Software packages are catered towards the more independent trader. The software typically includes fairly complex analysis algorithms that can find profitable opportunities. They have a one-time price, although they may require a subscription to a data service to utilize their full potential.
Disclaimer applies.8.1.1 Optionetics Software Tools
Optionetics offers several software tools on their site. These include:
• OptionGear ($3995): real-time options analysis software geared towards both the novice and expert trader. This software includes the following features:
o Powerful scanning and searching tools. This assists you in finding the most
profitable trading strategies.
o Overlay up to six alternative trades. This allows you to easily compare different
trading strategies.
o Identification of trades that meet profit requirements.
o Data on-demand allows you to get market information when you need it. o Trade international markets
• ProfitSource ($3995): Elliott Wave analysis software that helps you identify winning trades. This software includes the following features:
o Pre-computed scans
o System testing
o Preset scans, watch lists, time and price projection based on Elliott Waves o Custom scans
o Highlights
o Alerts
• ValueGain($3995): revolutionary software that helps you analyze balance sheets and financial statements by compiling the information for you.
8.1.2 Visual Options Analyzer
VOptions, the Visual Options Analyzer, is a software application that helps you develop, test, and analyze stock and option strategies. Its interface allows you to test what-if scenarios on your on your strategies. It is geared for new, experienced, and advanced traders alike. The VOptions has several features, including:
VOptions allows you to make a thorough analysis of a trade before placing a trade. The software provides powerful 2D and 3D charts for examining option strategies. The 3D Chart can display the relationship between stock price and expiration date versus profit/loss.
VOptions software has over 30 built-in options strategies. Just select a strategy and VOptions will download options and stock data and generate profit/loss charts for your inspection. You can then see the potential profits and losses of a strategy. You can then analyze potential outcomes using the Black-Scholes, Binominal European and Binominal American pricing models.
VOptions downloads free options data from the various options exchanges, including the CBOE (Chicago Board Options Exchange), AMEX (American Stock Exchange), PHLX (Philadelphia Stock Exchange), PCX or PSE (Pacific Stock Exchange), and ISE (International Securities Exchange).
VOptions costs $69.95. More information can be found at http://www.voptions.com/8.1.3 OptionStar
OptionStar is an option analysis software plug-in for Excel. OptionStar is organized into three programs:
More information can be found at http://www.optionstar.com/
8.1.4 OptionVue
OptionVue has been creating option analysis software since 1982, and has helped thousands of professional and individual traders. OptionVue can help you accurately predict your profit and loss at any date, price and volatility. OptionVue can help you:
v Identify opening trades with higher probability of success v Avoid trades with low probability of success
v Select the best strategies to use
v Adjust trades and manage risk
v Test strategies before trading
v Track risk of entire portfolio
The Standard Edition price for OptionVue is $1495, while the Professional Edition is $2195. Other modules can be purchased for additional costs. Details of these add-ons can be found at http://www.optionvue.com/storelist_software.aspx
8.1.5 OptionEdge
OptionEdge is a free stock option application for use in Excel. It uses the Black-Scholes pricing model to allow investors to test different trading strategies. Features include:
• Exploration of what-if scenarios.
• Detailed graphs of break-even points and profitability.
• Save and print created positions.
• Test custom option trading strategies
EBooks such as this one provide a wealth of information that can be used when forming an options trading strategy. These are inherently for the novice or advanced trader that wishes to enhance their investments with additional knowledge that may not be easily achievable from other sources.
Newsletters provide a wealth of information on current market conditions and opportunities. These are for the full range of options traders. Newsletter authors attempt to do the majority of research on a variety of stocks, and send recommendations to their respective subscribers.
We begin discussion on the following page. Disclaimer applies.8.2.1
Terry’s Options Strategies for Stock Market SuccessTerry’s Options Trading Strategies is a 40 page white paper on trading options. This eBook contains a wealth of information, including:
1. General Discussion of Option Strategies 4. “Lazy Way” Strategy To Double Your Money in Two Years
Option
•
How to Pick Stocks
•
Some Generalizations
•
21 “Lazy Way” Companies
•
Tax Implications of “Lazy Way”
•
How to Measure Market Direction
•
Which long-term Options (or LEAPS) should you buy?
•
Using the 10K Strategy with QQQ
•
Summary of the 10K Strategy for QQQ
Click here to learn more!!
8.2.2
Build Your Wealth in Minutes a Day
This eBook gives step-by-step instructions on how to generate an income stream using options.