Trade Scanner

Overview

Options AI's Trade Scanner is designed to help you quickly compare a specific options strategy across a number of stocks or ETFs. For example:
  • 2-week debit call spreads across FB, NFLX, AMZN and SNAP
  • 1-week iron condors across 5 selected high IV stocks
  • 1-month credit call spreads across 3 selected Overbought RSI stocks
Once a specific trade has been selected, strikes may be edited prior to placing an order.

Step1: Creating a list of symbols

To access the scanner and select the symbols you wish to compare:
  • Log in to Options AI
  • Open the main menu
  • Select Scanner from the list of options
You will then be presented with a page that looks like this:

Adding a Symbol

You can compare trades across up to 5 symbols at a time. There are 2 ways to add a symbol:
  • Select the search bar
  • Type the name or symbol of the equity you wish to add
  • Click on the name when it appears below the search bar
  • You will see it added to the list of symbols
  • Press the blue Continue button when you have chosen your desired symbols

Use a category

  • Select a category
  • Click the symbol you wish to add
  • Select the View All Categories link to return to the previous screen. Note that you can add symbols across multiple categories and/or use the search bar if you wish
  • You will see the symbol added to the list of Symbols
  • Press the blue Continue button when you have chosen your desired symbols

Remove a Symbol

To remove a company, click the 'x' mark next to each selected company.

Step 2:

Once you have selected a group of symbols to compare, you need to define the strategy you wish to generate.
To do this:
  • Click the Continue Button
  • Select your desired Strategy from the list
  • Select the duration of the trade
  • Select how you wish the scanner should pick your strikes
  • Select the Compare Trades Button
You can find more details on each step below:

1. Select Strategies

The following strategies are available on the scanner:
  • Debit Call Spread
  • Credit Put Spread
  • Iron Condor
  • Iron Butterfly
  • Debit Put Spread
  • Credit Call Spread

2. Strike Logic

Depending on the strategy you have selected, your will have a choice of 2 types of strike logic to choose from:

1. Expected Move (available for debit and credit spreads)

This uses the expected move (calculated from at-the-money options prices) to set the short strikes.

2. Custom

You may also use a custom variable to construct your trades.

Probability of Profit (available for credit spreads)

Searches the options chain for a target delta (a proxy for probability of profit) and return trades that have a probability of profit close to your target probability.

Percentage Move (available for debit spreads)

Searches for strikes close to your target move in the stock price and returns trades that may be profitable if the stock is beyond the level at expiry.
To modify strikes on generated trades:
  • Generate the trades
  • Select your desired symbol and strategy
  • View the trade and click the edit button in the top right corner of the chart
  • Click on a leg or use the strike selectors choose an alternative set of strikes.

3. Expiry

  • 1 Week
  • 2 Weeks
  • 1 Month
  • 2 Month
If your selected duration is available to the day, the scanner will return results for the matching expiry date.
If your selected duration falls between 2 expiry dates, the scanner will default to the closest expiration date. Certain symbols may have weekly expiration while others may have only monthly. Such results will be divided and displayed by expiry date.
If the Scanner is unable to generate a trade given the criteria it will only show those that are available.
To choose your own expiry date:
  • Generate the trades
  • Select your desired symbol and strategy
  • View the trade and click the edit button in the top right corner of the chart
  • Use the expiry date selector choose an alternative expiry date.
  • Note that strikes may need to be altered across expiry dates

Step 3: Compare Trades

After you have created a list of companies and defined the trade attributes you wish view you can generate trades. You will be presented with a list like this:
Each trade is grouped by expiry date and strategy name, showing key metrics of max risk, max gain and probability of profit (delta).

Step 4: Confirm Trade & Submit Order

After you have selected a trade you may edit the strikes and expiry date using the edit icon.
Once ready to submit an order, hit the continue button and configure your order as you normally would by setting quantity and price and then reviewing the order.
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On this page
Overview
Step1: Creating a list of symbols
Adding a Symbol
Remove a Symbol
Step 2:
1. Select Strategies
2. Strike Logic
3. Expiry
Step 3: Compare Trades
Step 4: Confirm Trade & Submit Order