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OptionVue is Changing Their Pricing

Discussion in 'Options' started by tom, Dec 12, 2014.

  1. tom

    tom Administrator Staff Member

    I finally got a copy of the email OptionVue sent out about their pricing change that is effective on Jan 1, 2015. Here it is:

    OptionVue Systems has been in business as an independent company for 32 years. There have been a tremendous number of changes over those years in both the financial markets and the competitive landscape for trading software, and OptionVue has been able to adapt and stay relevant over all that time. Most of the changes we make tend to be incremental, but others have required radical changes in the software or in how we do business.

    In 2015 we will be making important changes to the way we do business. Throughout this previous year we have already begun the process of switching to monthly or annual pre-pay packages as the only option for subscribing to the OptionVue 7 software. Starting on January 1, 2015 we will complete the transition and choosing one of the available plans will be the only option for OptionVue 7 clients to continue to receive service. About 50% of our clients have already switched to a new monthly or annual plan, so this change will not affect them at all.

    As for those who are not yet on a monthly or annual plan, if you have a currently active annual subscription, you will continue to receive the services you have contracted for. It is only when your annual service(s) expires that you will need to choose which plan you would like to switch to. Your product representative will keep you informed of your options and can help recommend the best plan for your needs.

    We also have plans for some major changes in how we deliver our data services to you that should result in a faster, more accurate and significantly more reliable experience. To accomplish this, and to allow us to continue creating better products and services for you, as our valued customer, we will need to increase prices at the same time. While we know raising prices is never a popular idea, we have designed the price structure to minimize the effects on the majority of our clients, while making sure OptionVue will be able to continue to operate and support you for many years to come.

    The good news is that even though the price increases are effective January 1, 2015, we will allow those that wish to lock in 2014 prices to do so by prepaying an annual plan at the current prices. For those that have current annual plans, the additional year would simply be tacked on to the expiration date of your current plan. For those that have not yet switched to an annual plan, you still have the opportunity to prepay a year at 2014 prices. We would simply switch your current subscription(s) to a comparable annual plan and the additional year would be added to the expiration date of your current services. We will allow clients to prepay up to 2 years at current prices.

    Our new price sheet for 2015 is included at the bottom of this email, and you can see the current prices on our website at: http://optionvue.com/Monthly_Leases.html.

    We truly appreciate your business and the support our clients have given us over these past 32 years, and we look forward to continuing to serve you in the future. If you have any questions about any part of the changes we will be making, feel free to contact your product representative at 847-816-6610 or email us at info@optionvue.com.

    Best regards,

    Len Yates, President and Founder
    OptionVue Systems International​

    Here is the new pricing:
    OptionVue-7-Pricing-Jan-2015.jpg
     
  2. tom

    tom Administrator Staff Member

    This is really a surprise. I bought OptionVue in 2006, which included BackTrader. With the STAR subscription, I paid over $3000 to get started. I spoke to Karen Rae on the phone last night and she said that OptionVue software will require a lease. If you own a copy like I do, it will stop working after the STAR subscription expires.

    What?

    I have never heard of a software company selling their product to you and later disabling it and requiring a monthly lease payment.

    When I bought BackTrader, it was $750 for lifetime access. If I am happy with delayed quotes, I can use BackTrader and only pay the $399/year STAR to keep the software updated. I had a situation where I delayed renewing my STAR for six months so it was $399 for 18-months, or about $22.17/month.

    Starting next month, it will jump to $99/month (or $83.25/month paid annually). I get no credit for having bought the software and BackTrader. It's the same price new people using the software pay.

    Karen did say they would come up with something for the longer term customers, but she didn't know what that was yet. I'm hoping it will be something similar to a STAR subscription in price.

    I suppose it's time to start examining the alternatives. I love OptionVue's modeling, but I don't want to pay a lease for software I already purchased.

    Unfortunately there aren't a lot of choices. Here are a few
    • ThinkOrSwim
      I know they have problems modeling so not a great choice. Price is right but not if the modeling isn't solid.
    • OptionNET Explorer
      Same problem as TOS. I don't trust the modeling.
    • Obsidian http://www.silexx.com/obsidian/
      It's hard to get pricing but I've heard anywhere from $400 to $800/month for the pro version, which is what we would need. I don't know anything about their modeling, but at that price level, it better be good.
    • Any other contenders besides OptionVue?
    I have a feeling I'll stick with OptionVue, despite the higher cost but that doesn't stop me from looking around.
     
