Radar Tool
# of Legs
Description
Vega-Weighted IV Skew (VWIVS)
N/A
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.
Vertical Skew Search
N/A
The Firebird Vertical Skew Search acts as a specialized scanner that identifies pricing inefficiencies within a single expiration cycle by analyzing the "Vertical Skew"—the disparity in Implied Volatility across different strike prices. Instead of treating all options equally, this tool scans the entire market to locate advantageous spread opportunities where the option you are selling is statistically overpriced relative to the protection you are buying. This allows traders to optimize Credit and Debit Spreads by mathematically "financing" their positions, such as identifying a setup where a Short Put has 60% IV while the Long Put has only 40% IV,. Consequently, it reveals statistical edges invisible on a standard chain, ensuring you are not just guessing on direction but are structurally positioning yourself to capture value from market overreactions.
Direct Option Skew Finder
N/A
The Firebird Direct Option Skew Finder acts as a specialized scanning engine that identifies "Term Structure" inefficiencies, locating specific moments where the market is pricing short-term risk significantly higher than long-term protection. Unlike standard scanners that merely compare raw percentages, this tool utilizes "Vega-Weighted Normalization" to calculate the true risk-adjusted spread between expiration cycles, ensuring you never compare "apples to oranges" when analyzing volatility. It specifically targets "Panic Mode" scenarios where front-month premiums explode due to fear, guiding you to execute Calendar and Diagonal Spreads that sell this expensive near-term volatility to finance cheap long-term exposure. Consequently, this transforms you from a directional gambler into a "Volatility Landlord," allowing you to systematically construct positions where the mathematics of time decay and mean reversion work in your favor.
Search Tool
# of Legs
Description
Calendar Skew Search
2
This Calendar Skew Search tool scans all optionable stocks in a price range of 89 to 399 and identifies those which may exhibit the most profitable combinations of long and short puts, where the Long Strike is the same as the Short Strike. Extreme positive skews are used as a filter to find spreads where the prices of long to short legs are unusually skewed in favor of the trader. If the extreme skew criteria is not met no results are presented.
Bear Diagonal Skew Search
2
This Bear Diagonal Skew Search tool scans all optionable stocks in a price range of 89 to 399 and identifies those which may exhibit the most profitable combinations of long and short puts, where the Long Strike is less than the Short Strike. Extreme positive skews are used as a filter to find spreads where the prices of long to short legs are unusually skewed in favor of the trader. If the extreme skew criteria is not met no results are presented.
Bull Diagonal Skew Search
2
This Bull Diagonal Skew Search tool scans all optionable stocks in a price range of 89 to 399 and identifies those which may exhibit the most profitable combinations of long and short puts, where the Long Strike is less than the Short Strike. Extreme positive skews are used as a filter to find spreads where the prices of long to short legs are unusually skewed in favor of the trader. If the extreme skew criteria is not met no results are presented.
Basic Pivot Skew Seach
4
The Basic Pivot Skew Search tool scans all optionable stocks in a price range of 89 to 399 and identifies those which may exhibit the most profitable combinations of long and short puts and calls, where the Short Put Strike is less than the Long Put Strike, the Long Call Strike is less than the Short Call Strike. This description does not take into account that Pivots usually start with a Long Straddle or Stangle and place short legs positions based on anticipated underlying stock direction. Extreme positive skews are used as a filter to find spreads where the prices of long to short legs are unusually skewed in favor of the trader. If the extreme skew criteria is not met no results are presented.
Batman Skew Search
4
The Batman Skew Search tool scans all optionable stocks in a price range of 89 to 399 and identifies those which may exhibit the most profitable combinations of long and short puts and calls, where the Long Put Strike is less than the Short Put Strike, the Short Call Strike is less than the Long Call Strike. Extreme positive skews are used as a filter to find spreads where the prices of long to short legs are unusually skewed in favor of the trader. If the extreme skew criteria is not met no results are presented.
Covered Calls
1
This Covered Call search tool scans all optionable stocks in a price range of 89 to 399 and identifies those which may exhibit the most profitable combinations of long stock and short calls, where the short calls are close to ATM. Extreme positive skews are used as a filter to find spreads where the prices of legs are unusually skewed in favor of the trader. If the extreme skew criteria is not met no results are presented.
