Radar Tool
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Description
Delta Acceleration (ΔΔ/Δt)
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Firebird’s Delta Acceleration indicator serves as a predictive "momentum barometer" by measuring the rate of change in Delta over time. While Delta tracks directional speed, this tool quantifies the "pressure on the gas pedal," revealing the instantaneous acceleration of a price move. It enables traders to detect early inflection points and confirm high-conviction breakouts before they are fully reflected in price action. By monitoring this underlying energy, traders can anticipate whether a trend is gaining power or losing steam.
Delta Skew Ratio (DSR)
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Firebird’s Delta Skew Ratio (DSR) visualizes the tug-of-war between bullish and bearish sentiment by comparing the rate of change in Call Deltas versus Put Deltas. It acts as a powerful contrarian tool, identifying when the market is "leaning" too heavily to one side and signaling imminent snap-backs or squeezes. When the ratio hits extreme levels, it warns that the market is over-positioned and vulnerable to a reversal, allowing traders to spot turning points.
Delta Direction Index (DDI)
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Firebird’s Delta Direction Index (DDI) acts as a primary gauge for directional bias by aggregating Net Delta across multiple option strikes and expirations. It reveals the asset's "true north," filtering out noise to show the dominant force exerted by the options market. Traders use DDI to confirm trends: if price rises but DDI falls, it warns of a "hollow rally." When price and DDI align, it signals a high-confidence entry backed by institutional pressure.
Radar Tool
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Gamma/Theta Ratio (G/T)
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Firebird’s Gamma Theta Ratio (G/T) acts as a critical efficiency metric for option buyers, comparing the potential for price acceleration (Gamma) against the cost of time decay (Theta). It helps traders determine if a potential market explosion is worth the daily "rental cost" of the position. By identifying high G/T ratios, this tool enables traders to time entries where explosive potential vastly outweighs the cost of holding the trade, ensuring maximum mathematical efficiency.
Gamma Exposure (GEX)
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Firebird’s Gamma Exposure (GEX) indicator quantifies potential market volatility by analyzing total Gamma within the options complex. High positive GEX signals stability, where market makers act as a "brake" on price movement. Conversely, negative GEX warns of environments where dealers must "chase" price, pouring fuel on explosive trends. This critical tool enables traders to optimize position sizing by identifying whether market conditions are stable or prone to violent swings.
Radar Tool
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Theta Efficiency Index (TEI)
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Firebird’s Theta Efficiency Index (TEI) optimizes holding periods by measuring how "expensive" a trend is to maintain. By tracking time decay relative to price momentum, it signals when a position is bleeding value faster than the asset is moving. This allows traders to exit mathematically inefficient trades before profits are eroded, even if the technical trend hasn't broken. It essentially warns when the daily cost of holding a position outweighs the speed of the price move.
Radar Tool
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Description
Vega/Theta Ratio (V/T)
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Firebird’s Vega Theta Ratio (V/T) optimizes contract selection by balancing volatility sensitivity (Vega) against the cost of time decay (Theta). It guides traders to the "sweet spot" expiration, identifying options that offer maximum protection against volatility crushes while incurring the lowest daily decay. This allows traders to select the most mathematically efficient contracts, effectively securing the strongest defensive "shield" against market turbulence for the cheapest daily "rental fee".
Vega Differential (VDIFF)
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Firebird’s Vega Differential (VDIFF) is a volatility arbitrage tool that identifies discrepancies between near-term and long-term fear. By measuring the spread in implied volatility across expiration cycles, it distinguishes temporary panic from structural market shifts. A high VDIFF often signals a buyable dip where short-term anxiety spikes while the long-term outlook remains calm. This allows traders to differentiate between a fleeting "thunderstorm" and a major crash, ensuring they don't sell during temporary turbulence.
Radar Tool
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The “Firebird Momentum Index (FMI)”
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Firebird’s flagship Firebird Momentum Index (FMI) serves as the ultimate "Go/No-Go" gauge for high-confidence entries. This composite oscillator synthesizes Delta, Gamma, and Volume flow to perform a "whole health" check on price action. By requiring these critical market forces to align before triggering a signal, the FMI filters out false positives and "hollow rallies." It ensures every trade is backed by genuine institutional energy, confirming that momentum is building rather than just coasting on fumes.
Gamma/Vega Ratio (Γ/ν)
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The Firebird Gamma/Vega Ratio acts as a precision scanning tool that mathematically optimizes the critical trade-off between "Directional Explosiveness" (Gamma) and "Volatility Sensitivity" (Vega) within your option selection. By scanning the entire chain, it quantifies exactly how much price acceleration you are acquiring for every unit of volatility risk assumed, ensuring you avoid "bloated" premiums where you are overpaying for market fear. This tool isolates specific "Efficiency Pockets" to identify High-Ratio options that offer massive directional upside with immunity to "IV Crush," while simultaneously flagging Low-Ratio options ideal for financing spreads or long-term volatility plays. Consequently, it ensures capital efficiency by verifying that your money is allocated strictly to the specific "engine"—speed or anxiety—that you intend to trade.