  3. HowardS

    HowardS Active Member

    What a huge ripoff! I hope someone files a class action against them for this! As far as replacements? I think a combination of TOS and LiveVol probably will do the trick for me. I think if you try to use Option Net as a trading software you are setting yourself up for some disappointment!:eek:
     
  4. ACS

    ACS Well-Known Member

    They should come up with something for those of us who purchased the software.
     
  5. HowardS

    HowardS Active Member

    I think they are actually pretending that we did not purchase the software with the back trader. We own the software, we did not lease it. When it was sold the terms were that the back trader would be supported. Over time Optionvue has made efforts to get rid of that obligation or turn it into a revenue generator. But, the fact is that they sold the software with the back trader at one time. Unless Optionvue has gone bankrupt and reorganized (and relieved itself of those obligations) then legally they may very well have a problem here. Optionvue and its management has always had very sharp elbows when it comes to business practices. this is just another example.
     
  6. Trader G

    Trader G Well-Known Member

    I am in the same boat with trying to figure out what path to take. I tested OV didn't feel it was user friendly and laziness took over so I renewed my ONE subscription. Unfortunately, as I dig in I find I am dealing with incorrect modeling and the TOS software is no better. I don't do a lot of backtesting so that wasn't my main intent, so I guess I will start looking at some options for a trading platform that gets the modeling right. TOS seems to be getting worse and worse, I am constantly finding problems especially when I am trying to see my entire portfolio position on the analyzer tab. Maybe I need to dust off the old Hoadley excel spreadsheet I had and update that.
     
  7. marat

    marat Well-Known Member

    For me there is no choice but to stay with OV. Besides TOS, no other software supports futures options. I am switching to lease right now while they still offering old prices.
    Other than that it is just a cost of doing business.
     
  8. Gabor Maly

    Gabor Maly Well-Known Member

    Anyone with some experience on Tradestation? They seem to have a sophisticated analysis package like TOS does, I wonder if their modeling is any better or similar to what OV does?
     
  9. tom

    tom Administrator Staff Member

    Karen Rae send me a version of the email Len sent to people who own OptionVue and BackTrader. We can get a STAR subscription for $425/year for up to two years, but you have to buy it before the end of the year. After two years, you have to pay the current rate.
     
  10. Rod M

    Rod M Well-Known Member

    I did find it ironic that the day after they sent out the email, they lost the data feed for RUT all day and then Monday, lost the data feed for eminis all day. Evidently they are switching to a new data feed and these are start-up problems, but the timing could not have been worse for them.
     
  11. HowardS

    HowardS Active Member

    Hi tom,

    Interesting on the "new email" with the STAR offer for $425 per year. I own the back trader and I never got that email or that info. I did get an email from Karen Rae yesterday telling me how exciting the new business model is for Optionvue. So, they are not disseminating or offering the $425 to everyone that owns back trader. I also find it interesting that for those of us that already purchased the software, the new "lease" arrangements are being presented with such a short timeline. IF 12/31 is the cutoff, then they should have presented this info long ago. I am happy to post my reply if you'd like!
     
  12. tom

    tom Administrator Staff Member

    Karen said Len sent that to people who own the software + back trader, but I own it and I didn't get that email either. That is a pretty short cutoff.
    Feel free to post Howard!
     
  13. HowardS

    HowardS Active Member

    Karen Rae to me:
    Howard,

    Just wanted to make sure you got a copy from me of the current Special and our plans to launch with new servers in January, 2015.

    Your program needs a subscription after Jan 1st to stay active, so please give me a call, ok?

    Thanks,

    Karen

    Response:

    Hi Karen,

    Yes I saw this. Seems odd that you are trying to lease to me software I purchased already, under the threat of it not working.
    I'll pass on paying any more money for something I own.
    I think MA has a pretty good consumer protection statute to defend its citizens from these sort of shady
    Business practices. Treble damages plus legal fees. I'll wait until you shut my software down and then I'll send along the appropriate demand letter. Ok?


    Howard
     
  14. Joe J

    Joe J New Member

    Hello everyone,

    I agree with Howard S. and Tom N. I also purchased OV with backtrader and OPSCAN years back. I own them... Few years ago they locked me out of OPSCAN claiming I didn't own it. Spoke to James Hogan last Friday and he said they have some crazy insane deal for people who own the software. To which I replied crazy insane as in having to pay for the software twice?... crickets... They wouldn't budge.. I like OV and especially backtrader but I will not pay for something twice.

