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New options trading software

Discussion in 'General Discussion' started by MikeOW, Apr 13, 2016.

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  1. MikeOW

    MikeOW Guest

    Hey guys,

    I'm new here and I am wondering if your community can provide me with feedback regarding some new options trading software my company has developed. Over the past few weeks I've been trying to get feedback from individual options traders regarding our software, but now I think it's time to ask the wider community for their commentary. Many of them recommended that I come here, to CapitalDiscussions to try and get feedback and, well, here I am.

    you can find our software at:
    www.optionworkshop.net
    and our youtube channel is
    http://www.youtube.com/channel/UCJlAwYByfJ_GbTgxbtcS_Pw

    I
    f you have any feedback or questions, either PM me or reply and I'll do my best to help you all.

    Thank you

    Michael
     
  2. Kevin Lee

    Kevin Lee Well-Known Member

    Hi Michael,

    Welcome to CD. Your software looks very interesting. But realized I don't have any of the data sources your software is integrated with. Many of the traders in this community uses thinkorswim. Would you consider including TOS as a data source?
     
    Last edited: Apr 14, 2016
  3. tom

    tom Administrator Staff Member

    Hi Michael,
    Welcome! Do you have any demos videos besides connecting data sources and the interface video that shows how to manipulate the windows?
     
  4. Andrei

    Andrei Well-Known Member

    Welcome Mike,
    I have looked at your YouTube videos and also your online documentation.
    It is a lot of information in the documentation, so clearly my comments are just first impressions.

    First of all it looks like your software need a data source and IB is only one which may work for some on this forum. Most use TOS.
    Second I think most people on this forum use modeling software to do the following:
    1. keep track of PnL of EACH trade/set-up, including ongoing adjustment. In TOS and I think all other broker platform do not do a good job of keeping track of individual setups.
    2. Monitor their trades, specifically T+0 lines and the Greeks. Reliable modeling and projections of T+0 is the foundation for most strategies used and discussed on this website.
    3. Model and analyze positions and adjustments for each individual trade, including adding/moving/subtracting complex structure, B'fly, calendars, etc
    4. Back-test strategies in the same manner as they would be traded: trade by trade, option cycle by option cycle.
    5. This is not a "frequent traders" forum, adjustments are usually done on daily basis. May be on hourly for some weeklys options trader.
    6. Report and analyze results, including replaying trades step by step.

    Thus for me (and I think many on this website) it would interesting to see how this software compares to the two most popular modeling tools OptionVue and Optionnetexplorer. Each one has its strengths and weaknesses, but both can support the style of trading I have outlined.

    I would be happy to talk to you if you want more feedback.
     
    Chuck likes this.
  5. MikeOW

    MikeOW Guest

    Kevin,

    First of all, thanks for bringing this up. Our users have ask us this questions quite often. At the moment we aren't able to connect to the ToS network. However, I'm in communication with them at the moment, and I'll be sure to update you all if/when the situation changes.
     
  6. MikeOW

    MikeOW Guest

    Tom,

    We are aiming to release roughly one or two videos every week. At the moment we are focusing on product development (There will be a new version released in the next few days). Soon we'll have a larger collection. If there's any specific subject you think we should make a video on, be sure to ask me here or PM me.

    Mike

    P.S: Great job on the website!
     
  7. MikeOW

    MikeOW Guest

    Andrei,

    Thanks for the comment. With regards to the documentation, at the moment I'm in the middle of editing it to make it a bit more readable, as it comes off quite technical. With regards to your points, ill try to respond as best I can.

    1. Yes, we've had a lot of feedback regarding the shortcomings of other software when it comes to tracking PnL. I've explained this to the lead developer and he believes we can resolve this problem without too much effort.

    2,3 & 6 I think our software is able to do this. Also, if there are any changes needed, we'll be able to do it without too much trouble, I believe.

    4 - At the moment, this is still a large challenge for us. The primary reason is that we don't have any market data back end. We are going to investigate similar functionality in other products and then make an estimation as to when we can include it in OW. If any of you guys have any suggestions as to how to implement it, we'd appreciate it.

