Options Spread / Payoff Software

A

Adam777

Maybe someone can help

I need real time options spread payoff software (this includes excel software) that can hopefully chart say an SPX option spread hedged with SPY underlying, or a VIX option spread combined position. It would be great to see the separate and combined greeks if possible.

I know this can be done in TOS, but as I'm from Sydney and I can't open an account to use their software. I'm not sure if I have these combined payoff diagrams in IB's TWS. Tastyworks is rubbish for this stuff. Not sure about Hoadley.
 
Adam777 said:
Maybe someone can help

I need real time options spread payoff software (this includes excel software) that can hopefully chart say an SPX option spread hedged with SPY underlying, or a VIX option spread combined position.
More...
Just curious: does such a trade (using options plus a different underlying for hedging or as part of the spread mechanism) not require very much margin?
Wouldn't it be much better to use an underlying that has options, then margin-reducing spreads
and covered positions can be built, which usually reduces the net margin requirement enormously, IMO.
 
Adam777 said:
SPX doesn't have an underlying, and SPY underlying has less deltas than using ES for hedging
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I know these don't have an underlying. But then I as an options newbie really wonder why people trade them, instead of trading one that definitely has an underlying. What's the trick here? :D
Or is it maybe a kind of pairs-trading?
 
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Adam777 said:
1 spx = 10 spy ... so there's less fees. Also spx has no option assignment until expiry
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Thanks for the info. Got it now! :D

Btw, I'm a programmer and I can write a program for you if you give me all the details, incl. a real-time data source (since you said real-time), ie. the API of your broker or the API of a specialized data vendor. PM me for details if you don't find a ready-made COTS solution or any other solution.
 
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Even an excel spreadsheet that tracks individual option/stock prices and greeks in excel and sums their totals would help.
 
Adam777 said:
Maybe someone can help

I need real time options spread payoff software (this includes excel software) that can hopefully chart say an SPX option spread hedged with SPY underlying, or a VIX option spread combined position. It would be great to see the separate and combined greeks if possible.

I know this can be done in TOS, but as I'm from Sydney and I can't open an account to use their software. I'm not sure if I have these combined payoff diagrams in IB's TWS. Tastyworks is rubbish for this stuff. Not sure about Hoadley.
More...
ORATS has a payoff diagram that can be set up in the options chain or in an options scanner:
5c8d99941ed3f86554d3d55f3005655f.png


The distribution behind the payoff picture is actual IV adjusted moves in the underlyer. The D% distribution edge is the expected value of the payoff at expiration.

Notice the graph up top has the green and red circles for buy and sells of the trade:
d36086f56dced096c4a8b37850c54d5d.png


You can scan for the best distribution edge, reward:risk ratio, and filter by many criteria including open interest, and bid-ask width.

https://dashboard.orats.com/manage-account to get a trial.
 
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