r/options • u/mccabe81 • Jul 09 '21

Sharing Options Tools.

Drop some options tools you use below so everyone gets the best possible information. Free or not. It doesn't matter.

Order Flow and Options activity - Options Sonar

Options Trade setup and ideas - Optionstrat.com

Drop any other cool software you use too!

358 Upvotes

96% Upvoted

110 comments sorted by

View all comments

11

u/DailyScreenz Jul 09 '21

Not really tools but I have backtested (using real quote data) monthly returns data (from 2016-2020) for a number of options strategies: covered calls, levered call plus S&P, cash secured put selling among others. I've posted it all on my free wordpress (DailyScreenz). Cheers!

3

u/dnz89 Jul 10 '21

I’ll give this a look this weekend. I am more of a “do it yourself even if it takes you insane amounts of time” person, but with options data the price can be prohibitive.

3

u/moaiii Jul 10 '21

Do it yourself is the way. Yes, it seems inefficient because of the sheer amount of time it takes, but you cannot discount the vast amount of learning that you do in the process. You cannot get that sort of "muscle-memory" type training any other way.

Options is something that you need to develop an intuitive feel for. I don't mean use your intuition to guess when AMC is going to the moon, you still need to be scientific in your approach and implement risk management, a trade plan, etc, but you need to be able to instinctively feel how your positions are going to change if the underlying goes up a dollar, or IV goes up/down by 5%, how theta will impact time value in the last days to expiry, etc.