@TonyB... You are actually posting on the wrong thread for the subject you want to cover ... this is thread is not about trading platforms but rather about DeepDiscountTrading as a broker..
you should look at the search function and find an appropriate thread to discuss what you are looking for or start a new one. I had started a discussion a while back to look at options trading platforms... that might serve you as a starting point.
I have been messing around with OptionsOracle for some time now, they recently came up with strategy builder, which is a good way to do paper trades. Some might find it of use as I have, specially since it is free..
Please note that Multicharts does not scan, evaluate, manage or even analyze options. Multicharts and Ninjatrader are charting and trading packages for active investors, but they wont do options per say. They do not perform any options analysis at all, and their ability to trade options is very limitted in nature. All that you can do with MC/NT7 is chart an option and any charting package with access to the OPRA feed can do that.
I would suggest you first determine what is it that you want your option package to do, what are you after that you want it to do for you?
As many others stated on the thread, I came to realize something they had already: Excel is the best tool for options trading. It can do the analysis and if the broker has an API, it will trade for you and track your positions as well. Using excel forces you to understand what you are doing and the reasons for which you are doing it.
The other alternative that I am IMO would be the samoasky tools, and also optionnet explorer. ONExplorer is not yet public, I stay in touch with the developer and it is said it will become public sometime this year, but I would not hold my breadth.
Outside of tools you can run on your desktop, there are web based options. I would look at tradeMONSTER and OptionsHouse, they have excellent tools similar or better than TOS. I have noticed the last few releases of TOS to be rather unstable, so not all that happy with them right now.
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I am a firm believer on the "show me" line of thought when it comes to someone stating that I am incorrect... so please provide documentation or screen captures of MC trading options... but before you do that, please define what "trading options" within MC means... I want to make sure that we are on the same page.
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Thanks for the quick reply sysot1t.
Given that some thought MC did not do options, I'm not surprised by your response. Ideally, I'd like something to provide analysis and ability to easily enter complex orders.
The Excel / broker API sounds interesting and quite helpful for keeping us engaged and with a sense of appreciation for the dynamics involved. I do like that. I believe the broker MBT has such an API, but I'll check. I'm "shopping" for a broker/s now...
EDIT / ADD: I failed to mention that I just inquired with MC about their option offerings and / or documentation that pertains to option capabilities.
Last edited by TonyB; March 28th, 2011 at 12:10 PM.
Reason: additional info provided...
MC doesnt do options, period. I am more than willing to stand corrected if someone can show me otherwise. MC charts, and as I said... anything that enables to create graphics from a data stream can chart. You can create scanners with MC, and build a custom indicator to calculate the greeks, but that does not mean it does options as it will not find opportunities for you to execute strategies..
so MC does not do options...
if anyone else believes to the contrary, please provide documentation so that I can educate myself and change my stand... I am more than glad to increase my knowledge base..
Some posts have been move from SC thread to DDT thread, and now from DDT thread to this one.
Not easy to clean...
@sysot1t, about MC and options, we have a definition problem.
You can buy and sell options with MC:
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If you the word "do", like in "do options", means something different than buy and sell, like trading a spread directly, or sending a stop order to buy at an IV level and not at a specific price, you're right, MC doesn't "do" that
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