Welcome to Option Alpha. This is brief tour introduces bots, automations, Trade Ideas, and more tools available inside the platform. The following videos in the Getting Started section will highlight the different ways you can begin leveraging automation in your trading.
Home Screen
Your Home screen is your central dashboard that shows your portfolio's activity, Community and Bot notifications, and displays your Watchlists.
Bots
Bots execute trading strategies and manage positions. You can open positions manually inside a bot or scan the market to automate trade entry.
You can view all your live and paper bots on your Bots page.
Create a new bot to get started trading in Option Alpha.
Positions
The Positions tab displays all your positions. You can view all open positions or closed positions, filter by trading account and more. You can sort all positions using the customizable columns. You can also view all filled and canceled orders in the Trade Log.
The Analyze tool allows you to view your closed positions using multiple filters.
Trade Ideas
Trade Ideas scan continuously during market hours (9:35am - 3:55pm) to find potential trading opportunities.
Trade Ideas 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 (.50, .45, .425, .40, .375, .35, .325, .30, .275, .25, .20, .15, .10) looking for opportunities.
It also examines all current open positions in the platform looking for opportunities.
0DTE Oracle
The 0DTE Oracle is a new tool that helps us find and analyze 0DTE and next day trading opportunities. It aims to solve the problem of probabilities and expected value (EV) being less accurate for 0DTE trades by providing backtest results to help identify quality trades instead of relying on probabilities.
Each trade's metrics are backtested against the underlying's previous 1 year of intraday minute data to see how trading a similar position daily would have performed over that time.
Earnings Edge
Earnings Edges gives traders a math-based approach to find backtested opportunities based on historical price action post-earning.
We can visualize the backtested earnings trades to see exactly how the selected strategy performed in the past, as well as the stock's price move post-earnings.
Screener
The Screener lists all supported ticker symbols available for autotrading. Filter and rank all the symbols using customizable columns.
You can also create and edit Watchlists in the screener.
Backtester
The backtester allows you to create and run your own backtests to view the performance history of options strategies. Or, you can search the database for the top-performing backtests. Any backtest can be turned into a bot instantly.
You can compare up to three backtests to see their results side by side.
Community
The Community is where you can ask questions, share ideas, and discuss strategies with your fellow Option Alpha members. Browse and clone shared bot templates and Watchlists with a click of the button.
Event calendar
Keep up to date with earnings, ex-dividend dates, and major market moving events. The event calendar is a community-driven resource to inform options traders of important events.
OA Labs
The Option Alpha Labs section is where you can access and try new ideas that we're testing to potentially add to the platform.
Settings
You can edit your personal information, general bot settings, and email notifications in your Settings. You can also update your community profile, security settings, and connect your trading accounts.
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