costly software.

Even for more experienced traders, this is a bit of overkill

Enjoy!!


----------



## emilov (26 April 2009)

Hey, I'm a swing trader (i.e. trades between a few days an a month) and I use bourse. I pay 110$ a month for real time data. Bourse gives me pretty much everything I need to trade (timely bid/ask spreads, advanced charting). The software itself is free (and awful).

Fellow traders of mine use Pulse, also similar pricing.

Cheers,
Emil


----------



## long88 (26 April 2009)

check out options oracle



emilov said:


> Hey, I'm a swing trader (i.e. trades between a few days an a month) and I use bourse. I pay 110$ a month for real time data. Bourse gives me pretty much everything I need to trade (timely bid/ask spreads, advanced charting). The software itself is free (and awful).
> 
> Fellow traders of mine use Pulse, also similar pricing.
> 
> ...


----------



## cutz (21 July 2009)

Hi guy's,

Can anyone recommend a modeling tool that can accept multiple legs per underlying, say 20+.

Doesn't have to receive real time data, just provide payoffs, greeks, IV, ect.


----------



## Grinder (21 July 2009)

think optionsoracle may do it, never tried that many legs. Guess you'd call it the 'centpede spread'


----------



## cutz (21 July 2009)

Grinder said:


> think optionsoracle may do it, never tried that many legs. Guess you'd call it the 'centpede spread'




LOL, haven't heard of that one yet,

Actually most of those are excess legs/leftover wings as i roll up/down spreads within a IC/Wrangle, not part of the original strategy.

I like keeping them in the picture, keeps the dream of huge king hit alive.


----------



## jackson8 (21 July 2009)

http://www.samoasky.com/index.html

hi cutz

i have a play around with options oracle
only drawback being i cant seem to get index  re. xjo 
so if you happen to try it out and can get xjo i would appreciate you letting me know how you were able to do it

here is the download link


----------



## Grinder (21 July 2009)

Jackson, think you can change to AUS by going to 'config'. If that doesnt work shoot a message in the forum or via contact us, thats what I did & then was able to change to AUS with the new version.


----------



## jackson8 (21 July 2009)

Grinder said:


> Jackson, think you can change to AUS by going to 'config'. If that doesnt work shoot a message in the forum or via contact us, thats what I did & then was able to change to AUS with the new version.




thanks grinder

i do have it configured for aus markets and can pick up all except the index will have a look see if there is any access to a help file and will try your suggestions

thanks 
gary


----------



## cutz (21 July 2009)

Thanks guys,

I'll check it out,

If anyone has any other suggestions please throw them my way, i don't mind paying if its good.


----------



## mazzatelli1000 (21 July 2009)

cutz said:


> Thanks guys,
> 
> I'll check it out,
> 
> If anyone has any other suggestions please throw them my way, i don't mind paying if its good.




I am going to be naughty and suggest MB Risk Management


----------



## wayneL (21 July 2009)

mazzatelli1000 said:


> I am going to be naughty and suggest MB Risk Management



Is that this Mazza?

===>> http://www.mbrm.com/ ??


----------



## mazzatelli1000 (21 July 2009)

wayneL said:


> Is that this Mazza?
> 
> ===>> http://www.mbrm.com/ ??




Yes, that's it Wayne
The whole package is 10 big bananas (last time I remember)!!

The option add-in should be enough


----------



## Grinder (21 July 2009)

jackson, try putting it as *^XJO*


----------



## cutz (22 July 2009)

mazzatelli1000 said:


> I am going to be naughty and suggest MB Risk Management




Hi mazza, 

Looks pretty high end, notice the option add on is one big banana but i didn't see a description/price for what i assume a base module.

Must accept heaps of legs, i wonder where it maxes out.


----------



## mazzatelli1000 (22 July 2009)

cutz said:


> Hi mazza,
> 
> Looks pretty high end, notice the option add on is one big banana but i didn't see a description/price for what i assume a base module.
> 
> Must accept heaps of legs, i wonder where it maxes out.




I mainly use the exotics valuation modules for work.
See attached, it doesn't max out - you keep inserting lines.
It is marketed towards institutional customers


----------



## cutz (22 July 2009)

Thanks for the screenshots mazza, 

Yeah it looks pretty specialized, obviously designed by a quant for quants.


----------



## jackson8 (22 July 2009)

Grinder said:


> jackson, try putting it as *^XJO*




thanks for that Grinder works a treat


----------



## mazzatelli1000 (22 July 2009)

cutz said:


> Thanks for the screenshots mazza,
> Yeah it looks pretty specialized, obviously designed by a quant for *traders*.




Edited 

It could be a good exercise for you to trade without risk graphs. Makes you focus on the Greeks 

I do remember another Excel based prog - OptionStar
Not sure if it has multi - legs that you are after


----------



## mazzatelli (19 September 2009)

I've been playing around with tradeM*NSTER
Platform is web based Flash Player, nice GUI - alternative to destop software.

An interesting tool is its adjustTRADE tool. It suggests possible adj and has visual rep of the adjustment and before & after profiles.

Looks quite nifty, and its Cottle related. BTW its US market related.

I'm in no way affiliated with the broker, so this isn't 
LOL


----------



## Grinder (19 September 2009)

Mazza, is the platform cumbersome? Will run a demo when I get a chance, anymore feedback you have is always appreciated.


