These tool files can be uploaded into the TradeStation platform and used in the TradeStation RadarScreen for continuous search for stocks which can be used to build option positions which take advantage of directional moves.
|
Radar Tool |
# of Legs |
Description |
Status |
Market Price (Monthly) |
Action |
|---|---|---|---|---|---|
|
Radar Screen Indicator |
|||||
|
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. |
Active |
$15.00 / 30 days |
|
|
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. |
Active |
$15.00 / 30 days |
|
|
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. |
Active |
$15.00 / 30 days |
|
|
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. |
Active |
$15.00 / 30 days |
|
These search files can be uploaded into the TradeStation platform and used in the TradeStation Rasdar Screen to continuously search for combinations of options directly which have extreme skews. Once identified in the RadarScreen, 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 Skew Search 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.