TOS Users - How do you handle your deltas?

[darkshogun]

For users of TOS - If TOS is as far off on their deltas and other greeks as has been claimed (I've heard it on this forum, and also in the videos of a professional options trader who confronted TOS about it), how are you able to even trade with them?

The professional options trader (John Locke) advised users of TOS to get OptionsVue, but if you have to use TOS, to go into the applications settings and change the "volatility calculation mode" from Individual Implied Volatility to Volatility Smile Approximation. According to him this will reflect more accurate deltas for your trades. If you're a user of TOS, what do you do? If you have anything else to add to this discussion please post.

 

[Maverick74]

For users of TOS - If TOS is as far off on their deltas and other greeks as has been claimed (I've heard it on this forum, and also in the videos of a professional options trader who confronted TOS about it), how are you able to even trade with them?

The professional options trader (John Locke) advised users of TOS to get OptionsVue, but if you have to use TOS, to go into the applications settings and change the "volatility calculation mode" from Individual Implied Volatility to Volatility Smile Approximation. According to him this will reflect more accurate deltas for your trades. If you're a user of TOS, what do you do? If you have anything else to add to this discussion please post.

A competent option trader should be able to calculate his deltas in his head. While we had slabs on the floor to use, they were of no use in fast markets when your trades weren't even entered in yet. Traders today are really handicapped by the fact they rely so much on software to do things they should be able to do on their own. It reminds me of cashiers who need to push buttons with little pictures on them. Heaven forbid you should make someone do basic math in their head.