----------



## mazzatelli (19 September 2009)

Grinder said:


> Mazza, is the platform cumbersome? Will run a demo when I get a chance, anymore feedback you have is always appreciated.




No not at all. I forgot to mention that its quite smooth. No need to install, just web login in like OX.
I'd dare say its comparable to the TOS platform, so if there are connectivity issues to TOS and you want to run position analytics this is a viable substitute.
I saw your reference to livevol.com - the look and feel is exactly the same. They could be related, but I'm not sure.


----------



## Grinder (26 September 2009)

Just finished playing with the new OXtrend 2 platform, much improved set up than the original. Can set up all the OX features on the one trading screen, very user friendly with a pro like finish, worth a look.

https://beta.optionsxpress.com/xtend2/xtend/


----------



## Wysiwyg (26 September 2009)

Grinder said:


> Just finished playing with the new OXtrend 2 platform, much improved set up than the original. Can set up all the OX features on the one trading screen, very user friendly with a pro like finish, worth a look.
> 
> https://beta.optionsxpress.com/xtend2/xtend/




Options Express accounts are domiciled (like that word  ) in the USA. 

I am hesitant to open a USA domiciled (there it is again  ) account because of my perceived additional and possibly time consuming taxation issues when one can trade options in Australian domiciled (one more time  ) accounts. 

The Beta OX trading platform is easy to navigate around.

Just a thought.


----------



## Grinder (27 September 2009)

Wysiwyg said:


> Options Express accounts are domiciled (like that word  ) in the USA.
> 
> I am hesitant to open a USA domiciled (there it is again  ) account because of my perceived additional and possibly time consuming taxation issues when one can trade options in Australian domiciled (one more time  ) accounts.
> 
> ...




Can't say I have found it anymore time consuming, either can my accountant. Actually have found it may benefit my situation.  The link below may help clear a few things up but please DYOR and don't get too hung up on the word 'domiciled' 

http://www.greencompany.com/EducationCenter/GTTRecTraTypNonResident.shtml


----------



## Michael Dempsey (27 September 2009)

I use Think or Swim for my options trading in the USA.

I have used OptionGear by Hubb. Not bad. 
I use IRESS at work. After 18 months of use, I'm still discovering new things the software can do.

If I could get the Think or Swim software to work with ASX data, that would be perfect. It has the best probability analysis I have seen.


----------



## cutz (27 September 2009)

Michael Dempsey said:


> I have used OptionGear by Hubb. Not bad.




Hi Michael,

How many legs can you squeeze into a payoff.


----------



## Wysiwyg (27 September 2009)

Grinder said:


> Can't say I have found it anymore time consuming, either can my accountant. Actually have found it may benefit my situation.  The link below may help clear a few things up but please DYOR and don't get too hung up on the word 'domiciled'
> 
> http://www.greencompany.com/EducationCenter/GTTRecTraTypNonResident.shtml




Thanks Grinder. So capital gains are not taxed if a non-resident but the capital gains are taxed in Australia. A look around showed me that currency exchange rates have a certain bearing on gains/losses. Thanks for that guide and I promise to let go of that word. :


----------



## Grinder (28 September 2009)

Wysiwyg,

It can get complicated when dealing with international tax law, especially with income classification in relation to tax and residency. It all depends on your situation, but in general your on the money.


----------



## Grinder (30 April 2010)

http://www.samoasky.com/

Anyone using Optionsoracle having some problems with prices? I can refresh quotes but my loaded positions remain the same and vols on some options come up as N/A. This has never happened before, have tried contacting them but have'nt had any reply as yet. 

Cheers,


----------



## JetzTrader (30 July 2010)

On a day to day basis, I find that all I need is a charting software and *IGMarkets *trading platform has one built in (pretty much free if you trade 4 times a month with them).

The only thing is they don't calculate trade size as they don't know your capital. For that I just use my beloved iPhone and this application called "*CFD Calculator*". It keeps track of your risk size for each of the stock/fx you are trading, very handy to have.

Other than that, IG gives me my daily statement and really there is nothing else I need in terms of software.


----------



## cutz (30 July 2010)

Congratulations JetzTrader,

But I think you're on the wrong thread.


----------



## bertieb (22 November 2010)

Grinder said:


> jackson, try putting it as *^XJO*




Hi Grinder and Jackson

are you saying ^XJO is the index option code for 'Options Oracle", because I still cant get it to work ?  I am using 'Dynamic Server Australia 1', and typing in '^XJO' into the symbol, but it cant find it.  

I also tried to use the Interactive Brokers plugin, which I can get working for ASX (pulling in the index options via 'AP'), but it wont feed in underlying prices.

I wish I could just use the ^XJO, as the program could easily get the historical prices from Yahoo.

Thanks for any help you can provide.

bertieb


----------



## Grinder (25 November 2010)

bertieb,

Haven't used OO for many months now so can't be of any real assistance, last time I tried accessing OO not only were the prices off but the greeks were mis-calculating so I can't rely on it. 

I would suggest sending an email to the administrator but don't hold your breadth for a response, their doesn't seem to be anyone at the wheel and the whole software is being infiltrated by spam.

Hope it helps,


----------

