Options can be a great addition to your investment toolbox but finding the right ones can be tough. While many brokerages offer basic options, they fall short when it comes to analysis and screening. That’s where options screeners come in.
Options screeners are designed for options traders, with advanced data and filtering. They help you find trades, analyze trends and make better decisions. By using an options screener you can streamline your research and find opportunities that would otherwise go unnoticed.
Options Screeners
BlackBoxStocks
BlackBoxStocks has an options screener and a trading community. You’ll get options trade alerts, flow analysis, market news and a stock options heat map. The screener shows time stamps, stock symbols, expiration dates, strike prices and implied volatility.
Beyond options, BlackBoxStocks has scanners for unusual activity and dark pool trades. The integrated Discord chat room is where you can discuss trading signals and market analysis with other traders. Weekly educational events make this platform great for new options traders.
$99 monthly or $959 annually for full access to all features including stock screeners and trading education.
Market Chameleon
Market Chameleon has the most comprehensive options analysis tools. You’ll find screeners for options activity, implied volatility, contract volume and open interest. They also have buy-write research and order flow sentiment analysis.
Features include:
- Historical option chain values
- Dividend and earnings updates
- VWAP minute data
- Downloadable trade reports
The $99 monthly package gives you the most value with all the options screeners and stock research tools. Options traders can opt for the $69 monthly package with limited features.
InsiderFinance
InsiderFinance has a web-based platform that is great for options flow analysis and dark pool activity. They have preset screeners for momentum plays and option sweeps so it’s easy for new options traders to get started. They analyze over 15 million options contracts daily and provide high quality unfiltered data feeds.
A unique feature is InsiderFinance’s proprietary algorithmic trading opportunity finder. It also has a technical analysis system that suggests entry points, profit targets and stop loss levels. You can link a free TradingView account for extra charting capabilities.
Pricing is $75 monthly, $195 quarterly or $660 annually and all plans come with full access. A free trading masterclass is available to help you get started.
Option Samurai
Option Samurai is an options scanner and analysis tool for options traders. It has a simple interface to scan for options strategies and filter results by criteria. It has prebuilt scans for different strategies, probability of success and risk level so it’s good for both new and experienced traders.
One of the key features of Option Samurai is it can group results by stock, unlike some others, so you can quickly see opportunities. It also has a feature to compare different strategies on the same ticker so you can find the best trade.
Option Samurai is simple and works but $49 a month might be a bit steep for smaller accounts. But if you have bigger accounts or trade more often, it’s a good tool to generate trade ideas and options analysis.
Option Visualizer
Option Visualizer is a free option screener and analysis tool to help you make informed options trading decisions. It has a simple interface to search and analyze stock options using advanced algorithms and custom strategies. The platform is most notable for its visualization capabilities to see potential returns or losses in real-time.
One of Option Visualizer’s best features is that it’s free and no credit card required. It has detailed option data including historical data and pre-made screens for popular searches. It also has advanced filters to let you fine tune your option searches by specific criteria.
Or check out the GitHub repository for functions to visualize option prices and sensitivities. (for developers and power users)
OptionStrat
OptionStrat is a web based platform for options traders and investors. It has all the tools to analyze and visualize options strategies so you can understand complex options trades. Real time data, advanced charting and a user friendly interface for both new and experienced traders.
One of OptionStrat’s biggest features is the strategy builder where you can create and analyze multi leg options strategies. It will show you visual representations of potential profit and loss scenarios so you can see risk and potential return. It also has tools to analyze implied volatility, Greeks and other options metrics.
Free and premium, premium has real time data, advanced charting and save custom strategies. Great combo!
FlowAlgo
FlowAlgo is a real time options flow and unusual options activity scanner for traders and investors who want to follow institutional activity. The platform provides a streaming feed of options trades, focusing on big and significant trades that could be smart money moving in the market.
Key features of FlowAlgo include real time alerts for unusual options activity, dark pool trades and block trades. Customizable filters so you can focus on specific stocks, sectors or strategies. Historical data and analytics to help you find patterns and trends.
FlowAlgo is easy to use for both new and experienced traders. We offer multiple subscription levels to fit your needs and budget. While it’s a powerful tool for options traders, please note that flow data requires skill and experience and the cost of the subscription is a consideration.
Cheddar Flow
Cheddar Flow is an options flow platform that allows traders to track and analyze options order flow in real-time. It has an intelligent tracking system that identifies orders based on custom options order flow rules, so you can follow the smart money and ride the trend.
One of the key features of Cheddar Flow is it can track fast moving sweep orders across multiple exchanges and compile the data into a easy to read format for you. So you can see unusual options activity and large buys in specific options contracts and get an edge in your trading.
It has a simple dashboard that shows trade types, market sentiment, charts and historical data. While Cheddar Flow is great, it does come with a subscription cost so that may be a consideration for some traders. Overall a good tool for traders who want to use options flow in their trading.
