Options Analytics and Strategy Tools

OptionStrat is a visual options strategy builder that lets traders model multi-leg spreads and see live payoff diagrams, breakevens and Greeks before placing a trade. It also includes a backtester and a real-time options flow feed. Free access covers basic strategy building, with paid tiers unlocking backtesting and flow.

Best for: Traders who want fast, visual multi-leg strategy modeling

• strategy builder
• payoff diagrams
• backtester
• greeks

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• Option Flow
• Trading Journals

OptionsProfitCalculator is a free, no-signup tool for plotting profit-and-loss diagrams on common options strategies using 15-minute-delayed quotes. It covers covered calls, spreads, straddles and other multi-leg trades with breakeven and max profit/loss shown instantly. It suits beginners who want a quick payoff check without creating an account.

Best for: Beginners wanting a fast, free payoff check on a strategy

• profit calculator
• payoff diagrams
• no signup
• strategy templates

ORATS provides institutional-grade options data and tools, including a backtester with over 300 million pre-computed backtests across 5,000-plus symbols back to 2007, a stock and option scanner using hundreds of proprietary indicators, and a data API. It is aimed at systematic and semi-professional traders building or testing options strategies.

Best for: Systematic traders backtesting options strategies at scale

• backtester
• scanner
• historical iv data
• api

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• Market Data APIs
• Backtesting & Algo

An automated options trading platform where traders build rule-based bots for entries, exits and position management, backtest them against historical option chains, then let the bots trade live through a connected broker. It is free to use when linked to a supported brokerage account. Suits options traders who want no-code automation rather than manual order entry.

Best for: Options traders who want no-code automated bots tied to their broker

• strategy backtesting
• automated bots
• broker integration
• no-code rules
• options-only

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• Backtesting & Algo

OptionNet Explorer (ONE) is desktop backtesting and position-tracking software built for complex, multi-leg and adjustment-heavy options strategies, letting traders model what-if changes to volatility around events like earnings. It is widely used by income and volatility traders who need full option-chain history rather than a simplified web calculator.

Best for: Volatility traders managing complex, multi-leg adjustment strategies

• backtester
• multi-leg tracking
• what-if volatility
• position management

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Market Chameleon offers deep options analytics including implied volatility rankings, unusual options volume reports, earnings implied-move data and screeners for spreads, straddles and other strategies, alongside stock movers and an economic calendar. Operating since 2007, it appeals to traders who want research-grade options data in one place.

Best for: Traders wanting deep IV and earnings-move research in one tool

• iv rank
• options screener
• earnings moves
• unusual volume

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• Option Flow
• Screeners & Scanners

Optionistics is a long-running, free options analytics site offering price and volatility history, option chains, volatility skew charts and calculators for individual tickers. Registration unlocks most tools at no cost, making it a straightforward reference for traders who want historical IV context without a paid subscription.

Best for: Traders wanting free historical volatility and skew data

• volatility charts
• option chains
• skew analysis
• calculators

iVolatility supplies real-time and historical options and volatility data through APIs and its browser-based IVolLive terminal, which includes strategy analysis, backtesting, scanning and an implied-volatility calculator. Built on more than 20 years of options data, it is used both by other retail platforms as a data source and by traders directly.

Best for: Traders and developers wanting institutional-grade historical IV data

• iv data
• backtester
• scanner
• api

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• Market Data APIs

Option Samurai is an options screener covering over a million contracts with more than 170 filters spanning Greeks, implied volatility, fundamentals and technicals, and supports custom multi-leg strategy scans up to five legs. It includes a trade log and mobile access, with a 14-day free trial before a paid subscription.

Best for: Traders wanting the deepest filter set for custom strategy scans

• options screener
• custom filters
• iv analysis
• trade log

QuantWheel targets wheel and covered-call traders with a GEX dashboard, options screeners for buyers and sellers, a roll assistant and a broker-synced trading journal across a dozen supported brokers. Free calculators cover GEX, max pain and cost basis, with an AI workspace and copy trading available on paid plans.

Best for: Wheel and covered-call traders wanting broker-synced journaling

• options screener
• gex dashboard
• trading journal
• broker sync

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• Trading Journals

OptionVisualizer screens more than 2 million option contracts across 5,000-plus stocks using 115 filters to surface unusual activity, IV spikes and covered-call candidates, alongside a strategy manager and trading journal. A free account covers core screening, with paid plans raising result limits and adding a REST API.

Best for: Traders wanting a large, filterable options screener with an API

• options screener
• iv spikes
• strategy manager
• api

ApexVol is an options analytics terminal consolidating implied volatility, dealer gamma, Greeks and live option chains into around 50 modules, including a strategy lab for backtesting and payoff analysis and a market-wide screener ranking thousands of stocks. A free single-ticker account precedes a 7-day paid trial.