    Mike
     
  8. status1

    status1 Well-Known Member

    Hi Mike,
    I downloaded the trial version of software but at this point is quite useless.
    Was this supposed to be a working software or just a work in progress ?
    I can't get any charts to show up and all the option greeks are 00000
    This looks more like a framework for something but it's not an actual working software at least nothing that anyone can use
     
  9. guwe75

    guwe75 Active Member

    Hi Mike,
    Regarding 4) ivolatility, Esignal or IQfeed offer historical data for option contracts.
    Is it possible to track ESTX50 options with IB TWS data connections in your software?
    Will there be an excel or database interface to be able to analyse historical options data?
     
  10. MikeOW

    MikeOW Guest

    Status1, Thanks for giving it a try, I appreciate it.

    The software functions well, and the greeks always appear for me. Is your data feed (at the bottom left of the screen) indicating an active connection? (it should be green, not red) Anyhow, I recommend you send a ticket to our support department. You can send it by clicking on the envelope icon in the top right of the software. If you have any more issues, you can post in this thread, PM or email me and ill try to help!
    Thanks again for the feedback!
     
  11. MikeOW

    MikeOW Guest

    At the moment we don't have that particular option on our system. I believe it comes from the Eurex exchange, which is a major exchange, so I can't see there being much problem adding it into the software. We would need to find out how to parse the data before we can add it, though this isn't a major task.

    As for using excel, we are able to export data from our software into excel. Regarding back testing functionality, we haven't implemented it yet, and it will be a while before we do, because it's quite a challenge to program. In the future, we do intend to tackle this issue, but at the moment we are looking to improve our software's current functionality.
     
  12. status1

    status1 Well-Known Member

    Hi Mike
    I did not have a data feed so I guess that's why it doesn't work
     
  13. MikeOW

    MikeOW Guest

    Ok, no problem - I've PMed you!
     
  14. MikeOW

    MikeOW Guest

    It's been almost a week now, so I'd like to thank you guys again for giving me the opportunity to speak here! Apologies for the sound quality, I've since bought a mic for any future talks!

    Here's the link to the talk:
     
  15. TheSpeculator152

    TheSpeculator152 Well-Known Member

    For those of you who saw this video and attended the presentation, how does OW stack up against OV and ONE - especially back-testing and IV modelling?
     
  16. MikeOW

    MikeOW Guest

    I'm sorry it's been such a while since you asked this question and nobody replied. Because we're still quite new, not many people have had a chance to compare OW with 1Option or OV.

    With regards to Backtesting, we don't have that functionality at the moment, although you can export data to excel manually. Automatic back testing is something we'll consider in the future. As for IV modelling, there are 'what if' scenarios where you can change the volatility conditions to see how the options perform. These changes can be charted and modelled.
    http://i.imgur.com/AfQT9Qr.png
    ht[​IMG]
     
    Last edited by a moderator: Jul 13, 2016
  17. William Smith

    William Smith Member

    Hi Mike,

    I watched your video with great interest, as the community here (and in the broader options community) is always looking for new capabilities in our trading software. One of huge drawbacks in your software that I see is the backtesting. I know several others have said this, so I hope you don't take it lightly. I have used both OV and ONE, and that's my primary use. If I was only trying to model and track a trade I'd probably just use TOS since it's free. Backtesting is one of the primary benefits we get from the other software. I hope the feedback is helpful.

    Bill
     
  18. MikeOW

    MikeOW Guest

    Bill,

    Yes, we've recieved a lot of feedback into this issue. I'll be sure to let the developers know about it! Thanks again,

    Mike
     
  19. Joe A

    Joe A Active Member

    Mike,
    I just wanted to give an additional perspective about the necessity of backtesting. While I know you don't have it right now, its soon inclusion would be a requirement for my needs. In other words, I would never be able to subscribe without that capability. I would not be able to justify payment for a tool that only supported live trading, even though I would like to have a better tool for live trading.
    This may make our community here unique compared to your other customers, but the backtesting is a crucial element of our approach, as you will see by perusing the forums that Tom has put together.

    So, I hope this adds another voice to motivate your product development team!
    Best of luck in your work,
    Joe
     
  20. MikeOW

    MikeOW Guest

    What do you think about “forward” testing (I’m not sure that this is the appropriate term). I mean the approach, where we simulate the underlying price as customizable ‘random walk’, calculate the option’s price using some customizable models and give the user the ability to run a simulation session and manage the portfolio. This would be very similar to a trading simulator. Basically the approach is the same as for backtesting, but the source of price is different.

    I’m not comparing this to backtesting, I just wonder what you guys think. To be clear we are still thinking about implementing these features.
     

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