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Option trading software

Discussion in 'Derivatives' started by aramz, Feb 27, 2009.

  1. aramz

    aramz Well-Known Member

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    Hey,

    I am a newbie and am researching option trading and writting. I was just wondering if anyone knew of any important software that i should have before i start trading. Like chart software among other things. Any advice or links to some free software would be great. I dont mind paying for software either, but would prefer free downloadable stuff.

    I have read a few books just recently but is there any must read you guys could recommend?

    Thanks
     
  2. aramz

    aramz Well-Known Member

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    In having done some more research i was wondering if people on here who trade options prefer esignal or metastock? Or another type of platform.

    Would the metastock end of day witht he annual subscrption be a wise choice or esignal pro or esignal GET advance? I get a bit lost when viewing all these software apps.

    any thoughts?
     
  3. jackson8

    jackson8 Well-Known Member

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    hi aramz

    if you are just starting out i would not get too entrenched in signing up for lots of expensive software

    a question ........have you had experience trading with shares and were you successfull

    being fairly new to options myself i have started out with a simple comsec account , nothing fancy and trading limited risk strageties only
     
  4. sails

    sails Well-Known Member

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    Aramz, some of the questions you are asking have already been discussed atl length already in previous threads. I use the Hoadley software. Just google "Hoadley Options" and it should take you to Peter Hoadley's site.

    If you are new to options, I would suggest going through the option archives here at ASF (found in the Derivatives section). There you will find a wealth of information. Many different aspects of option trading have been discussed including software.

    There are also many other threads here on ASF in other sections that discuss various software packages including Advanced Get. Well worth the time to go through them as you will find so much other useful info on trading in general.
     
  5. a5e0i

    a5e0i alex144

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    hey sails, I was wondering what extras you get for using Hoadley. Like jackson8 I just use a simple account. I don't have a lot of money to try all the different software and was wondering if they're worth buying. I've been trading for some time, but often wonder if it would be easier to have some kind of software. As I wait for a reply I will take a look at the site you suggested. ta. a5e0i
     
  6. sails

    sails Well-Known Member

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    I think the site is self explanatory with many demos. I found it worked fine for me, but then I only watch about 10 of the top optionable Oz shares - with most of the trading on BHP. So I don't need fancy software and Hoadley gives me what I need.
     
  7. a5e0i

    a5e0i alex144

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    Thanks sails, I'll look into it. I too trade mostly BHP with options. There are a few others which work, but I think BHP works the best.
     
  8. mazzatelli1000

    mazzatelli1000 Well-Known Member

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    Quick critique on OptionVue 6 (new boy)

    It is actually quite a powerful piece of software which is kind of an all in one package

    Pros:
    - You have IV charts that go back 6 years - no really need for ivolatility
    - Graphically and position analysis is highly customisable and you can compare several adjustments on the one graph
    - once an adjustment is made - the total P&L for that position so far is maintained, unlike say ToS, where the Analyzer only shows the remaining components (there is a way around it though)
    - Its Backtrader module is great for you to hone your skills in your own time
    - Transaction log that is easily exportable to review trades and build a database

    Cons:
    - Expensive
    - Expensive
    - Expensive

    The killer is actually subscribing for market data (as it is the only way to get data into the software) which is about $1.5k USD annually or $200 USD for ASX data

    The Backtrader option (as useful as it is) is $500 USD a year

    Software itself is $2k USD

    Its a lot of money especially if your just starting out in options, but considering you could access all these features with free and lest costly software.

    Even for more experienced traders, this is a bit of overkill

    Enjoy!!
     
  9. emilov

    emilov Well-Known Member

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    Hey, I'm a swing trader (i.e. trades between a few days an a month) and I use bourse. I pay 110$ a month for real time data. Bourse gives me pretty much everything I need to trade (timely bid/ask spreads, advanced charting). The software itself is free (and awful).

    Fellow traders of mine use Pulse, also similar pricing.

    Cheers,
    Emil
     
  10. long88

    long88 Well-Known Member

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    check out options oracle

     
  11. cutz

    cutz Well-Known Member

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    Hi guy's,

    Can anyone recommend a modeling tool that can accept multiple legs per underlying, say 20+.

    Doesn't have to receive real time data, just provide payoffs, greeks, IV, ect.
     
  12. Grinder

    Grinder Don't feed the bear!

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    think optionsoracle may do it, never tried that many legs. Guess you'd call it the 'centpede spread':)
     
  13. cutz

    cutz Well-Known Member

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    LOL, haven't heard of that one yet,

    Actually most of those are excess legs/leftover wings as i roll up/down spreads within a IC/Wrangle, not part of the original strategy.

    I like keeping them in the picture, keeps the dream of huge king hit alive.:D
     
  14. jackson8

    jackson8 Well-Known Member

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    http://www.samoasky.com/index.html

    hi cutz

    i have a play around with options oracle
    only drawback being i cant seem to get index re. xjo
    so if you happen to try it out and can get xjo i would appreciate you letting me know how you were able to do it

    here is the download link
     
  15. Grinder

    Grinder Don't feed the bear!

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    Jackson, think you can change to AUS by going to 'config'. If that doesnt work shoot a message in the forum or via contact us, thats what I did & then was able to change to AUS with the new version.
     
  16. jackson8

    jackson8 Well-Known Member

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    thanks grinder

    i do have it configured for aus markets and can pick up all except the index will have a look see if there is any access to a help file and will try your suggestions

    thanks
    gary
     
  17. cutz

    cutz Well-Known Member

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    Thanks guys,

    I'll check it out,

    If anyone has any other suggestions please throw them my way, i don't mind paying if its good.
     
  18. mazzatelli1000

    mazzatelli1000 Well-Known Member

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    I am going to be naughty and suggest MB Risk Management:D
     
  19. wayneL

    wayneL Rotaredom

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    Is that this Mazza?

    ===>> http://www.mbrm.com/ ??
     
  20. mazzatelli1000

    mazzatelli1000 Well-Known Member

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    Yes, that's it Wayne
    The whole package is 10 big bananas (last time I remember)!!

    The option add-in should be enough
     
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