Options Courses

Market Compass & Michael Williams

I have to second all the positive comments here on Market Compass and Michael Williams. He has spoken at a number of eSignal events and shows and rates the highest with the audience loving him. If you can see him ... do!

Chuck Thompson
President - eSignal
 
I've said this before and I will say it again, Optionvue is hands down the best piece of software ever developed for trading options. There is no one even close. It all comes down to how serious you are about making money.
 
Quote from Maverick74:

I've said this before and I will say it again, Optionvue is hands down the best piece of software ever developed for trading options. There is no one even close. It all comes down to how serious you are about making money.
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Well... I've yet to meet a pro that runs OptionVue. OptionVue is fine... but virtually impossible to run w/o their data. I 've been a pro since the late 80's and have been using MicroHedge since it was ported to the Atari handheld and HP95. MicroHedge is the de facto standard in the industry for vanilla options.

If you want to get *serious* I suggest running LMT-Expo.

FWIW, options software is simply a front-end for a PDE of suspect value. When you become *serious* about options you'll find the need for such apps far less critical to your trading.

Good trading,
arb.


P.S. Maverick, do you work for OptionVue?
 
Bobcathy

I would suggest that you check out www.schaeffersresearch.com
as a resource for information on trading options. They do sell a lot of services but I think what you need at this point is information and not somebody throwing a bunch of trades at you. FWIW Bernie Schaeffer is a recognized options guru, at least to the talking heads on CNBC and CNN. The website does offer a lot of information, including a means to calculate the value of an option based on the Black-Scholes method Hope this helps.

:)

Louie
 
Quote from riskarb:




Well... I've yet to meet a pro that runs OptionVue. OptionVue is fine... but virtually impossible to run w/o their data. I 've been a pro since the late 80's and have been using MicroHedge since it was ported to the Atari handheld and HP95. MicroHedge is the de facto standard in the industry for vanilla options.

If you want to get *serious* I suggest running LMT-Expo.

FWIW, options software is simply a front-end for a PDE of suspect value. When you become *serious* about options you'll find the need for such apps far less critical to your trading.

Good trading,
arb.


P.S. Maverick, do you work for OptionVue?
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No, I do not work for Optionvue. And I have used microhedge on the floor and I hated it but it was the norm for the floor. In my opinion optionvue blows mirco hedge out of the water but I guess that is just me. Oh and Optionvue doesn't have real time data just so you know. You have to use your own data source to interface with optionvue.

I Just took a look at LMT-expo on the web and I'm not sure why you are hyping this product. I'm not saying it's not a good product, it looks like a math geeks dream, but I'm not sure I would have much use for it or it would be of much use for 99% of the people on this board. I don't know why you associate serious trading with that product. Just like I wouldn't make the statement that if your serious about trading you should use Tradestation although that is a fine product. Most guys don't need that kind of software to make money trading. I know I never did but again, maybe that's just me.

Oh and I have met a lot of pro's that use optionvue. In fact I have met a lot of pro's that use very minimal software and in some cases very cheap and simple programs. So I'm not sure what you mean by that. In fact most locals on the floor use a tiny little handheld with the black-sholes formula on it. And you know what, before they had handhelds, guys use to, and get this, calculate stuff in their head or on a scratch sheet of paper. Pretty amazing huh?

Look, I'm not trying to knock you, I think you understand my point. I could probably trade options with a simple texas instruments calculator. In fact, when I was at the CBOE, my firm would not let guys use anything to price options. We had to just do the math in our head. No calculators, no software, just pricing synthetics, put to call parity, and looking for mispricing relationships without even knowing what the theoretical values were. I'm talking about mock trading of course. I'm sure you could do the same. You don't need that software nor do I, but it's fun to play with and it does make your time much more efficient when you can analyze your trades better with good software.

Like I said before, for most serious traders, Optionvue is about as good as it gets.
 
