eSignal
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OptionsPlus
OptionsPlus is a sophisticated analytical tool for equity options traders subscribing to OPRA. It is included as a free download as part of eSignal Premier Plus and eSignal Pro. OptionsPlus allows options traders to analyze existing and hypothetical positions and situations using powerful features such as:
- A "what-if" scenario that allows you to see quickly how changes to price, volatility, etc. would affect your position
- Position Quest, which instantly creates positions based on your desired investment, risk tolerance and market outlook
- 3D Charts, which let you analyze your position or an entire chain of options with high performance, three-dimensional charts
OptionsPlus consists of three main modules, Option Tracker, Position Quest and Option Charts.
Option Tracker is responsible for tracking a portfolio of shares and options, enabling the user to apply various indicators to the positions. The user watches, in real time, the pieces and indicators for the necessary assets and options, as well as open positions for those assets / options. The Option Tracker window appears as a grid comprising columns and rows and including three sections: Assets, Options and Positions.
The Option Tracker window enables you to apply various indicators to your positions. Use of these indicators allows you to monitor your positions on an ongoing basis. You can determine whether the position is currently overvalued or undervalued or how much of a profit or loss the position is experiencing.
Position Quest allows you to identify options positions with the highest expected profit based on the strategies, market outlooks, assumptions and choices you specify.
In Options Plus, when you perform a Position Quest, a theoretical profit and loss is calculated for the options positions listed in the resulting Position Quest window. The theoretical profit and loss is the best estimate of the future value of the position based on your assumptions and the models you selected.
The assumptions include anticipated price change, holding period (time) and volatility. The actual figure for theoretical profit and loss is calculated by adding the current cost to open the position and the future theoretical value to exit that position.
The Position Quest window can be accessed through eSignal’s menu bar by clicking OptionsPlus / Insert / Position Quest.
After the Position Quest window displays search results, the user can analyze possible positions displayed there. Once the user finds one or more appropriate positions, those positions can be sent to the Option Tracker window for monitoring.
Options Charts
OptionsPlus can plot different types of Options Charts, and they provide the user with deep analysis of options contracts and option positions. With the Option Charts, it is possible to visualize Greeks, option strategies and stock prices. You will find some of the charts that can be displayed in OptionsPlus shown subsequently in this article.
The Option Performance Chart represents such option characteristics as the Option Price and Greeks.
The Option Chain Chart is used to visualize an option's characteristics depending on its type and strike price. Data for both Call and Put options for all available strikes is displayed simultaneously.
The Position Performance Chart is used to visualize a position’s characteristics with the aid of what-if scenarios.
The 3D Position Performance Chart is used to visualize a position’s characteristics in three dimension and modify the characteristics of an option's implied volatility curve and the effect of those modifications on the theoretical values of an individual option or a whole portfolio of options.
For more information about OptionsPlus, click the following link to access eSignal KnowledgeBase articles and a video.
http://kb.esignalcentral.com/article.asp?article=1490&p=1
