Radar Tool
# of Legs
Description
Delta-Gamma Hedging Tool
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The Firebird Delta-Gamma Hedging Tool addresses the limitations of standard risk management by calculating the precise combination of assets and options required to neutralize both directional (Delta) and curvature (Gamma) risk simultaneously. Instead of manually guessing, the "Perfect Hedge" calculator scans the option chain to identify the most efficient strategy, prioritizing liquidity and "Cost of Carry" to ensure your protection doesn't consume excessive daily capital. To prevent over-trading in choppy markets, the tool utilizes "Dynamic Rebalancing Bands" that only trigger alerts when your net exposure drifts outside specific tolerance levels, saving you from unnecessary transaction costs. Consequently, this allows you to transition from reactive panic-hedging to proactive portfolio stabilization, enabling you to "box in" profits or weather volatility with mathematical precision rather than emotional guesswork.
Gamma/Theta Efficiency Indicator
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The Firebird Gamma/Theta Efficiency Indicator is a specialized optimization tool designed to mathematically evaluate the critical trade-off between the "rent" you pay in time decay and the explosive potential you hold in directional risk. By plotting your positions on a "Rent vs. Risk" heatmap, this indicator visualizes exactly where your trades fall on the efficiency curve, identifying "inefficient" setups where the daily decay cost outweighs the statistical probability of a profitable move. For premium sellers, it acts as an early warning system against "steamroller" risks where Gamma exposure spikes disproportionately to the income being collected, while directional buyers use it to locate "cheap Gamma" opportunities where upside potential is underpriced relative to time decay,. Consequently, this tool forces a strict discipline of capital efficiency, ensuring that every dollar of Theta paid buys a meaningful amount of upside potential and every unit of risk sold generates a worthy amount of income.
Vega-Weighted Volatility Exposure Map
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The Firebird Vega-Weighted Volatility Exposure Map normalizes your portfolio's true risk by adjusting raw Vega based on time to expiration and "Vol Beta," solving the critical error of treating all volatility sensitivity as equal regardless of the asset or timeframe,,. This tool visualizes your exposure across specific "Buckets"—such as Front Month versus LEAPS—to expose hidden "Calendar Risks" where you may be deceptively neutral overall but dangerously Short Vega in the near term,,. By converting individual stock volatility into "VIX-Equivalent Vega," it allows you to construct precise hedges that target specific term-structure vulnerabilities rather than guessing with generic market protection,,. Consequently, traders can strategically optimize premium selling by identifying exactly which expiration cycles offer the highest risk-adjusted yield, turning the complex volatility curve into a clear map for profit generation.
Greek Sensitivity Matrix
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The Firebird Greek Sensitivity Matrix transforms static risk management into a dynamic stress test by projecting your portfolio's Profit & Loss across a grid of hypothetical price and volatility scenarios, moving beyond linear assumptions to model complex market reality,. By visualizing the interaction between directional moves and Implied Volatility changes on a 3D "Heatmap," this tool reveals hidden "Gamma Traps" where a seemingly safe portfolio could suffer catastrophic drawdowns during a sudden market shift,. Traders utilize this simulation to answer critical "What-If" questions, identifying exactly where their hedging strategy falls apart before the market actually moves,. Consequently, this allows you to proactively size positions and adjust exposure based on future worst-case scenarios rather than reacting to damage after the fact.
Portfolio Greek Aggregator
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The Firebird Portfolio Greek Aggregator acts as the central command center for risk management, ingesting data from every open position to calculate and display the Net Portfolio Greeks in a single, unified view,. By converting raw exposure into Beta-Weighted Deltas and aggregating disparate spreads, this tool eliminates the "blind spots" of mental math, allowing you to see your true directional and volatility risk across the entire account,. Traders use this insight to prevent "accidental doubling down," identifying critical vulnerabilities where a portfolio might appear diversified but is actually dangerously "Short Gamma" or overexposed to a specific sector,. Consequently, this tool functions as a "flight dashboard" for your capital, ensuring you understand the aggregate speed and altitude of your portfolio rather than just the status of individual trades.
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).