26 Jan Top 10 Option Trading Websites
I'm often asked about what sites I consider valuable to my trading, or who has the best scanner, free option statistic data, etc. I've compiled this list on my favorites. I hope you find it helpful.
1. Barchart Options Center - I've always like this site for overall market data; it's well laid-out and easy to read. Recently, they've added a section dedicated to options data. I really like the sections on Highest Implied Volatility, Top Percentage Increase/Decrease in Volatility and the Volume Leaders. A great site to browse option data as well as news.
2. The Options Guide - I refer students here all the time as it's a fantastic site for finding definitions on unfamiliar option-related terms. Both experts and beginners will find good information on this site. I would say this is pretty close to having an options reference book on your desk, without having to give up your precious desk space.
3. Chicago Board Option Exchange - Of course! The CBOE has really expanded their site in recent years to offer tons of articles as well as practical tools for searching and scanning. I really like the "Tools and Resources" tab - it's something you can get lost inside.
4. IVolatility - Before the days of using software to scan for option trading opportunities, this site was amazing. It still is one of the best, free sites around for searching volatility across different option strikes, stocks, etc. and finding good trades where there are imbalances in the option market. Although it looks like now they are charging to do scans, I still like the historical data tabs and articles as well as the IV index.
5. TD Ameritrade - Why am I listing a broker on this list?! Well, some would argue that their software platform ThinkOrSwim is hands-down the best retail platform for trading, researching, scanning and paper trading options. Last I knew, you don't need to fund an account to use it. I still use it to this day for charting and viewing the option chain and risk graphs - though I don't use them as my broker. I highly recommend them for paper-trading your strategies, as I haven't found another platform which compares in this regard.
6. SeekingAlpha - Although this is just a news site, I like the news ticker for finding plays. Now please keep in mind, I don't necessarily use it the way most people use it - and that can be explained in this post. In any case, it's nice to see news on tickers at a glance as well as market updates.
7. Finviz - One of, if not the best free scanner out there. I love the fact that you can chose if you want to view optionable (has options on them) stocks - what a great time saver. The strength with this scanner isn't the scanning per se, but it's how many different ways you can view the scans once they are completed. I really love the "snapshot" tab which allows you to see all the results as a small chart on the left with the stocks fundamental data on the right.
8. StockCharts ChartSchool - Ever wonder what the exact calculation is on a Volume-weighted Average Price indicator? What the hell is a McClellan Summation Index anyway? If you've ever wondered about these type of things, this site is for you! Not only is it a great reference point for indicators and technical chart patterns, but they have great looking charts too! (my favorite is "gallery view" from the drop-down menu on the big charts)
9. Investopedia - Another desk-reference type of site for option terms and strategies. My favorite thing about this one though is the "related terms" box at the bottom of the page which allows you to really get lost in finding knowledge about anything related to options, investing, trading, etc. Great site.
10. LiveVol - Although this isn't a free resource, the scanner is the best I've found. If you don't want to pay for the software, they still have great articles on their site and on their blog. If you run into any terms you don't fully understand, just use the sites I've listed above to expand your knowledge!
I hope this helps.