Best for: Traders wanting an all-in-one volatility and Greeks terminal

• iv analytics
• gamma exposure
• screener
• strategy lab

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• Option Flow

Options Trading Toolbox offers nine free tools including an options backtester, screener, AI-matched strategy screener, P&L visualizer and gamma exposure tracker, positioned as a no-cost alternative to a stack of paid subscriptions. Free accounts have daily usage limits such as capped backtests, with an unlimited tier available.

Best for: Cost-conscious traders wanting a free backtester and screener bundle

• backtester
• screener
• gamma exposure
• pnl visualizer

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• Option Flow
• Backtesting & Algo

Volatility HQ is an options backtesting platform focused on pre-earnings and volatility strategies, with straddle and calendar-spread backtests, relative-value charts for comparing entry prices, and an earnings feed. Still in an early, actively developed stage, it is aimed at traders specifically working IV-crush and earnings-driven setups.

Best for: Traders backtesting earnings and volatility-crush strategies

• backtester
• earnings iv
• straddle analysis
• scanner

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• Backtesting & Algo

OptionsPlay converts a directional or income idea into a structured options strategy with a guided builder, position alerts for when to roll or close, and weekly live coaching sessions. It also screens for covered-call and cash-secured-put income trades. A free trial precedes paid membership tiers.

Best for: Traders wanting a guided process from idea to structured trade

• strategy builder
• position alerts
• income screener
• coaching

PowerOptions uses a patented SmartSearchXL screening engine to scan nearly 6,000 optionable stocks and almost 2 million contracts for high-return trade setups, with multi-leg portfolio tracking, stress testing and a trading diary. One of the longer-established retail options screeners, it offers a 14-day free trial before a paid subscription.

Best for: Income traders screening large numbers of covered-call and spread setups

• options screener
• portfolio tracking
• stress testing
• trading diary

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• Trading Journals

OptionSlam focuses on how stocks move around earnings, combining an earnings calendar, its own Earnings Volatility Rating and implied-move calculations with a dedicated options strategy backtester (OSBTT) for testing setups historically. It suits traders who specifically trade earnings volatility rather than general options strategies.

Best for: Traders specializing in earnings-volatility options plays

• earnings calendar
• implied move
• backtester
• volatility rating

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• Calendars & Macro

The Cboe Options Calculator is a free tool from the exchange's own Options Institute that prices calls and puts and computes the Greeks from adjustable inputs like volatility, rate and time to expiration, using real Cboe market data. It is a simple, authoritative reference rather than a full trading platform.

Best for: Traders wanting a free, exchange-run pricing and Greeks calculator

• options calculator
• greeks
• theoretical pricing

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• Education

ThetaScanner is an options screener that scans roughly 100,000 contracts on a rolling basis, filtering by delta, theta, implied volatility, return on investment, annualized yield, open interest, volume, days to expiration and proximity to earnings. It is built for income traders comparing premium-selling setups across many tickers at once.

Best for: Premium sellers comparing theta and yield across many tickers

• options screener
• theta filters
• iv filters
• earnings proximity

OptionScout ranks every strategy in an option chain through its scanner, overlays dealer gamma levels and call/put walls on charts, and includes an AI advisor that pulls live data to talk through a setup. A free tier covers live data and limited daily scans, with paper trading built in to test ideas.

Best for: Traders wanting an AI-guided scanner with built-in paper trading

• options scanner
• gamma exposure
• ai advisor
• paper trading

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• Option Flow

Hoadley offers a long-running suite of options and portfolio analysis tools, including strategy payoff evaluation, historic and implied volatility calculators, probability cones and multiple pricing models such as Black-Scholes and binomial trees. Free online calculators are available, with fuller downloadable Excel-based add-ins sold separately.

Best for: Traders wanting Excel-based options and portfolio risk analytics

• strategy evaluation
• volatility calculator
• pricing models
• probability cones

Run by the Options Industry Council on behalf of the OCC, this free page bundles an options calculator, probability and P&L simulators, and historical-versus-implied volatility charts, powered by iVolatility data on a 20-minute delay. It is a no-cost, authoritative reference rather than a trading platform, aimed mainly at newer traders.

Best for: New traders wanting free, exchange-affiliated options calculators

• options calculator
• probability calculator
• volatility charts
• pnl simulator

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A long-running earnings calendar built around proprietary whisper numbers, which aim to reflect the unofficial consensus that stocks actually trade against. Free accounts get a weekly calendar and daily summaries, while paid Investor and Trader tiers add implied volatility, average price moves, and options activity data. Suits traders who position around earnings surprises.

