Trade Scanner
Last updated
Last updated
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.
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:
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
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
To remove a company, click the 'x' mark next to each selected company.
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:
The following strategies are available on the scanner:
Debit Call Spread
Credit Put Spread
Iron Condor
Iron Butterfly
Debit Put Spread
Credit Call Spread
Depending on the strategy you have selected, your will have a choice of 2 types of strike logic to choose from:
This uses the expected move (calculated from at-the-money options prices) to set the short strikes.
You may also use a custom variable to construct your trades.
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.
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.
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
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).
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.
