Market Chameleon Review
Ease of Use
Any good trader knows that having an excellent financial market research tool could make all the difference. Market Chameleon is a financial market research tool that claims to specialize in uncovering great U.S. stock and options trading opportunities for their clients. So, is Market Chameleon the real deal? Read our in-depth review to find out.
- Introduction To Market Chameleon
- Market Chameleon Pricing Options
- Market Chameleon Features Breakdown
- Platform Differentiators
- What Type of Trader is Market Chameleon Best For?
Introduction To Market Chameleon
Market Chameleon is a financial market research tool that specializes in uncovering U.S. stock and options trading opportunities. While this is a browser-based service, the limitless stream of unique and actionable data far outweighs the clunky navigation through page reloads. Despite the outdated website and marketing, this is one of the best options strategy generation platforms on the market, especially for trading earnings seasons.
Market Chameleon Pricing Options
Registering on the Market Chameleon site enables access to the free services, the premium services are segmented into three types: Stock Trader, Options Trader, Earnings Trader, and Total Access.
The free services provide a lot of information and access to articles, and pre-set screens access through the homepage. The services are segmented for stocks, options, and earnings. In all reality, the price tilts users towards the Total Access plan.
The Stock Trader plan costs $39-per month and provides access to various dividend reports and stock screeners.
The Options Trader plan costs $69-per month and provides options chains data and a multitude of options market screeners.
The Earnings Trader plan costs $79- per month and provides access to Options and Earnings Options Strategy Screener and various earnings report pattern tools.
The Total Access plan costs $99-per month and includes all-access to all plans.
Market Chameleon Features Breakdown
There are a ton of features at each level. However, a lot of these are fluff (like most services) that are redundant or frankly not useful. Taken as a whole, the platform is very powerful. These are some of the key features available to users, including free and paid services. In my opinion, Market Chameleon is uniquely accommodative to options trading strategies best utilized around earnings season, which is why it makes sense to go with the Total Access plan. This is where the focus will be.
Unusual Options Volume Screen
This free tool is useful to reload throughout the day to find smoke signals to further investigate. Keep in mind that with the growing interest in options trading, there are more opportunities to get faked out on volume surges. I’ve seen too many instances with tremendous options volume on stock price spikes on rumors only to have premium evaporate the next day. This means don’t chase anything just because it pops up on the volume screener.
Setting up and monitoring watch lists is a core feature of Market Chameleon. Users can scan through various screens like earnings lists to add any stocks to a watch list just by clicking the “+” next to the company name. Users can create different watch lists complete with alert triggers. The exercise of finding stocks and storing them in personalized watch lists is the ideal way to track opportunities.
Finding and analyzing potential options trades is a key function of Market Chameleon. Options chains can be accessed for any stock along with various data, including the Greeks, liquidity stats, and time and sales. The layouts are intuitively designed and configurable to include just the data you want.
Earnings Calendar and Tools
The earnings season consistently generates the most action in the markets linked to the most material fundamental data. Market Chameleon has a comprehensive earnings calendar and some very compelling tools to find opportunities into, during, and after earnings reports. One of my favorites is the Stock Price Patterns Around Earnings feature.
These features can be selected for any stock as it displays the price reactions in the days leading up to the earnings report, day of earnings release, and after earnings release. Naturally, one must also keep this in the context of the macro market sentiment at the time, but I tend to find reactions tend to repeat themselves in twos.
The Options Outcomes Around Earnings displays how options strategies performed during earnings reports. Market Chameleon displays the average return or loss implementing various strategies like Selling out-of-the-money (OTM) calls or OTM puts for a stock.
Earnings Options Strategy Screener
Earnings season is the bread-and-butter period for options moves. Money can be made leading into and after the earnings report. Too many newbies take a pure directional bet on earnings reports (paying heavy premiums) on a binary result. Market Chameleon enables traders to utilize a broader range of strategies to derive many income-generating strategies to diversify the trades.
The Earnings Options Strategy Screener enables traders to configure the filters they are looking for with upcoming earnings traders. It’s one of my favorite features that allows you to not only prepare ahead of time but also collect income. I like to collect premium heading into an earnings report and scan for stocks that spike in IV into the report. Some of the most effective scans are the Covered Call (collect income ahead of earnings release), Naked Put (Risky strategy only for well-funded experienced traders that can afford to have shares assigned), Call Spread, Put Spread and At-The-Money (ATM) Straddle screeners. Newbies should limit themselves to covered calls and debit spread trades and avoid any naked traders to limit downside risk. Usually, naked options trades require at least level 3 options trading permissions and enough capital to offset margin calls.
There is a browser-based news feed that pulls headlines from various free sources. It’s not real-time nor streaming, but useful to pull press releases if searching for specific symbols.
While there are numerous options trading and analysis services on the market, Market Chameleon tools are unique and intuitively designed to generate compelling data-driven trading ideas. While the navigation is clunky, the results are compelling as I’ve been able to severely bolster trading ideas heading into each earnings season.
What Type of Trader is Market Chameleon Best For?
Market Chameleon is best suited for experienced options traders looking for income generation strategies and uncovering hidden trading opportunities. Stock traders are limited in functionality, and the browser-based navigation in this era is outdated and clunky. Newbies have a learning curve not only on the platform but the mechanics behind the strategies.
- Deep options data and strategy scans
- Earnings options strategy tools are unique and very productive
- Easy watch list creation, alerts, and tracking functionality
- Options chain back-testing and data-driven strategy ideas
- Free options screens and daily ideas is a good way to kick the tires
- Pre and Post-market gapper dumpers screener essential (free) tool to start the morning research
- Gawdy marketing promotions and unevenly priced services reminiscent of the early 2000s
- Outdated website and clunky browser-based navigation