TrendSpider
TrendSpider is known for technical analysis but they have added options activity scans. You can now monitor block trades and option sweeps with their Options Flow feature which integrates with their advanced charting tools.
The Options Flow widget shows a heatmap, option prices, strike prices and expiration dates. You can adjust the screening criteria with easy to use slider controls.
TrendSpider is a full trading platform with options screening, charting, backtesting and customizable alerts. Priced at $149 monthly or $1,788 annually.
Benzinga Pro
Benzinga Pro is an extension of the popular financial news site and offers options traders a powerful set of screeners. While it’s primarily a stock trading platform, the signals tool allows you to scan for options activity, large block trades and option sweeps.
A unique feature of Benzinga Pro is you can see if an option order was executed at the bid, ask or outside the bid-ask spread. They also have stock screeners and an active trading chat room.
Pricing starts at $27 monthly for Benzinga Basic with delayed quotes. Benzinga Essential is $197 monthly and Options Mentorship is $457 monthly. Annual plans save 16-17%.
Choosing the Right Options Screener: What to Consider
Free vs Paid Options Screeners: What to Choose
Free options screeners are a good starting point but lack advanced features. Many brokers have basic screeners but those may not give you the depth of analysis you need. Paid options screeners have more tools and better data.
Try:
- Free trials of paid services
- Broker provided tools
- Compare data across platforms
Remember, data is key to options trading. Free web based platforms have limitations on data accuracy and timeliness. For learning purposes free tools are useful. For active trading investing in a paid service with good data may be worth it.
Options Screening Strategies
To screen for options, define your goals (e.g. investing or active trading, set your risk tolerance, learn options basics, have an options strategy and use screeners to find specific trades.
Look for:
- Real time market scanning
- Unusual options volume detection
- Spread and strategy analysis
- Put/call ratio tracking
After you find trades, consider using an options trading journal to track and analyze your performance. This will help you refine your strategies over time.
Benefits of Stock Options
Options have many benefits for investors and traders. Flexibility is one of the main advantages, you can make money in both bull and bear markets without having to own the underlying. This versatility makes options a tool for all market conditions.
Options are also a way to protect your portfolio. You can buy put options to protect against stock losses or sell covered calls to generate income on existing positions. These protection measures can help you manage risk and keep your capital in volatile markets.
Another big advantage of options is their capital efficiency. Compared to buying stocks outright, options require less initial capital. This leverage can magnify returns but remember it also increases risk. The capital efficiency of options allows you to get exposure to bigger positions with smaller amount of money.
Options adds to portfolio diversification by giving you exposure to different assets and markets. This diversification can improve overall portfolio performance and manage risk across different sectors and asset classes.
Many options strategies have defined risk, you can limit your potential loss to a known amount. This is attractive for risk averse investors or those who want to implement more controlled trading.
Income generation is another benefit of options trading. Selling covered calls or cash secured puts can give you a steady income, options is a tool for investors who want to boost their portfolio’s yield.
Last is the flexibility in strategy selection. Traders can adjust their options strategy based on their market view and risk tolerance, so you can have a highly customized approach to trading and investing.
Strategy Market Outlook Risk Level Long Call Bullish Moderate Long Put Bearish Moderate Covered Call Neutral to Slightly Bullish Low Iron Condor Neutral Low Straddle Volatile High
- Time Decay Advantage: As an options seller you can benefit from time decay (theta) as options approach expiration.
- Lower Commission Costs: Many brokers offer competitive options pricing, often lower than stock commissions on a percentage basis.
- Tax Benefits: In some places options may have tax advantages over trading stocks directly.
When trading options it’s important to educate yourself on the mechanics and risks involved. Start with paper trading to practice strategies before risking real capital. As you get more experience you can add more complex strategies to your trading toolbox.
Options Screener Selection
Options Screener Features
When choosing an options screener consider the following:
Customizable filters that match your strategies
A screener that covers a wide range of stocks, ETFs and indices to give you more opportunities.
Look for screeners with implied volatility analysis. This is key to understanding market expectations and to assess risk and reward. Look for platforms that allow you to fine tune based on Greeks like delta, gamma and theta for more precise trade selection.
User friendly interfaces can save you time and reduce errors in your decision making process. Look for screeners that present results in a clear and easy to read format.
Also consider:
- Open interest tracking
- Earnings date filters
- Expiration date sorting
- Strike price comparisons
- Options volume analysis
- Moneyness calculations
- Probability of profit estimates
A good screener should support multiple option strategies like covered calls and straddles. Look for tools that integrate with your favourite trading platforms for one click execution.
Remember to check the data quality and update frequency. Real time data is key to making informed decisions. Some advanced screeners may also offer backtesting capabilities to help you fine tune your strategies.
By choosing an options screener with these features you can simplify your research and find more trades. Take the time to compare and choose the one that suits your trading style and goals.