eSignal's options analytical package, called OptionsPlus, is designed to significantly expand your set of decision support tools for options trading. OptionsPlus is an add-on service to eSignal that provides traders with a powerful desktop solution for identifying and tracking options strategies and positions with tools such as:

• The Display Control Panel, which lets you predetermine the set of options to analyze
• Option Tracker, which you use to review your positions' P&L, their maximum gain and loss, and more
• Position Quest for identifying strategies to meet your trading objectives
• Position Performance Charts that allow you to conduct "what-if" analysis
• 3D Charts, which provide 3-dimensional sensitivity analysis

Display Control Panel -- Predetermine the Set of Options to Analyze
If you're selling covered calls, with strikes close to the underlying's price, and are only interested in going out 2 months, you obviously don't need to waste valuable desktop resources processing deep in- or out-of-the-money calls, or puts and LEAPS. OptionsPlus' unique Display Control Panel feature (Figure A) helps you better manage the frequently complex task of identifying those options that best help you meet your trading objectives.

Figure A. OptionsPlus' Unique Display Control Panel Feature

Option Tracker -- Review Your Positions' P&L, Their Maximum Gain and Loss, and More
Once you've established your universe of options, Option Tracker (Figure B) provides you with a clear and succinct format for viewing and monitoring them. Gauge profitability and risk with Option Tracker's powerful indicators, such as theoretical value, implied volatility, open interest, and much more. Option Tracker is the hub from which you'll control the implementation of OptionsPlus' power scanning, calculating and monitoring tools.

Figure B. Option Tracker

Position Quest -- Identify Strategies to Meet Your Trading Objectives
Continuing with the previously described scenario, if your strategy is to produce income by selling calls, then target that strategy and get results fast! OptionsPlus has a powerful new tool called "Position Quest" (Figures C and D) that puts you firmly in control of which strategies to consider.

Alternatively, if you want to expand the set of strategies available for trading, look no further than Position Quest! Its incredibly intuitive and powerful interface enables you to better understand the objective of various strategies, so you can match them with your own trading objectives, including trading capital to invest, holding period and sentiment.

Figure C. Position Quest's Strategy Search Control Panel

Moments after you've either selected strategies that best suit your needs or decided to cast a wider net and apply a search using all strategies, Position Quest uses its proprietary scanning and strategy identification algorithm to produce a custom-made report that takes into account all parameters and then produces a clear, concise and accurate report of strategies. This report (Figure D) instantly gives you critical information, such as theoretical profit and loss, maximum gain and loss, estimated initial investment, and much more.

Figure D. Position Quest's Powerful Reporting Feature

Using Position Quest's powerful reporting feature, "Lookup Position," you can visually narrow your results and select those strategies and positions you'll need to continue your analysis -- either by exporting the position to the Positions section in Option Tracker or by furthering your analysis. To do this, you import the position into one of the OptionsPlus' powerful and flexible charts by right clicking and selecting from a floating menu (Figure E).

Figure E. Chart Menu

Position Performance Charts -- Conduct "What-If" Analysis
"Look before you leap" is a cliché whose elegance and durability is in its simplicity and truth. With so many variables and potential outcomes in any given option position, options traders rely on fast, reliable tools to help align their objectives with possible future market conditions. Whether you're interested in generating income, minimizing risk or optimizing a speculative trade, you'll find OptionsPlus' Position Performance Charts (Figure F) the perfect way to quantify "what-if".

By modifying the price of the underlying asset, the days to expiration or the volatility, traders can quickly assess the expected influence and outcome these variables may have on their positions' profitability.

Figure F. Position Performance Charts

3D Charts -- Perform 3-Dimensional Sensitivity Analysis
We've saved the best for last -- OptionsPlus' eye-popping 3D charts (Figures G and H). Visualize the impact that time, price and volatility would have on the value of your actual and hypothetical positions, or option chain, with this rich set of institutional quality tools. OptionsPlus' 3D charts aren't just a pretty face. They let you quickly navigate through time, volatility or prices with your mouse just as you would look at a physical object. OptionsPlus 3D charts let you zoom in and out and rotate 360 degrees over, under and side-to-side.

Figure G. 3-Dimensional Sensitivity Analysis

Looking to sell volatility? Look no further than OptionsPlus' 3D Volatility Charts (Figure H), which quickly simplify the complex world of three-dimensional value analysis by providing you with estimated values and volatilities from one end of an option chain to the other.

Figure H. OptionsPlus 3D Volatility Charts

To add OptionsPlus to your account now and get your first 30 days free, go to https://secure.esignal.com/maintenance.aspx