    I did not get an e-mail from Karin Rae but I did get the e-mail with the $425 shortly after my phone inquiry.

    To me this is like purchasing a car from Ford, GM, Toyota, Mercedes or any auto manufacturer then one day getting a notice that if you don't sign up for their maintenance contract your vehicle will no longer start and run. How many people would stand for that?

    I understand they are a business and need to make $$ and I do not begrudge them for that. OPSCAN aside there were years I paid for the STAR and years I did not but my software with backtrader worked. The deal they are offering owners of the software would in fact be a good deal if the software continued to work, and the people who purchased the software had the option to purchase or not.

    Your word is your word... period... To be forced to pay twice and go back on your word is not just a bait and switch it is just wrong on so many levels... For the record this is not just a gripe with OV I also fought the proposed SOM fee...

    Lastly I noticed OV is a member of BBB and has a pristine record. If they cut my service I will file a complaint and anyone else who remotely shares my view may want to
    consider the same. I will also be exploring my legal options. Hopefully it will not come to that.
     
  15. tom

    tom Administrator Staff Member

    I agree Joe (nice to see you here btw). While I was pleased to see the $425/year offer for those of us who paid about $2000 for the software already, I was disappointed that it was for a maximum of two years. Then it's like we never purchased the software. So we essentially "save" $425 * 2 = $850 but we paid $2000. That doesn't add up.
     
  16. John Dori

    John Dori New Member

    Anyone have experience with Option Workbench, which I believe was created by a graduate of Larry McMillan's mentoring program?
     
  17. David Stewart

    David Stewart Well-Known Member

    Yes I do John, I had it for a free trial and it is very good. However it can't be used for the sort of traditional back test that a lot of us like to do where you can go 1/2 hour at a time.
    Craig also didn't seem to want to get quotes for SPX weeklies or RUT weeklies he kept telling me why not use SPY? I think he finally got it when I explained the commission advantage although I certainly agree with him that the spreads are much better in SPY. It wasn't exactly cheap at I think $125 a month. It may even be more now, I'm not sure. The main problem I had was the learning curve for new software. It begins to get tiring to constantly have to learn new platforms and software. It uses java which I'm not really crazy about anyway but that's just me. I may reconsider it if Optionvue is going to charge me a fortune. At the time I was trying Craig's product, Optionvue came out with new pricing which was very reasonable and I already knew how to use the product very well so I signed up again with Optionvue. Right now, I don't know what to do, but I'm going to have to decide soon.
     
  18. John Dori

    John Dori New Member

    Thanks for the review, David. It surprises me somewhat how the "McMillanites" tend to shun market neutral short premium trading in favor of a more directional approach, which I think explains their lack of appreciation for SPX and RUT.
    I'm extremely peeved at OptionVue as well, having been told many years ago that I was purchasing the product, not leasing it. I really like the idea of a class action suit. While OptionVue's analytics may be the most reliable, I've found the platform itself to be rather unstable, with frequent data outage issues. It's put together non-intuitively, like they're just adding features haphazardly without giving much thought to the overall presentation. I believe my next step will be to study the reliability of Trade Station's options platform.
     
  19. JosephJ

    JosephJ Member

    I decided after careful consideration and waiting for them to hopefully do the right thing to file a dispute with BBB Online. OptionVue has an A+ rating with BBB and they are a member. I have all original documentation (receipts e-mails ) stating I own the software with Backtrader and have permanent access. Here is the link to the BBB page if anyone is interested.
    1. http://www.bbb.org/chicago/business...-in-libertyville-il-9003345/bbb-accreditation
     
  20. Bill Ghauri

    Bill Ghauri New Member

    Like so many others have posted here, I got screwed by Option Vue too. I bought the software in 2006 then upgraded in May of 2009 to get “lifetime” access to Back Trader. I remember my conversation with Karen Rae, she said “You already own the software, so for $500 you get lifetime use of the Back Trader functionality.” That seemed a good deal, and since I already had a couple thousand already invested in the original purchase, I figured why not. I only wish Karen had clarified that when she said “lifetime” that she was not talking about my lifetime, but the lifetime of Option Vue 6!
     

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