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Resources for Options trading

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hooikk

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I'd like to know what kind of setup (software , web resources, scanners) that people use when trading options.

I've been getting into writing options (US market) and designed my own tools to help out. Nothing fancy - its mainly just a spreadsheet that helps in recording trades etc.

I use charts from http://www.freestockcharts.com (not sure if that is with or without the trailing 's') and options quotes from the OIC education website.

What else can people recommend? I currently don't have any tools that can calculate payoffs, or a decent scanner.
 
hooikk said:
I'd like to know what kind of setup (software , web resources, scanners) that people use when trading options.

I've been getting into writing options (US market) and designed my own tools to help out. Nothing fancy - its mainly just a spreadsheet that helps in recording trades etc.

I use charts from http://www.freestockcharts.com (not sure if that is with or without the trailing 's') and options quotes from the OIC education website.

What else can people recommend? I currently don't have any tools that can calculate payoffs, or a decent scanner.
Click to expand...

As you are trading US, maybe have a look at opening an account with ThinkorSwim. They have excellent software (charts, options payoffs, greeks, etc, etc) with inbuilt scanners AND excellent customer support. I'm pretty sure both data and software are free for US trades. If you are interested in them, it is worth asking if they will waive their $9.95 minimum fee as it makes them very expensive otherwise. I haven't used them for a while now as the night shift is simply out of the question at this time for me. I think they have since been taken over by another brokerage, so hopefully they have retained their excellent reputation. However, it means having the trading account in the US. https://www.thinkorswim.com/tos/client/index.jsp

IB also offer most of the above. Customer support can be a bit more of a challenge, IMO. The biggest plus is that funds are kept in CitiBank in Sydney, so it removes exchange risk. While IB's fees are cheaper than TOS, IB charges exchange fees and a fee every time an order is modified - not sure of all the info on that one as that is not applicable to Oz trading. TOS does not charge any extra for modifying an order (at least when I was trading with them). IB's website: http://www.interactivebrokers.com/en/main.php

The Hoadley tool is another many of us here at ASF have used for option payoffs. Check it out here: http://www.hoadley.net/options/options.htm

So, that will give you some sites to check out - hopefully others will add any other ideas... :)
 
sails said:
IB also offer most of the above. Customer support can be a bit more of a challenge, IMO. The biggest plus is that funds are kept in CitiBank in Sydney, so it removes exchange risk. While IB's fees are cheaper than TOS, IB charges exchange fees and a fee every time an order is modified - not sure of all the info on that one as that is not applicable to Oz trading. TOS does not charge any extra for modifying an order (at least when I was trading with them). IB's website: http://www.interactivebrokers.com/en/main.php

The Hoadley tool is another many of us here at ASF have used for option payoffs. Check it out here: http://www.hoadley.net/options/options.htm

So, that will give you some sites to check out - hopefully others will add any other ideas... :)
Click to expand...

Thanks. That helps - I'll probably stick with IB for now, although I wasn't really aware with the charges for modifying orders.
 
Hi hooikk,

I love IB's risk navigator, greeks laid out in a nice easy to read format and hoadleys as Sails suggested, decent books are a must, check out the option books thread.

I run a spreadsheet for my limited comsec trading only.

Above is all I need.

BTW, no cancellation/modification fees for the oz market.
 
It is amazing! & it's all free. Don't feel too bad, did the same thing a long time ago.
 
Grinder said:
It is amazing! & it's all free. Don't feel too bad, did the same thing a long time ago.
Click to expand...

Are you able to keep trade records with it? Or can it only manage open positions?

It looks like I'll load up a strategy, say an Iron Condor, then save it as "ICS MSFT 20091125", and then load it into a portfolio.

Am I able to unwind a position and have it recorded there? Or export the details to a spreadsheet? I've printed out the manual, but haven't gone through it yet - answer might be in here.
 
It can do alot, best to just download it & play around to see what can be done. I use it to manage my positions only as I have an excel spreadsheet where I record all my trades. I don't see why you would'nt be able to keep trade records if you save a position in a folder then once you close out of the position you have a record of it saved for future reference.

I find it easier and more efficient to manage when I save all my different positions from an Index under the one name. ex: RUT file will emcompass a half a dozen seperate positions from different months & strikes, this way I can get an overall view of where my greeks are at. Would then do the same for SPX & NDX. You can then load them all up in the portfolio manager to view the greeks & P/L of your entire portfolio.

Forget the manual. You'll find it better to just play around imo. Whenever you save a position it stay there, so you can have it as a record. Im not sure if you load it onto a spreadsheet as I don't do that but I would suggest you save it somewhere that won't cause you to lose it if your pc gets a virus. Happened to me & had to go back through my trades I had'nt recorded to set them up again.
 
Grinder said:
.
I find it easier and more efficient to manage when I save all my different positions from an Index under the one name. ex: RUT file will emcompass a half a dozen seperate positions from different months & strikes, this way I can get an overall view of where my greeks are at. Would then do the same for SPX & NDX. You can then load them all up in the portfolio manager to view the greeks & P/L of your entire portfolio.
Click to expand...

That sounds like a good idea. My thoughts are to save each position/strategy into a separate file, and then load it up into a portfolio for an overall view. It seems like a little bit more work, but seems a bit more organised - and I would be able to view each strategy individually if i need to.

Grinder said:
Forget the manual. You'll find it better to just play around imo. Whenever you save a position it stay there, so you can have it as a record. Im not sure if you load it onto a spreadsheet as I don't do that but I would suggest you save it somewhere that won't cause you to lose it if your pc gets a virus. Happened to me & had to go back through my trades I had'nt recorded to set them up again.
Click to expand...

It does save to Excel (sort of). Each strategy can be saved into XML format, which you can open with Excel. Should be able to have it display on a webpage as well with a bit of work.
 
Does anyone know where to find quotes for Options on futures contract?

Been googling but haven't been able to find anything.
 
cutz said:
Hi hooikk,

Which futures options in particular ?
Click to expand...

I was looking for quotes for gold (GC) in particular. Energies would help too if you know where to source it - Crude Oil, Natural Gas.

I think options for Index futures are available from the OIC website,
 
cutz said:
Hi hooikk,

Have you tried getting those quotes off TWS option trader ?
Click to expand...

Oh yeah. Totally forgot about that. I just have to turn it on though - I've been trading blind for options since I don't stay up to watch the market.

Do any websites display the option chains though? There are plenty for stocks and indices - but I can't seem to find any for commodities.
 

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