The Free Strategy Explorer is a strategy builder based on your own expected outlook. The tool then returns simple strategy recommendation based on your forecast and what you want to do. It can recommend any type of trade based on criteria you set - iron condor, strangle, vertical spread, butterfly, covered call.
Free strategy explorer tool from QuantWheel can help someone who is new at options trading get a better understanding on which type of strategy is best applied based on his outlook (what he thinks will happen with the stock).
Free to use. No account required.
What this tool does
The strategy explorer lets you discover what type of option trade strategy is best fitted for your trade idea. It suggest possible trade ideas based on few parameters you can say in a single sentence.
Parameters to choose from: \
- Choose stock name, where you think the stock will be (above/below) set price, by which date.\
- Choose between "I want to own"/"maybe own"/"not own" the shares after trade expiration.\
Who it's for
Options traders exploring how to best approach a stock from option trading perspective.
How to use it
- Pick a stock
- Choose stock direction: "above" or "below"
- Choose a price you're aiming at (strike price)
- Pick a date
- Select if you own the stock shares already, maybe want to own at the end of expiration or definitely don't want to own shares after trade expiration
Reading the output
You get at lest 1 strategy suggestion that best fits your outlook, this is how it looks.
You get max profit and max loss laid out for you.
You have a calculation of yield from a trade as well as which positions you need to take in order to successfully apply the strategy.
You get a reason why the strategy is suggested to you.
You get a summary of what can happen with the trade or during the trade.
You get important risks laid out in front of you for better evaluation.
Related tools
- Free Options Calculator — single-option pricing and Greeks
- Free Optimal Roll finder — optimize roll decisions on existing short positions
- Free Earnings Scanner — earnings-week straddle/strangle opportunities