Option Master Enhancements For Complex Position Management
I am an option trader based outside the US & hence, have no access to the ThinkorSwim (TOS) platform which has a decent analytics for trading options. PTMC has very good trading analytics and the options module is good, however, a few more added features will make it even better.So here are my list of features for the Option Master:
Order Entry For Strategies : Be able to build orders from the Option Matrix. As the orders are being built they are automatically linked to a strategy that reflects the strikes being selected. i.e , +1 /-2/ + 1 will default to a butterfly strategy, 1+, -1, -1, +1, an Iron Condor Strategy. Also features such as Drag & Drop for the option matrix will help.
Displaying Multiple Option Chains With Different Days To Expiry on the Same Page : This feature makes it easier to build calendars.
Allow Multiple Orders to be built - Building multiple order on the same page for comparison, i,e. trying to buy an SPX put butterfly, you may want to also build an order for the synthetics of the fly to get an idea of what the fair price may be.
Modify An Order - Having built the order, be able to change the strikes, Days To Expiry and Option type (puts to calls & vice versa)--having a drop down against the strategy attributes should easily achieve this (See TOS as an example)
Account Setup - Be able to setup accounts linked to your live brokerage account & a trading account for demo/paper accounts.
Track Correct Profit & Loss - Be able to track the correct P& of an option position when the trade is still open. For example, if I buy 10 SPX put Butterflys & then close some veritcals (debit or credit spreads) from the butterfly, I want to be able to track my true P&L after taking into account the P&L on the closed verticals.Basically including realized P&L in the overall P&L of the open trade. Most platforms are not able to do this properly.
Plot Riskgraphs with different Days To Expiry - If I put together a strategy which involves an buying RUT butterfly with 45 days to expiry and a Deep In The Money Call with 10 days to expiry, the riskgraph will be plotted based on the nearest expiry, i.e the ITM call expiring in 10 days, this a not so clear risk graph, the solution is to give the choice to be able to select which expiry to use for plotting the risk graph.
I’m sure I can think of more features, but the ones mentioned will help option traders who trade complex positions be able to use the platform effectively.