Best for: Traders positioning around earnings surprises

• whisper numbers
• earnings calendar
• implied volatility
• watchlists
• alerts

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• Calendars & Macro

Benzinga Pro pairs a real-time news squawk and headline feed with a customizable scanner for price, volume, float, relative volume, and short interest, plus preset strategies like premarket gainers and five-minute movers. It is best known for speed on breaking-news-driven moves rather than deep fundamental screening. Traders use it to react quickly to catalysts during the session.

Best for: News- and catalyst-driven day traders

• real-time scanning
• news alerts
• premarket movers
• custom filters
• squawk audio

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• Screeners & Scanners
• News

Barchart offers free and subscription stock, ETF, and options screeners alongside its widely cited market data, charts, and options tools. Filters cover price, technicals, fundamentals, and options metrics like implied volatility and unusual activity, with fuller result sets and exports on paid plans. It suits traders who already use Barchart for quotes and want screening in the same place.

Best for: Traders who want screening bundled with market data

• custom filters
• options screener
• watchlists
• price alerts
• data export

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• Screeners & Scanners
• Market Data APIs

tastytrade is an options-focused brokerage built by former thinkorswim founders, pairing a streamlined trading platform with daily market commentary and options-specific education. Commissions are capped per leg, which keeps costs predictable for multi-leg options strategies. Suits active options and futures traders who want a platform designed around derivatives.

Best for: Active options traders running multi-leg strategies

• options-focused
• capped per-leg fees
• daily market shows
• futures

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A free educational resource funded by the options exchanges and OCC, offering self-paced courses, webinars, podcasts, and an options and probability calculator suite covering everything from basic calls and puts to LEAPS, index options, and volatility. It is written for retail traders who want exchange-backed strategy education.

Best for: Traders wanting neutral, exchange-sponsored options fundamentals

• options calculator
• webinars
• strategy guides
• probability calculator
• exchange-backed

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Cboe's own education arm runs free self-paced and live classes ranging from Options 101 through advanced volatility, dispersion, and multi-leg strategy topics, plus a personalized learning path based on a short experience questionnaire. Its options calculator and trade optimizer tools reinforce lessons with real market data.

Best for: Traders who want structured options coursework straight from the exchange

• live classes
• learning paths
• options calculator
• volatility education
• exchange-backed

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An equity research platform built on regulatory filings that layers proprietary scores, such as a short-squeeze score and ownership score, on top of 13F, 13D/G, and Form 4 data. It also covers short interest, options flow, and analyst sentiment across thousands of equities. The free tier is limited, with most of the proprietary scoring behind a subscription.

Best for: Traders who want proprietary scoring layered on top of raw filing data

• short interest
• institutional ownership
• insider trades
• squeeze score
• options flow

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• Insider & Sentiment
• Research

A short-interest analytics platform that estimates short interest and cost-to-borrow in near real time by pulling from securities lending data, instead of waiting on the biweekly exchange-reported figures. It also covers options flow, technical signals, and a proprietary stock score, with access through the web, API, and Excel add-in. Real-time data requires a paid plan.

Best for: Active traders who need short interest that isn't two weeks stale

• real-time short interest
• cost to borrow
• squeeze signals
• options flow
• api access

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• Insider & Sentiment
• Market Data APIs

SpotGamma focuses on dealer positioning and gamma exposure for over 3,500 stocks and indices, with its HIRO indicator visualizing real-time options impact and a TRACE heatmap of S&P 500 support and resistance. Twice-daily commentary and an options calculator round out the platform, which integrates with TradingView, thinkorswim and NinjaTrader.

Best for: Traders who want gamma exposure and dealer hedging levels

• gamma exposure
• dealer positioning
• key levels
• market commentary

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• Option Flow

Financial news site publishing fast headlines on stock movers, analyst ratings and market catalysts, alongside options and penny-stock coverage aimed at active traders. Free to read, and the publisher behind the paid Benzinga Pro terminal. Known for quick coverage of small and mid-cap catalyst events.

Best for: Active traders tracking stock movers and catalyst headlines for free

• mover alerts
• analyst ratings
• catalyst news
• options coverage

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• News

A web-native, multi-asset charting platform with footprint and cluster charts, volume and market profile, cumulative delta, and one-click trading through more than a dozen connected brokers. It covers US stocks and options, CME futures, crypto, and forex from a single browser-based interface. A permanent free plan is available alongside paid real-time data tiers.

