Building options screening tool from scratch

H

hedgeyourbets

Hello people,
I am looking to hire someone to build an equity options screening tool. What is out there on the market (Optionvue, etc.) does not provide what I need for my specific trading system/style.
I would appreciate any advice on what to look for in a prospective candidate. Such as programming language skills, etc.
I do have a computer engineering background (Cisco Networking). But beyond that I am clueless at this point as to what it takes to build a market screener...
Thank you!
 
Hi
Try PowerOptions. Be careful though if the results look too good of the option plays, e.g. to see if an underlying dividend obligation, if it is a non-standard options (see the Options Clearing Corporation website), etc.
 
Quote from hedgeyourbets:

Hello people,
I am looking to hire someone to build an equity options screening tool. What is out there on the market (Optionvue, etc.) does not provide what I need for my specific trading system/style.
I would appreciate any advice on what to look for in a prospective candidate.
Such as programming language skills, etc.


I do have a computer engineering background (Cisco Networking). But beyond that I am clueless at this point as to what it takes to build a market screener...
Thank you!
More...

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Reply to hedge your;
Option screning tool will not be too dificult.

Also Option brokers like IB,OXPS,TOS;
will not name them all, help also.

Not too many options worth selling/ buying/ selling, because of HUGE bid ask;
since you know your ''specific trading system/style''

Mainly since you said ''trading'' not investing you have a very ,very small number number of choices;
CSCO, MSFT,DIA,SPY,QQQQ....
 
Quote from murray t turtle:

===========
Not too many options worth selling/ buying/ selling, because of HUGE bid ask;
since you know your ''specific trading system/style''

Mainly since you said ''trading'' not investing you have a very ,very small number number of choices;
CSCO, MSFT,DIA,SPY,QQQQ....
More...

Pretty inaccurate. Most complex spreads/combos are very tight in the current market. For example, I traded a GOOG butterfly on ISE that was a $.40 market for the 20-wide fly.
 
Quote from Option Trader:

Hi
Try PowerOptions. Be careful though if the results look too good of the option plays, e.g. to see if an underlying dividend obligation, if it is a non-standard options (see the Options Clearing Corporation website), etc.
More...

I have tried power options. Close, but no cigar. Their tool has some great features, but you have to keep hitting the refresh button to get any "live" benefit out of it... Also, I need to be able to set specific custom parameters, so I can be alerted when the condition is met...
 
To hedgeyourbets,

PowerOptions I believe is the only service out there with a full market scan. If you want to do your own, it will probably cost you $1k-$2k per month. I do overnight downloads from DeltaNeutral and had a programmer make a filter for me to help prepare watch list. If the watch list is small enough, you can manage everything on an Excel worksheet using a service like Quotein, where you can see everthing as streaming quotes (maybe see if Marketfeed will be sufficient; I think will allow you 500? quotes). Certain $100 per month plus data feeders will allow you more quotes.
 
Quote from Option Trader:

To hedgeyourbets,

PowerOptions I believe is the only service out there with a full market scan.
More...

What I meant is scan in real time of numerous option plays.
 
Quote from riskarb:- Murray t turtle

Pretty inaccurate. Most complex spreads/combos are very tight in the current market. For example, I traded a GOOG butterfly on ISE that was a $.40 market for the 20-wide fly.
More...

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Yes that was pretty inaccuate and am talking about what you wrote;
my post mentioned the specifics of the few high volume underlying.

Your post was also inaccurate again , in the sense you did not mention IBM........, or others that have high volume.

Have a good ,accurate ,profitable day;
usually dont nit pick but you asked for it.:cool:
 
Quote from murray t turtle:

=============
Yes that was pretty inaccuate and am talking about what you wrote;
my post mentioned the specifics of the few high volume underlying.

Your post was also inaccurate again , in the sense you did not mention IBM........, or others that have high volume.

Have a good ,accurate ,profitable day;
usually dont nit pick but you asked for it.:cool:
More...

What in the World are you blabbering about now? What I wrote? You honestly believe those tickers mentioned are the only reasonable choice for traders? Are you high? You didn't mention "specifics" ... you simply-stated that those were the only tickers with markets tight enough to support "trading" which is absurd.

I think my point passed you by. GOOG is an example of a high $ stock that would normally equate to wide markets, when in fact the market is very tight.

Inaccurate because I didn't mention IBM? Why would I mention IBM? Yeah, it's a large cap with tight spreads, wow...

There are HUNDREDS of tickers that exhibit very tight markets on complex, multi-leg spreads.
 
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