Hello Option Alpha family!
I'm excited to announce that the new release of Option Alpha officially went live over the weekend. To everyone who participated in the easter egg hunt, thank you for sharing in the fun and being a part of the moment.
We'd also like to thank everyone in the community who took the time to contribute ideas, feedback and encouragement. You are very much appreciated.
Here's an overview of the new features and functionality:
Trade Ideas 2.0
The next generation of Trade Ideas includes a new backend that finds trade ideas in 3 ways:
- It analyzes the returns of thousands of position setups used by all of us (underlying symbol, leg deltas, days to expiration, etc) and loads the current market data for the top performing position setups and compares them looking for opportunities using Reward/Risk, EV (expected value) and Alpha (EV / Max Loss).
- It examines every option series expiring in 45 days or less that falls on a Friday and matches up every possible combination of legs at various delta values (.45, .40, .35, .30, .25, .20, .15, .10) looking for opportunities.
- It examines all current open positions in the platform looking for opportunities.
Trade Ideas 2.0 also includes:
- New EV (expected value) and Alpha (EV / max loss) calculations.
- More intuitive filtering and a new filter for reward/risk.
- Click the "Symbols" filter to pick & discover included symbols and the number of trade ideas available per symbol.
Auto-Trading for Trade Ideas
Filter and sort the available Trade Ideas to find the opportunities you want to trade and then generate a bot to auto-trade them. Auto-trading is powered by 2 new automation actions:
- Find Trade Idea: query up to 10 symbols, any strategy and all the others filters to find and open the best idea matching your criteria.
- Open Trade Idea: Find and open the best trade idea for 1 symbol with a specified strategy matching your criteria. For example, SPY iron condor trade ideas. This option allows you to use an input or loop for the symbol so you can do other decision checks as part of the flow.
Not sure what position settings to use? Tap into the collective knowledge of the Option Alpha community of traders. Top Strategies includes the position settings (underlying symbol, leg deltas, days to expiration, etc) and consolidated summary stats for the top performing credit spread trades made in the option alpha platform in the past 90 days.
Top Bot Templates leaderboard in the community
You've been asking for it for a while and we finally figured out how to make it happen: a new leaderboard for the top performing bots in the Option Alpha community!
Updated "New Position" Screen
The New Position screen now displays Alpha, EV, DTE and probabilities (POP, PMP, PML) with color coding. The stats section has been reorganized to be more intuitive and improve readability.
New Exit Options for EV and Alpha
These expanded Exit Options are a completely new idea for managing positions, e.g. close position if is EV is below $0. Please share your results and any challenges faced in the community so we can all learn together. Thank you to @Max in the community for inspiring the idea!
Ability to move positions from one bot to another
Added notes to bot settings page
Significantly improved mobile experience especially in portrait mode
Additional values available in position and opportunity decisions
Added EV, Alpha, probability of profit, probability of max profit, probability of max loss, and reward/risk to position and opportunity decision recipes.
Around the corner: Faster Scanner Intervals!
Scan for opportunities or monitor positions every 5 minutes. This has been the most requested feature since we launched the platform and it is finally ready to go live. We will be rolling it out in groups of 250 to ensure it scales safely. To be one of the first to get it, navigate to Settings -> General and add your name to waitlist.