Radar Tool
# of Legs
Description
Batman/Calendar Skew Search RadarScreen
4-2
The Batman Skew Search RadarScreen tool continuously scans all selected optionable stocks and identifies those which may exhibit the most profitable combinations of long and short puts, where the Long Put Strike is less than the Short Put Strike, the Short Call Strike is less than the Long Call Strike. Extreme positive skews are used as a filter to find spreads where the prices of long to short legs are unusually skewed in favor of the trader. If the extreme skew criteria is not met no results are presented.
Bull Diagonal Skew Search RadarScreen
2
This Bull Diagonal Skew Search RadarScreen tool continuously scans all selected optionable stocks and identifies those which may exhibit the most profitable combinations of long and short puts, where the Long Strike is less than the Short Strike. Extreme positive skews are used as a filter to find spreads where the prices of long to short legs are unusually skewed in favor of the trader. If the extreme skew criteria is not met no results are presented.
Bear Diagonal Skew Search RadarScreen
2
This Bear Diagonal Skew Search RadarScreen tool continuously scans all selected optionable stocks and identifies those which may exhibit the most profitable combinations of long and short puts, where the Long Strike is greater than the Short Strike. Extreme positive skews are used as a filter to find spreads where the prices of long to short legs are unusually skewed in favor of the trader. If the extreme skew criteria is not met no results are presented.
Pivot Skew Search RadarScreen
4
The Basic Pivot Skew Search RadarScreen tool continuously scans all selected optionable stocks and identifies those which may exhibit the most profitable combinations of long and short puts, where the Short Put Strike is less than the Long Put Strike, the Long Call Strike is less than the Short Call Strike. This description does not take into account that Pivots usually start with a Long Straddle or Stangle and place short legs positions based on anticipated underlying stock direction. Extreme positive skews are used as a filter to find spreads where the prices of long to short legs are unusually skewed in favor of the trader. If the extreme skew criteria is not met no results are presented.
Delta/Gamma Tool
# of Legs
Description
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.
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.
Radar Tool
# of Legs
Description
DITM Puts
1 or more
This tool is used to find Stocks continuously in the RadarScreen 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.
DITM Calls
1 or more
This tool is used to find Stocks continuously in the RadarScreen 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.
Radar Tool
# of Legs
Description
Synthetic vs. Actual Spot Divergence
N/A
The Firebird Synthetic vs. Actual Spot Divergence Indicator acts as a structural scanner that continuously compares the "Synthetic Price" implied by the options market against the actual stock price to detect hidden pricing anomalies. By monitoring Put-Call Parity in real-time, it identifies specific moments where the options market mathematically disconnects from the equity market, revealing "Ghost Prices" that signal either a broken market or aggressive institutional positioning. Traders utilize this tool to execute risk-free arbitrage strategies like Conversions and Reversals, or to spot "Sentiment Gaps" where smart money is aggressively pricing in a move before the stock actually reacts,,. Consequently, it serves as both a profit generator for structural arbitrage and a leading indicator for directional trades, ensuring you leverage the "insider" truth of the options flows rather than just following the lagging stock price.
Parity Deviation Search
N/A
Firebird’s Parity Deviation Search is a structural arbitrage tool designed to identify low-risk opportunities rooted in Put-Call Parity. By continuously comparing the "Synthetic Price" derived from options against the actual stock price, it detects market pricing errors where the synthetic asset deviates from the underlying. This allows traders to execute conversion and reversal strategies, locking in a mathematical edge by capitalizing on these discrepancies rather than relying on directional guesses.
Radar Tool
# of Legs
Description
IV Rank with Mean Reversion Filter
N/A
Firebird’s IV Rank with Mean Reversion Filter optimizes trade entry by contextualizing current volatility against historical data. It determines if option premiums are statistically "cheap" or "expensive," allowing traders to capitalize on volatility’s natural tendency to revert to the mean. By identifying these historical extremes, this tool guides traders to sell premium when fear is overpriced or buy when it is undervalued, ensuring strategies align perfectly with the current volatility environment.
Vega/Theta Ratio Search
N/A
Firebird’s Vega Theta Ratio Search optimizes contract selection by balancing volatility sensitivity (Vega) against 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".
