OptionStation Pro

About OptionStation® Pro

OptionStation® Pro is a powerful analytical tool for all your option trades. You can easily compare analysis of many different option strategies and test each one based on changes in underlying price, time value, and volatility. Once a trade decision is made, you can place and manage the trade directly in OptionStation Pro.

Overview

The first time you open OptionStation Pro you will be presented with a blank workspace. The following outlines the general steps you will follow when setting up your options analysis and trades for a specific underlying symbol.

Select an underlying asset symbol.
Access the option chains to create a specified spread type at the desired expiration and strike price.
Analyze the theoretical position using a 2D graph or 3D graph.
When ready, place a trade directly from the asset panel, options panel, or theoretical position.
Monitor the real positions across all of your accounts.
Review the open and filled orders that are established for each option spread.

Layout

At the top of the OptionStation Pro window is the menu bar that includes the File menu for saving your layout and settings, the View menu to turn the panel display on and off, and the Appearance menu for changing the visual skin of OptionStation Pro based on different templates.

The OptionStation Pro window integrates a set of panels that allow you to create, analyze, and manage your option positions.

Option Station Pro main screen

Asset panel

The Asset panel shows data on the symbol for the underlying asset that you enter, and allows you to right-click from the Bid or the Ask price to place a trade.

Option Chains panel

The Option Chains panel lists the options and spreads available for the current asset, and allows you to right-click from the Bid or the Ask price to place a trade.

Settings tab (panel)

The Settings Panel enables you to adjust parameters for elements in the OptionStation Pro panels. This allows you to invoke what-if scenarios on your theoretical and real positions. For example, you can change the pricing model, volatility, date ranges, and interest rates as well as graph the Greeks, then see the how these scenarios will play out in the 2D/3D Graph.

2D/3D Graph tab (panel)

Click the 2D Graph or 3D Graph tab to display the 2D or 3D risk and sensitivity graphs used to analyze selected theoretical or real positions.

Theoretical Positions panel

The Theoretical Positions panel is where the option spreads that you create will appear and can be checked to show in the 2D or 3D Graph for ongoing analysis prior to creating your option position.

Real Positions panel

The Real Positions panel is where your actual trades will appear and will automatically be checked to show in the 2D or 3D Graph for further analysis or adjustments.

Orders panel (automatically appears in a separate floating window when opening, closing, or rolling a spread or leg)

The Orders Panel lets you review the status of open (pending) and filled orders.
The Order Bar panel allows you to place and modify trades within the OptionStation Pro platform. It appears when Trade, Close, or Roll is selected for a theoretical or real position, and when you place a trade from the Asset panel or the Option Chains panel.