Quote from Maverick74:



No, I do not work for Optionvue. And I have used microhedge on the floor and I hated it but it was the norm for the floor. In my opinion optionvue blows mirco hedge out of the water but I guess that is just me. Oh and Optionvue doesn't have real time data just so you know. You have to use your own data source to interface with optionvue.

I Just took a look at LMT-expo on the web and I'm not sure why you are hyping this product. I'm not saying it's not a good product, it looks like a math geeks dream, but I'm not sure I would have much use for it or it would be of much use for 99% of the people on this board. I don't know why you associate serious trading with that product. Just like I wouldn't make the statement that if your serious about trading you should use Tradestation although that is a fine product. Most guys don't need that kind of software to make money trading. I know I never did but again, maybe that's just me.

Oh and I have met a lot of pro's that use optionvue. In fact I have met a lot of pro's that use very minimal software and in some cases very cheap and simple programs. So I'm not sure what you mean by that. In fact most locals on the floor use a tiny little handheld with the black-sholes formula on it. And you know what, before they had handhelds, guys use to, and get this, calculate stuff in their head or on a scratch sheet of paper. Pretty amazing huh?

Look, I'm not trying to knock you, I think you understand my point. I could probably trade options with a simple texas instruments calculator. In fact, when I was at the CBOE, my firm would not let guys use anything to price options. We had to just do the math in our head. No calculators, no software, just pricing synthetics, put to call parity, and looking for mispricing relationships without even knowing what the theoretical values were. I'm talking about mock trading of course. I'm sure you could do the same. You don't need that software nor do I, but it's fun to play with and it does make your time much more efficient when you can analyze your trades better with good software.

Like I said before, for most serious traders, Optionvue is about as good as it gets.
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I've traded on every equity option exchange and was a member of all(at one point) and in my travels I've never met a local using OpVue for value sheets or analysis. I'm sure they exist, but I've never met 'em.

As far as "hyping" LMT... I would say my statements on LMT can hardly be considered hype. I'm not a huge fan of MH either, and I don't use it. I consider statements that OV is the "best" as blatant hype.

BTW, I've sold algorithms to HTC and Susq, and I've got a ridiculous amount of experience with programming HP + RPN calculators, but have long given up the need for any analysis to trade any option product, barring exotics. I wrote an app for the Apple MP2xxx series of handhelds that's still in use on the floor today -- so you're not breaking any news on that front, but thanks for the history lesson, lol.

Best,
arb.
 
If I came off as looking to start some sh*t that was not my intention -- no harm no foul.

My comments regarding OptionVue are still valid in my opinion -- the EOD version require a ton of support services to keep the DBase up to date -- that is unacceptable in my opinion. I have limited experience with OV, so I cannot comment on the r/t version's ability to use exogenous data for historical runs.

Regards,
arb.
 
Quote from riskarb:

If I came off as looking to start some sh*t that was not my intention -- no harm no foul.

My comments regarding OptionVue are still valid in my opinion -- the EOD version require a ton of support services to keep the DBase up to date -- that is unacceptable in my opinion. I have limited experience with OV, so I cannot comment on the r/t version's ability to use exogenous data for historical runs.

Regards,
arb.
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Optionvue does have fair value sheets but I never knew anyone on the floor who used them either. Optionvue is used mostly by guys off the floor. I would never use EOD data for optionvue or any other software. I use realtime data and it works very well. Optionvue updates all its dividend info and interest rates on a weekly basis and I have never had to rely on any kind of support services. This software has thousands of functions that I really don't want to go into because the post would be too long and I'm not trying to sell the software. If you have any specific questions about it let me know.

I never run into a guy that's both a programmer and a trader. Most of the time guys are either or not both. Different skill sets. I'm happy to hear that you have been able to do both. I'm not trying to pick a fight with you either I just sometimes have a short fuse for guys, and I'm not saying your one of them, that come on this board and then act as if you need 5 degrees in mathematics or you need to have invented your own model to trade options successfully. I think most of that stuff is pure BS and I have worked with some pretty smart guys in this business that have made millions on and off the floor.

I welcome you to the boards and appreciate your contributions.
 
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