Best for: Multi-asset traders who want order-flow charting in a browser

• order flow
• footprint charts
• market profile
• options analytics
• multi-broker

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An options-focused trade tracker that automatically imports fills from major brokerages, groups related legs, rolls and adjustments into a single position, and calculates real profit/loss including fees across multiple accounts. Suits options traders whose spreads get rolled or adjusted often and need tracking that reflects the full position history rather than each fill separately.

Best for: Options traders who need accurate tracking of rolled and adjusted spreads

• automatic options trade import
• roll and adjustment grouping
• profit target alerts
• multi-account tracking

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• Trading Journals

An AI-driven platform that generates and backtests trading 'robots' across stocks, options, ETFs, crypto and forex, pairing them with pattern-recognition screening tools. Traders can follow the historical performance of each AI-generated robot before choosing to act on its signals. Suits traders who want algorithmically generated, pre-backtested trade ideas rather than building their own strategy code.

Best for: Traders who want AI-generated and backtested trading robots

• ai trading robots
• pattern recognition
• screener
• backtested signal history

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• Backtesting & Algo
• Screeners & Scanners

Barchart's unusual options activity screen flags contracts trading at high volume relative to open interest, alongside preset screens for high implied volatility and large open-interest changes. It sits inside the broader Barchart data platform, with deeper flow history and extended analytics gated behind a Barchart Premier subscription.

Best for: Traders who already use Barchart for quotes and charts

• unusual options activity
• implied volatility screen
• open interest
• alerts

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• Option Flow
• Market Data APIs

A multi-asset charting and trading platform covering stocks, options, futures, and crypto through connections to more than 60 brokers and data feeds, with footprint and cluster charts, an options strategy and Greeks module, and market replay. It is free to start with core features, and a paid plan unlocks the full professional toolset.

Best for: Multi-asset traders who want order flow and options tools in one platform

• order flow
• footprint charts
• options greeks
• market replay
• multi-broker

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• Charting

ThetaData delivers options, stock, index and interest-rate data with first-, second- and third-order Greeks, trade and quote data, and implied volatility, via REST/WebSocket APIs or a local terminal application. A free tier is available with no credit card required, alongside paid plans for higher-volume individual and commercial use. Suits developers who want professional-grade options data at a lower entry price than the largest vendors.

Best for: Developers wanting professional options data at a lower entry price

• options chain
• greeks
• free tier
• websocket
• historical data

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• Market Data APIs

A social analytics platform focused on WallStreetBets sentiment, tracking roughly 10 million weekly mentions across stocks, crypto, and commodities. It shows bullish/bearish sentiment heatmaps, call/put ratios, max pain levels, and has expanded into sentiment analysis of earnings call transcripts. It is more visual and WSB-specific than broader mention trackers.

Best for: Traders who want a visual read on WallStreetBets-specific sentiment

• wsb sentiment
• sentiment heatmap
• max pain
• call/put ratio
• earnings sentiment

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• Insider & Sentiment

A free reference calendar listing standard monthly and weekly expiration dates for US equity, index, and ETF options through 2026 and 2027, with notes on holiday-shifted expirations and historical calendars back to 2020. It is a simple, ad-free lookup rather than an analytics tool, aimed at options traders planning around expiration.

Best for: Options traders planning around expiration dates

• expiration dates
• monthly and weekly expirations
• holiday adjustments
• historical calendars

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A browser-based platform purpose-built for options strategies, combining payoff-diagram modeling, historical backtesting against real bid/ask data back to 2013, and one-click automation at supported brokers. It handles multi-leg spreads and per-second checks for short-dated trades. Suits options traders who want precise, options-specific backtesting rather than adapting a general-purpose engine.

Best for: Options traders who want precise historical backtests plus one-click automation

• options backtesting since 2013
• payoff diagram modeling
• broker automation
• multi-leg spreads

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• Backtesting & Algo

AllInvestView is a browser-based tracker covering stocks, bonds, ETFs, options, crypto, and real estate, with nightly syncing from more than 30 brokers and jurisdiction-specific capital-gains tax reporting. It includes an AI assistant for data entry and corrections plus alerts on custom portfolio thresholds. It suits investors with mixed asset types who want one dashboard and configurable alerts.

Best for: Investors tracking mixed asset types including options and real estate

• multi-asset tracking
• tax reporting
• custom alerts
• monte carlo analysis

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• Portfolio Trackers

Run by Lawrence McMillan, author of the widely cited "Options as a Strategic Investment," this site offers free weekly market commentary, webinars, and analysis tools alongside paid newsletters and mentoring. It suits traders who want options education grounded in one of the field's most established authors.

Best for: Options traders who want commentary from a long-established industry author

• market commentary
• webinars
• options analysis tools
• mentoring
• established author

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• Education