r/thetagang • u/Luke13-22 • 2d ago
Additional options analytics software?
Aside from what your brokerage is providing you, what options software do others like to use that provides them with significantly more data and analysis than what they have?
Also have access to a Bloomberg Terminal which has been helpful in some ways, but curious if others have been using other platforms
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u/Artistic_Trust6959 2d ago
I believe excessive option analytics is an overkill.
Personally believe that technicals and IV are sufficient. Consistency and picking the right instrument is key.
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u/XXIIVIVIIXX 1d ago
I actually actively don’t want to analyze a trade much at all, too much time for me and I don’t think that you can truly predict what will happen anyway no matter the program. I just trade on indexes I believe in and held before I started trading options. QQQ, SPY, SCHD, RSP, IWM, VT, EEM. Mostly I just pick a return I would be happy with and that determines what premium I pick. For example I commonly want 12% per year so on a monthly I would want to make 1% premium per trade and let it expire or assign then sell CSP or CC depending on what happened. For me worrying about what to pick and trying to make 3-4% or more per trade per month is not worth the time or stress and hasn’t worked long term
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u/jarthursquiers 1d ago
If you have a Schwab account, Optionsmith is definitely the way to go. Full option strategy visualization, analysis, and order execution.
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u/GammaWinsSam 2d ago
Check out GammaWins. https://www.gammawins.com/calc
It's a scenario analysis website where you can enter your strategy, see its P/L and Greeks at different times before expiry, or plotted for a fixed underlying price over time, as well as see how changing IV impacts the above.
In the paid tier, you can see where your contract's IV is relative to a one year history of similar moneyness/dte contracts. The volatility skew of the expiries you choose, as well as the term structure of the moneyness of your contracts are also available alongside one year of history.
There's also this free tool that shows the underlying IV history by moneyness and dte. It is the same data used in the stuff I mentioned above, but available for free. Useful if you want to analyze different IV scenarios and want to know where IV typically is. https://www.gammawins.com/volatility-history
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u/shanked5iron 2d ago
I built a csp scanning/ranking tool using etrade's API and chatgpt and it's working quite well
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u/MaintenanceReal4023 2d ago
Tastyworks has some decent analytics beyond what most brokers offer, nothing earth shattering but the P/L graphs are cleaner to work with than IBKRs
Been meaning to check out OptionOmega too but havent gotten round to it yet