Option screener question

T

thebubs

I'm hoping some of the seasoned vets on this site can help with my request or anyone for that matter.
For me the most time consuming process of options is looking for options that are priced attractively enough to consider buying.
I have used ameritrades option screener and optionetics free screener and do not find either all that helpful. Can anyone endorse a good free option screener out there that they use or have used-Thanks
 
Quote from thebubs:


For me the most time consuming process of options is looking for options that are priced attractively enough to consider buying.
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IMHO you are going about this the wrong way.

It's important to trade options of stocks (indexes or ETFs) that you want to own (or sell short). Find the underlying first, then look for the good trade.

If you pick the options first, how will that do you any good? Would you buy call options that are attractively priced when you have no opinion on the stock? That's beyond foolish.

Mark
 
It would be best not to have an "opinion" at all.

Ideally if the OP learns to spot and identify trends he could buy
( very risky ) and sell options according to the trend.

Many pros sell options WITH the trend not against it. For instance if gold is going down they'd sell out of the money calls. If oil is going up they sell otm puts. They could buy and sell option at the same time, but usually for a credit.

If you base your trades on your "opinion" or what you "think" it is just as foolish.



Quote from dagnyt:

IMHO you are going about this the wrong way.

It's important to trade options of stocks (indexes or ETFs) that you want to own (or sell short). Find the underlying first, then look for the good trade.

If you pick the options first, how will that do you any good? Would you buy call options that are attractively priced when you have no opinion on the stock? That's beyond foolish.

Mark
More...
 
Quote from thebubs:

I'm hoping some of the seasoned vets on this site can help with my request or anyone for that matter.
For me the most time consuming process of options is looking for options that are priced attractively enough to consider buying.
I have used ameritrades option screener and optionetics free screener and do not find either all that helpful. Can anyone endorse a good free option screener out there that they use or have used-Thanks
More...
Try using the 'Search' selection at the top right corner of this (EliteTrader) website.
Enter the following (or similar) "option AND screener": http://www.elitetrader.com/vb/searc...=3033263&sortby=lastpost&sortorder=descending

I use OptionVue's OpScan (not free but highly functional): http://www.optionvue.com/overvue_opscan.aspx
 
Quote from guy990opl:

It would be best not to have an "opinion" at all.

Ideally if the OP learns to spot and identify trends he could buy
( very risky ) and sell options according to the trend.

Many pros sell options WITH the trend not against it. For instance if gold is going down they'd sell out of the money calls. If oil is going up they sell otm puts. They could buy and sell option at the same time, but usually for a credit.

If you base your trades on your "opinion" or what you "think" it is just as foolish.
More...

What is wrong with you?

The OP wants to BUY options.

No one BUYS options without an opinion.

He did not ask if buying options was a good idea. he asked how to find options to buy.

And here's a gem for you: When you 'find' your trend and thus, buy (or in your case, sell) options, are you claiming that doing so is NOT expressing the OPINION that the trend will continue?

FYI, the 'pros' do NOT sell naked options. Not in this lifetime.

I you want to express your opinion on some topic not related to the question, begin a new thread.

Mark
 
1) Yes he does and eventually he is going to be a market loser like the vast majority of option buyers. He did ask how to buy options there is nothing wrong in letting him know that is not a good strategy to make money consistently.

2) You gave me no gem whatsoever as a matter I wonder if you know anything about trends. A trend is something that repeat itself. BUT you do NOT have an opinion when you follow a trend because ideally you did your homework and your testing and you have a basic system to identify such trend. In other words, when you sell an option or put on a spread your success is based and depends on probabilities NOT your opinions.

Sure you could still be wrong, but it is because your trade did not work, not because of what "you thought" the market would do.

3) Pros sell options naked and in combination with spreads ask Max Ansbacher he is not the only one.

4) What I expressed is not my opinion but a fact. " In the period from Jannuary 1997 trough December 1999, more than 75% of all CME options held until expiration expired worthless."( This is not an opinion but a study and reseach that has been published on OPTIONS ON FUTURES.) I am surprised you don't know the basic facts.

5) Maybe YOU should start your own thread stating all your opinions and of course if you like feel free to buy all the options you want. If professionals do not sell options then they must buy them!
 
Quote from dagnyt:

What is wrong with you?

The OP wants to BUY options.

No one BUYS options without an opinion.

He did not ask if buying options was a good idea. he asked how to find options to buy.

And here's a gem for you: When you 'find' your trend and thus, buy (or in your case, sell) options, are you claiming that doing so is NOT expressing the OPINION that the trend will continue?

FYI, the 'pros' do NOT sell naked options. Not in this lifetime.

I you want to express your opinion on some topic not related to the question, begin a new thread.

Mark
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Mark,

With newbies, it is always dangerous to take "literally" what they write, ie., when they write "what options to buy" can you take their characterization of "buying" literally or are they really saying "trading"?

And as far as your statement that "'pros' do NOT sell naked options"... I don't agree.

In all fairness, I am not a Pro, and I don't have to trade to exist. I trade because I can regularly stumble upon opportunities that offer good R/R conditions and I like to take the other side of the bet in those situations. If it means taking naked short positions via ratios or any other combinations that result in naked short positions, then I'll take the bet if it looks reasonable to me, and I'll manage the positions accordingly.

And my "naked short" positions have done OK as well as any other opportunistic trade that looks reasonable.

What I am saying is that I don't take all of these posts so literally that I cannot interpret the term "buy" as "trade".

Regards,

Mech
 
Quote from MechTrade:



What I am saying is that I don't take all of these posts so literally that I cannot interpret the term "buy" as "trade".

Regards,

Mech
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Good advice. I've been told that I see the world as black and white with nary a gray.

I'll try to follow your advice (changing the habits of a lifetime).

Regards, to you,
Mark
 
I feel the same way, and guy990opl has good points if the Pros do not sell options it means that they buy them. Riiight.


Quote from MechTrade:



And as far as your statement that "'pros' do NOT sell naked options"... I don't agree.
More...
 
Quote from Loki:

I feel the same way, and guy990opl has good points if the Pros do not sell options it means that they buy them. Riiight.
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The pros hedge to minimize all risk - most of the time.

Mark
 
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