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Best broker for Options on Futures


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Best broker for Options on Futures

  #1 (permalink)
JohnMcClean
Scottsdale, Arizona
 
Posts: 7 since Jun 2016
Thanks Given: 8
Thanks Received: 1

Hey everyone,

I'm new to the forum and had a quick question for the group. I've been selling options on futures for the past year with pretty good success. I've been using OptionsXpress but this weekend they are merging with Schwab. I'm not sure what that will ultimately look like but I've been thinking about holding my account elsewhere. I've been researching the other brokers but they all seem to have their quirks.

I'm curious what platform other option sellers use and why.

Thanks for the help!

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  #2 (permalink)
 myrrdin 
Linz Austria
 
Experience: Advanced
Platform: TWS
Broker: Interactive Brokers
Trading: Commodities
Posts: 1,938 since Nov 2014
Thanks Given: 3,686
Thanks Received: 2,651


JohnMcClean View Post
Hey everyone,

I'm new to the forum and had a quick question for the group. I've been selling options on futures for the past year with pretty good success. I've been using OptionsXpress but this weekend they are merging with Schwab. I'm not sure what that will ultimately look like but I've been thinking about holding my account elsewhere. I've been researching the other brokers but they all seem to have their quirks.

I'm curious what platform other option sellers use and why.

Thanks for the help!

Regarding option selling, I work with DeCarley for two reasons: Carley has a positive attitude towards option selling, and she offers the best service I ever received from a broker.

Best regards, Myrrdin

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  #3 (permalink)
JohnMcClean
Scottsdale, Arizona
 
Posts: 7 since Jun 2016
Thanks Given: 8
Thanks Received: 1


I've heard great things about working with her. I'm currently reading her most recent book. I'll have to do more research. Thanks!

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  #4 (permalink)
CFAninja
Phoenix Arizona
 
Posts: 1 since Mar 2016
Thanks Given: 1
Thanks Received: 0


myrrdin View Post
Regarding option selling, I work with DeCarley for two reasons: Carley has a positive attitude towards option selling, and she offers the best service I ever received from a broker.



Best regards, Myrrdin




Hi Myrrdin- I’ve looked at DeCarley in the past. I like Carley and what she’s about, but I ran out of steam trying to figure out a trading platform setup that makes sense... Any insight? What does your setup look like?

Thanks!

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  #5 (permalink)
 myrrdin 
Linz Austria
 
Experience: Advanced
Platform: TWS
Broker: Interactive Brokers
Trading: Commodities
Posts: 1,938 since Nov 2014
Thanks Given: 3,686
Thanks Received: 2,651


CFAninja View Post
Hi Myrrdin- I’ve looked at DeCarley in the past. I like Carley and what she’s about, but I ran out of steam trying to figure out a trading platform setup that makes sense... Any insight? What does your setup look like?

Thanks!

I use the Zaner360 platform. It is certainly not what I would like to have, but for option selling it is ok. Some weeks ago they included the Greeks to their option chains which helps.

Carley is able (and willing) to compensate for some of the deficits of the software.

Additionally I use the Trade Navigator.

Best regards, Myrrdin

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  #6 (permalink)
FoxKaren
New York City
 
Posts: 13 since Nov 2016
Thanks Given: 0
Thanks Received: 7

Cannon Trading Co. works with six well-known clearing firms (FCM’s) and one with which it has been doing business for over a decade, Gain Capital, offers a free trading platform that now provides Greeks and theoretical prices in the platform’s Option Chain window. Setting up a Gain Capital account through Cannon Trading Co., a near-thirty-year-old Introducing Broker, is a top shelf choice.

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  #7 (permalink)
StopHunter
New York, New York
 
Posts: 14 since Nov 2015
Thanks Given: 1
Thanks Received: 10

No one going to mention TOS as a great option here?

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  #8 (permalink)
JohnMcClean
Scottsdale, Arizona
 
Posts: 7 since Jun 2016
Thanks Given: 8
Thanks Received: 1


StopHunter View Post
No one going to mention TOS as a great option here?

I'd definitely like to hear more. Are you selling options on futures there? If so, how are the margin requirements and what does the market access look like?

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  #9 (permalink)
 sinpeople 
Singapore
 
Experience: Beginner
Platform: TDAmeritrade
Trading: Options On Futures
Posts: 44 since Aug 2017
Thanks Given: 4
Thanks Received: 10

TOS is now TDAmeritrade. It is definitely a very good choice for a starter. Its commission is very cheap, compared to the brokers of gain capital. This allows you to do narrow spreads ($2 in crude oil) to test the market with limited loss. You can trade ES, ZS, ZC, ZW, CL, GC, ZN, & NG. The only limit is that for contracts besides ES and grain, you can have only 3 month options to play. No silver, copper, coffee, coca, cotton, etc. But that's enough for a beginner.

TDA's UI is fantastic. It is tailored for absolute beginner. Its Analyze page can show you the decay/margin by incrementing the date.

You can also got portfolio margining with TDAmeritrade if you pass a test.

If you are absolute beginner, stay with TDA for at least sometime before switching to others.



JohnMcClean View Post
I'd definitely like to hear more. Are you selling options on futures there? If so, how are the margin requirements and what does the market access look like?


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  #10 (permalink)
Soycorn
Omaha NE
 
Posts: 8 since Jan 2018
Thanks Given: 0
Thanks Received: 23


I have been using ToS since TD Ameritrade acquired them as I happen to work at TDA and can't have accounts elsewhere. I love the platform but want to trade options on more futures than what is currently available per the list that sinpeople provided above. Having never explored other platforms, where is a good place to start?

Also, the founder of ToS Tom Sosnoff recently started a brokerage to partner with his Tastytrade network called Tastyworks. The platform looks a lot like ToS but with all of the Tastytrade philosophies interwoven into the technology. Looks cool, and they have just added futures recently.

Also, I am a new member here and glad to have found this site. I am passionate about trading and enjoy reading about ideas from others.

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