These tool files can be uploaded into the TradeStation platform and used in the TradeStation Scanner for manual search for stocks which can be used to build option positions which take advantage of directional moves.
|
Delta/Gamma Tool |
# of Legs |
Description |
Status |
Market Price (Monthly) |
Action |
|---|---|---|---|---|---|
|
Scanner Tools |
|||||
|
DITM Calls |
1 or more |
This tool is used to find Stocks manually in the Scanner which are on the verge of experiencing a reversal in direction to the Upside. Once these stocks are identified they should be evaluated in OptionStation to determine the deep in the money calls that would be best to invest in. |
InActive |
$20.00 / 30 days |
|
|
DITM Puts |
1 or more |
This tool is used to find Stocks manually in the Scanner which are on the verge of experiencing a reversal in direction to the Downside. Once these stocks are identified they should be evaluated in OptionStation to determine the deep in the money puts that would be best to invest in. |
InActive |
$20.00 / 30 days |
|
|
Gamma Scalping |
Delta Neutral Number of Legs |
This system will trade stocks with manual input (buy, sell, short and cover) as required to maintain a Delta Neutral position. The initial set up of long puts and call is determined in advance and becomes an input to the system. There are several ways to set up a Gamma Scalp trading system. This system is set up to start with a Delta Neutral position which uses long call and puts. |
InActive |
$20.00 / 30 days |
|
|
Pairs Trade |
2 or more |
This tool is used to find a pair of Stocks manually in the Scanner which are on the verge of experiencing a reversal in direction. One to the Upside and the other one to the Downside with equal number of shares for each. Once these stocks are identified they should be evaluated in OptionStation to determine the deep in the money calls or puts, both with similar Deltas, that would be best to invest in. |
InActive |
$20.00 / 30 days |
|
|
Ratio Pairs Trade |
Multiple |
This tool is used to find a pair of Stocks manually in the Scanner which are on the verge of experiencing a reversal in direction. One to the Upside and the other one to the Downside with an unequal number of shares for each. Once these stocks are identified they should be evaluated in OptionStation to determine the deep in the money calls or puts that would be best to invest in. The Deltas of each call or put would be evaluated to optimize the position to take advantage of the Deltas and Gammas of each option. |
InActive |
$20.00 / 30 days |
|
These search files can be uploaded into the TradeStation platform and used in the TradeStation Delta/Gamma Tools to continuously search for combinations of options directly which have extreme skews. Once identified in the Delta/Gamma Tools, analysis in OptionStation is necessary to determine if the option combinations offer traders a favourable entry.
Firebird is currently developing a new generation of Option Delta/Gamma Tools which will find unique combination spreads directly that may present advantages to option traders. These new tools are not intended to replace the existing search tools, shown above, but will supplement and strengthen the existing tool set. The launch of these new tools is planned for 1st Q 2025.