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Recommendations for Option chains Analysis Software
I am a long time Sierra Chart User and recently learning Options.
I would need some advice. I am looking for a best of breed software like Sierra Chart is for Futures, but for Option chains Analysis.
It should be affordable in Price (not some Hedge Fund pricing) and I don’t want to use some fancy Broker SW (want to stay independent).
Thanks.
U
Can you help answer these questions from other members on NexusFi?
Broker: TD Ameritrade (soon to be Schwab) & NinjaTrader
Trading: The indexes, ES, YM, NQ & RTY
Posts: 171 since Aug 2012
Thanks Given: 216
Thanks Received: 157
I've been trading options for over 20 years now. The best tool that I know of is ThinkOrSwim available for TDAmeritrade customers. The analyzer can provide insights that I haven't been able to find in other broker tools. I've tried IB, TradeStation, E-Trade & TastyWorks.
If you're talking about back testing option strategies, there are not many companies that have that functionality. About 5 years ago I started writing an options back tester and I can now analyze several different types of trades.
If you're just starting out I would recommend TDAmeritrade's ThinkOrSwim.
OptionsVue.com is probably the most complete and in my opinion the best but it's also the most expensive I'm aware of.
They offer a 14 day free trial and in my experience customer service is very good. I didn't buy it because I don't trade options
enough to justify the cost. OptionsVue DOES offer backtesting, it's the only one I know of.
TradeMonster.com is also great and a LOT less expensive. They got bought out by E*Trade, so you'd need an account with them to use it.
I never went with E*Trade, only used it when they were solo.
You can open a free account (no $$$ deposited either) with TDAmeritrade.com using their Think or Swim platform.
Finally, definitely take a look at TastyTrade.com
These guys created Think or Swim and then sold it to start again. They're not free but they are reasonable.
Excellent educational resources too.
Hope any of this gets you started.
Good luck & good trading, JM
There are more advanced tools and software as well , all depends on what exactly you are looking to do and trade. Happy to provide more personal feedback if needed.
PM with any questions about Cannon Trading (800) 454-9572 (310) 859-9572. Trading commodity futures, forex and options involves substantial risk of loss. The recommendations contained in this post are of opinion only and do not guarantee any profits. These are risky markets and only risk capital should be used. Past performance is not necessarily indicative of future results.
