Option Alpha
optionalpha.com
No-code options trading bots that trade through your own broker, with a 0DTE backtester on 1-minute data; free when your account is at a sponsoring broker.
What it is
Option Alpha lets you build rule-based options trading bots without code. A bot holds your entry, exit and position-management rules and places the orders at a connected brokerage, so trades happen on schedule whether or not you are at the screen. Supported brokers are TradeStation, Charles Schwab, Tradier and tastytrade. Alongside the bots there is a backtester, a Trade Ideas tool that ranks trades by expected value, and a free course library of 42 lessons.
The backtester is narrow by design. It tests 0DTE and 1DTE strategies only, on five symbols (SPX, SPY, QQQ, IWM and XSP), using three years of 1-minute options data. It covers eight position types, from long calls and puts to credit spreads, iron condors and iron butterflies, and lets you add indicators and slippage and compare up to four results side by side. It does not backtest individual stocks or longer-dated trades.
How much you pay depends on your broker. With a qualifying TradeStation ($10,000 minimum), Tradier or tastytrade ($5,000 minimum) account, the platform is free with the same limits as the paid plan. Otherwise, including with Schwab, the Pro plan costs $149 a month or $99 a month billed annually, with a 30-day free trial.
Key features
- Automation bots
- Rule-based bots that open, manage and close options positions at your broker; up to 50 bots, each capped at $100,000 of capital.
- 0DTE backtester
- Tests 0DTE and 1DTE strategies on SPX, SPY, QQQ, IWM and XSP with three years of 1-minute options data; unlimited backtests.
- Position types
- Long calls and puts, long and short vertical spreads, iron condors and iron butterflies in the backtester.
- Trade Ideas
- Candidate trades ranked by expected value to help choose strikes and structures.
- Broker integrations
- Connects to TradeStation, Charles Schwab, Tradier and tastytrade accounts for live trading.
- Education
- Beginner, intermediate and advanced course tracks: 42 lessons, about 14 hours, free.
Pricing
| Plan | Price | What you get |
|---|---|---|
| Pro | $149/mo or $99/mo billed annually | 50 bots, $100k per bot, unlimited backtesting, any supported broker, no minimum balance |
| TradeStation | $0 | Same limits as Pro; requires a TradeStation account with $10k minimum |
| Tradier | $0 | Same limits as Pro; requires a Tradier account with $5k minimum |
| tastytrade | $0 | Same limits as Pro; requires a tastytrade account with $5k minimum |
30-day free trial with no credit card. Annual plans are refundable within 7 days of renewal. Broker commissions are separate and set by your broker.
Free option: Free with the full Pro feature set if you trade through a qualifying TradeStation, Tradier or tastytrade account; otherwise a 30-day free trial with no card.
Checked September 25, 2026 on optionalpha.com. Prices change; confirm on the provider's site before you subscribe.
Strengths
- Automation without writing code, placing orders at your own broker
- Free with full limits for tastytrade, Tradier and TradeStation customers
- Backtests on 1-minute options data rather than end-of-day prices
- A free course library for learning options strategy
Limitations
- The backtester covers only 0DTE and 1DTE trades on five index products (SPX, SPY, QQQ, IWM, XSP)
- Individual stocks cannot be backtested
- Each bot is capped at $100,000 of allocated capital
- Schwab users and anyone below the broker minimums pay for Pro
Good fit for
- Options traders who want rules to execute automatically
- 0DTE index traders who want to test ideas on intraday data
- tastytrade, Tradier or TradeStation customers who can use it free
Look elsewhere if
- Traders who want to backtest stocks or longer-dated options
- Anyone whose broker is not one of the four supported
Compare
Alternatives to Option Alpha
Option Alpha questions
Is Option Alpha free?
Yes, if you connect a TradeStation account with at least $10,000, or a Tradier or tastytrade account with at least $5,000. Otherwise Pro costs $149 a month or $99 a month billed annually.
Which brokers work with Option Alpha?
TradeStation, Charles Schwab, Tradier and tastytrade. Schwab is supported on the paid Pro plan; the other three also have free sponsored plans.
What can the Option Alpha backtester test?
0DTE and 1DTE options strategies on SPX, SPY, QQQ, IWM and XSP, using three years of 1-minute data and eight position types.
How many bots can I run?
Up to 50 bots on every plan, each with up to $100,000 of capital allocated.
Is there a free trial?
Yes, a 30-day trial with no credit card required.
Written from Option Alpha's own website and documentation. All Trading Tools lists and compares tools; it does not recommend trades or give financial advice. Sources: optionalpha.com, optionalpha.com/pricing, optionalpha.com/backtester.