OptionStrat Review

  • Quality
  • Value
  • Ease of Use
4.3

Summary

In search of a new analysis platform focused on options trading? OptionStrat is an options analysis platform that allows users to find potential options trading opportunities using various tools. This platform offers more than 50 built-in strategies, support for custom strategies, visualization tools, analysis tools, and more. Find out if this platform is worth using by reading our complete OptionStrat review now.

About OptionStrat

OptionStrat is an options analysis platform with more than 50 built-in strategies and support for custom strategies. It offers tools to help you visualize potential profit and loss, track unusual options order flow, and find options with high liquidity. You can also use OptionStrat to generate optimal trading strategies for any ticker and expected price movement.

In our OptionStrat review, we’ll cover everything you need to know to decide if this service is right for you.

OptionStrat Homepage

OptionStrat Pricing Options

OptionStrat offers a free tier that lets you build and optimize options strategies. It provides access to many of the platform’s features, but all data is delayed by 15 minutes.

OptionStrat Pricing

The Live Option Tools plan costs $14.99 per month or $149.99 per year. It offers live data, estimates of profitability for your strategies, and access to OptionStrat’s private Discord channel.

The Live Option Flow plan costs $49.99 per month or $499.99 per year. It unlocks all unusual options flow alerts and adds features like custom filters and alerts.

OptionStrat Features

Options Trading Strategies

OptionStrat includes more than 50 built-in options trading strategies. The list includes advanced strategies like backspreads, covered straddles and strangles, ladders, call and put ratio spreads, and long and short synthetic futures.

OptionStrat Strategies

You can also create own custom strategy by adding trades to any of the strategies that OptionStrat provides. The platform allows you to save any trade and automatically calculates the historical performance of those trades over the recent past.

OptionStrat Historical Performance

Another option for generating trading strategies in OptionStrat is to use the built-in trade optimizer. Enter any ticker and select whether you want to take a bullish, bearish, or neutral position. For more detailed profit and loss calculations, you can also enter a target price and trade size. OptionStrat will automatically suggest several options strategies with different risk/reward profiles.

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OptionStrat Optimizer

Options Analysis

OptionStrat’s analysis and visualization tools are at the heart of this platform. Once you select an options strategy, the platform will display a color-coded table that shows your potential profit or loss by time (x-axis) and price (y-axis). You can quickly see your max profit and loss, your probability of success, your breakeven price, and the options greeks for your trade. OptionStrat automatically calculates the implied volatility of each stock for you, but you can easily customize the implied volatility to see how it impacts your trade. 

OptionStrat PL Table

OptionStrat also allows you to visualize your trade using more traditional profit and loss charts that display price on the x-axis and gain/loss on the y-axis. Sliders make it easy to evaluate how your profitability changes as expiration approaches and how changing your contract strike price influences your trade.

OptionStrat PL Graph

One of the unique features of OptionStrat is that it indicates the volume of calls and puts being traded at each strike price. So, you can account for liquidity while deciding on your strategy.

Options Flow

OptionStrat tracks options order flow and alerts you to large trades. Data is available in real-time only with a Live Option Flow plan – Free and Live Option Tools users receive order flow data delayed by 15 minutes and detailed trading information is only available for trades made in the past 15 minutes.

You can filter options flow activity based on specific tickers, premiums paid, expiration date, and whether the activity is bullish, bearish, or neutral. You can also screen for out-of-the-money trades and trades where the options volume is greater than open interest. Filters can be saved for future use.

OptionStrat Options Flow Screener

OptionStrat Platform Differentiators

OptionStrat stands out for offering more than 50 built-in options trading strategies for you to build on. The platform makes it easy to design custom trades and provides flexible visualizations to analyze your potential risk and reward. The trade optimizer offers an excellent starting point if you have a stock in mind to trade but aren’t sure what strategy is most appropriate. In addition, the volume overlay makes it easy to account for liquidity when evaluating trades.

OptionStrat’s order flow screener is also impressive. It’s very easy to use and covers all the essentials parameters options traders need to spot meaningful institutional activity. 

What Type of Trader is OptionStrat Best For?

OptionStrat is designed for experienced options traders who can take advantage of the more advanced strategies the platform covers. It’s especially well-suited for traders who can use the order flow tools to identify potential trades based on what contracts institutional investors are buying. 

While OptionStrat can be used by beginner traders, it doesn’t offer as much hand-holding as other options analysis tools. The flexibility to add custom trades and easily modify implied volatility can also be a liability for traders who aren’t sure how to use these features effectively. That said, the trade optimizer offers a handy starting point for traders who want to dive into options, and the visualization tools can be very useful for learning more about how options trades work in practice.

Pros

  • 50+ built-in options strategies
  • Create custom strategies by adding your own trades
  • Flexible, easy to use visualization tools
  • Volume indicator for call and put contracts
  • Customizable options order flow screener

Cons

  • Real-time options order flow data is expensive
  • Historical price charts only available as line charts