Gamma/Theta Efficiency Scan
N/A
Firebird’s Gamma Theta Efficiency Scan identifies the "Golden Ratio" of options trading by filtering for assets where the potential for explosive movement (Gamma) vastly outweighs the daily cost of holding the position (Theta). This tool hunts for "cheap gamma," enabling traders to buy straddles and strangles at a discount. By highlighting these mathematical efficiencies, it allows traders to capture high-volatility breakouts while paying minimal daily time decay fees.
Radar Tool
# of Legs
Description
OI/Volume Displacement
N/A
Firebird’s OI Volume Displacement acts as a radar for institutional sentiment by tracking unusual volume that deviates significantly from existing Open Interest. It flags aggressive new positioning by "smart money" before it impacts the stock price. By detecting these hidden flow anomalies, such as massive spikes in Call buying on a flat stock, it enables traders to anticipate directional moves and enter high-confidence setups backed by legitimate institutional capital rather than lagging price action.
Delta Skew Bias
N/A
Firebird’s Delta Skew Bias acts as a radar for institutional sentiment, revealing whether "smart money" is paying higher premiums for Out-of-the-Money Calls or Puts. By analyzing these pricing discrepancies, it identifies hidden directional pressure before the stock price moves. If the skew shifts bullishly while price remains flat, it signals aggressive pre-positioning by large players. This allows traders to enter high-confidence setups backed by the underlying flow of capital rather than lagging price action.
Radar Tool
# of Legs
Description
Skew Inversion Search
N/A
Firebird’s Skew Inversion Search detects rare volatility anomalies where typical pricing rules break, such as when Out-of-the-Money Calls become more expensive than At-The-Money Calls. This inversion acts as a detector for "Blow-Top" events and extreme mania, signaling that market pricing has detached from reality. Traders use this tool to identify euphoric squeezes, allowing them to either sell into the spike via credit spreads or aggressively ride the momentum of a verified squeeze before it collapses.
Skew Curve Slope Search
N/A
Firebird’s Skew Curve Slope Search analyzes the 3D shape of the volatility surface by measuring the steepness of the drop-off from At-The-Money to Out-Of-The-Money options. It quantifies how drastically market expectations shift away from the current price, acting like a topographical map reader for the options chain. By identifying these "cliffs" or extreme slopes in volatility, traders can locate unique pricing structures and edge cases that standard analysis misses.
Radar Tool
# of Legs
Description
Firebird Synthetic Skew Alert
N/A
The Firebird Synthetic Skew Alert monitors the "price of risk" in the options market by comparing the cost of Out-of-the-Money Calls against Out-of-the-Money Puts to detect extreme sentiment imbalances. This tool triggers an alert when the typical volatility curve inverts or stretches, signaling that "smart money" is aggressively buying upside exposure or hedging against a crash before the underlying stock price moves. By revealing this hidden directional conviction, the alert allows traders to identify powerful setups, such as potential short squeezes, where the options market is pricing in a violent move that the chart has not yet registered. Consequently, traders can execute synthetic long or short positions with the confidence that their entries are backed by institutional flow and deep volatility analysis.
Firebird Gamma Dispersion Scan
N/A
Firebird’s Gamma Dispersion Scan is a signature "Black Box" scanner designed to identify clusters where dealers are heavily short Gamma. This structural imbalance creates the necessary "fuel" for high-volatility events. By pinpointing these specific areas of dealer exposure, the tool alerts traders to potential explosive price acceleration before it happens, allowing them to capitalize on the mechanical hedging pressure that drives rapid market move.
Firebird Diagonal Opportunity Index (FDOI)
N/A
Firebird’s Diagonal Opportunity Index (FDOI) is a proprietary scanner designed to identify the "Perfect Diagonal" by mathematically optimizing the difference between near-term Theta decay and long-term Vega sensitivity. It instantly provides a ranked list of setups where the spread between expiration months offers the strongest statistical edge. By automating this complex pairing process, FDOI enables traders to effortlessly select diagonal spreads that maximize income potential while securing efficient long-term protection, eliminating manual guesswork.