Delta/Gamma Ratio (Δ/Γ)
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Firebird’s Delta Gamma Ratio (Δ/Γ) acts as a timing tool to gauge the stability and lifespan of a trend. It compares directional force against acceleration potential to determine if a move is sustainable or fragile. A high ratio signals a stable trend ideal for "buy and hold" strategies, while a low ratio indicates volatile conditions best suited for quick scalping. This allows traders to adapt their tactics to the specific "gear" the market is driving in at that moment.
Radar Tool
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Description
Vega-Weighted IV Skew (VWIVS)
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The Firebird Vega-Weighted IV Skew (VWIVS) indicator normalizes Implied Volatility across different expiration cycles by adjusting for specific Vega sensitivity, revealing true "Term Skew" inefficiencies that standard scans often miss. Instead of treating all volatility percentages as equal, this tool calculates a precise "Risk-Adjusted Spread" to determine if the cost of owning long-term volatility is statistically cheap relative to the premiums collected from short-term sales. It serves as the primary engine for structuring "Time-Based Spreads" like Calendar and Diagonal Spreads, instantly highlighting "Panic Mode" scenarios where front-month options are artificially inflated due to earnings hype or backwardation. Consequently, this tool ensures you construct positions that maximize positive Time Decay (Theta) while rigorously minimizing your exposure to broad market volatility shocks.
Put/Call Gamma Imbalance
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Firebird’s Put Call Gamma Imbalance indicator reveals structural dealer hedging pressure by calculating the disparity between Gamma exposure on Puts versus Calls. It identifies "magnetic" price levels, predicting where the stock is likely to gravitate as dealers are forced to hedge their positions. By highlighting these imbalances, the tool acts like a gravitational map, showing traders exactly where the price is being pulled by the underlying mechanics of the options market.
Implied Volatility Skew Ratio (IVSR)
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Firebird’s Implied Volatility Skew Ratio (IVSR) acts as a sentiment analysis tool measuring the balance between crash anxiety and "fear of missing out" (FOMO). By comparing the relative cost of Puts versus Calls, it identifies when market emotion hits extremes. Traders use IVSR to spot potential tops and bottoms, specifically identifying when Puts become historically expensive—a sign of "maximum fear" that often signals an imminent reversal as the market sentiment snaps back.
Radar Tool
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Description
Vega Compression Signal (VCS)
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Firebird’s Vega Compression Signal (VCS) acts as an early warning system for explosive breakouts by detecting when volatility is squeezed to unsustainable lows. Functioning as a "calm before the storm" detector, it identifies coiled market conditions where price is flat but internal pressure is building. This allows traders to purchase options cheaply during the compression phase, positioning them to capture maximum value when the inevitable volatility spike and price expansion occur.
Greek Momentum Score (GMS)
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Firebird’s Greek Momentum Score (GMS) rates the intensity of a trend on a 0-100 scale by calculating the derivatives of key Greeks. By measuring how fast Delta and Gamma are changing, this tool scores the "velocity" of a move beyond simple price action. Traders use GMS to rank competing setups, allocating capital to assets with the strongest "momentum physics" to ensure they only strike when the market’s underlying power is flashing full.
RINA Index – The RINA index is a proprietary index that combines Select Total Net Profit, time in the market, and drawdown calculations into a single reward/risk ratio, that can be used to compare strategies The larger the number the more efficient/risk adverse the strategy.
RINA Index = (Select Total Net Profit)/((average drawdown) x (percent time in the market)) The TradeStation Strategy Performance Report displays the RINA Index for All Trades Only.
Adjusted Net Profit as % of Largest Loss – Displays the percentage of Adjusted Total Net Profit to the single worst unprofitable completed trade (see Note) during the specified period. Adjusted Net Profit / Largest Loss = Adjusted Total Net Profit divided by Largest Losing Trade.
Adjusted profit and loss is calculated by looking at the number of trades, subtracting the square root, multiplied by the average profit or loss. The concept here is that strategy may perform better live than the adjusted historical performance.
Takes into account commissions (and slippage, if specified for strategies) plus possible currency conversion factors.
Adjusted Net Profit as % of Max. Drawdown (Trade Close to Trade Close) – Displays the percentage return of the Adjusted Net Profit to the greatest loss drawdown, from the previous highest equity run-up, closed trade to closed trade, (including commissions and slippage if specified) looking across all trades, during the specified period. Adjusted Total Net Profit as % of Maximum Drawdown (Trade Close to Trade Close) = Adjusted Total Net Profit divided by Maximum Drawdown (Trade Close to Trade Close).
Adjusted profit and loss is calculated by looking at the number of trades, subtracting the square root, multiplied by the average profit or loss. The concept here is that strategy may perform better live than the adjusted historical performance.
Takes into account commissions (and slippage, if specified for strategies) plus possible currency conversion factors.
Largest Consecutive (Gain / (Loss) – Displays the largest profit or loss for a consecutive winning or losing series during the specified period for the strategy.
Win Rate – Displays the percentage of completed trades that were profitable, during the specified period. Percent Profitable = Winning Trades divided by Total Number of Trades.
% Time in Market – Displays the percentage of total time that your trades were in the market, either Long or Short, not including flat periods between trades (see Note). Generally, the greater amount of time you are in the market, the greater the risk exposure. Displays for All Trades only.
Percent of Time in the Market = Trading Period divided by Time in the Market
Takes into account commissions (and slippage, if specified for strategies).