Radar Tool
# of Legs
Description
Macro Event Carry Scan
N/A
The Firebird Macro Event Carry Scan Indicator is a specialized volatility scanner designed to identify opportunities where Implied Volatility is artificially inflated ahead of major macroeconomic events, such as FOMC meetings or CPI data releases. Unlike single-stock tools, this indicator scans broad market indices and sectors to pinpoint "Positive Carry" setups where the market's priced-in fear significantly exceeds the asset's historical realized volatility,. By calculating the precise "Carry per Unit of Risk," it guides traders to high-probability premium-selling strategies, such as Iron Condors, where the potential daily income outweighs the statistical risk of a blowout move,. Consequently, this tool allows you to scientifically capitalize on the post-event "volatility crush," capturing the inflated premiums as profit once the uncertainty vanishes and option prices collapse,.
Earnings Volatility Edge
N/A
The Firebird Earnings Volatility Edge Indicator is a quantitative tool designed to identify mispriced opportunities around earnings announcements by mathematically comparing the market's implied expectations against a stock's historical actual moves,. By calculating the precise discrepancy between the "fear" priced into options premiums and the reality of past performance, this indicator generates an "Edge Score" that reveals whether volatility is statistically overpriced or underpriced,. Traders can utilize this data to determine the optimal strategy selection, selling premium via Iron Condors when the "Short Volatility Edge" is high or buying straddles when the market is underestimating the potential move,. Consequently, this tool allows you to scientifically capitalize on inflated "fear premiums" and profit from the subsequent volatility crush, rather than gambling on the directional outcome of the event,.
Radar Tool
# of Legs
Description
Sector IV Cluster Scan
N/A
The Firebird Sector IV Cluster Scan is a macro-focused screening tool designed to filter out single-stock noise and identify systematic risk by analyzing collective volatility behavior across entire industries. By scanning specific sectors to find "Clusters" where Implied Volatility spikes or drops simultaneously across multiple components, this indicator distinguishes between isolated company events and aggressive institutional money flow,. This insight allows traders to detect early signs of "Sector Rotation," such as a quiet rush into defensive stocks, signaling a broader market trend or correction before it hits the headlines,. Consequently, traders can stop guessing which individual stock will win and instead execute high-probability trades on Sector ETFs, capitalizing on massive tides of capital repositioning rather than idiosyncratic risks,.
Vega Correlation Divergence
N/A
The Firebird Vega Correlation Divergence Indicator identifies critical market turning points by measuring the correlation coefficient between an asset’s price and its Implied Volatility, spotting moments when the "Volatility Market" disagrees with the price action. While volatility typically drops as stocks rise, this tool flags dangerous "Positive Correlation" anomalies where price and fear rise together, signaling unstable "FOMO" or hidden institutional hedging,. Functioning as a "check engine light" for the trend, it alerts traders to impending reversals—such as "Blow-Off Tops"—where the options market is secretly pricing in a crash even as the chart makes new highs,. Consequently, traders can confidently exit long positions or enter bearish spreads before the "irrational exuberance" snaps back to reality.
Radar Tool
# of Legs
Description
Theta Trend Divergence
N/A
The Firebird Theta Trend Divergence Indicator is a specialized risk-management tool designed for premium sellers to safeguard income strategies by analyzing the real-time relationship between a stock's price trend and its rate of time decay (Theta),. This indicator identifies dangerous divergences where a stock moves favorably or remains flat, yet the sold options fail to lose value because rising Implied Volatility is silently overpowering the natural decay process,. By detecting these "steamroller" setups, the tool warns traders that "smart money" is aggressively buying protection against a move that the price chart has not yet registered,. Consequently, traders can exit vulnerable credit spreads before a sudden volatility explosion wipes out their profits, ensuring they only hold positions where the "decay engine" is functioning correctly,
IV Mean Reversion Oscillator
N/A
The Firebird IV Mean Reversion Oscillator is a technical timing tool designed to capitalize on the statistical certainty that Implied Volatility will eventually return to its historical baseline. By comparing current volatility levels against a specific lookback period, this indicator identifies when the market is in a state of extreme "Panic" (overbought) or dangerous "Complacency" (oversold). Traders can leverage this data to objectively determine whether options are "cheap" or "expensive," prompting them to sell premium when the oscillator is high or buy protection when it hits historic lows,. Consequently, this tool allows you to execute volatility strategies with statistical confidence, fading emotional extremes to capture profits as the "fear gauge" inevitably reverts to the mean,.
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).