Scanner Tools

These search files can be uploaded into the TradeStation platform and used in the TradeStation Scanner to search for stocks which may have extreme skews. Once identified in the Scanner, analysis in OptionStation is necessary to determine if the option combinations offer traders a favorable entry.

Search Tool

# of Legs

Description

Status

Market Price (Monthly)

Action

Puts Only

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.

Active

$9.00 / 30 days

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.

Active

$9.00 / 30 days

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.

Active

$9.00 / 30 days

Ratio Bull Diagonal Skew Search

3 – 5

This Ratio 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 Short Strike is less than the Long Strike and the number of long legs can exceed the number of short legs by 1. 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.

InActive

$9.00 / 30 days

This product is inactive.

Puts and Calls

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.

Active

$9.00 / 30 days

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.

Active

$9.00 / 30 days

Calls Only

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.

Active

$9.00 / 30 days

These search files can be uploaded into the TradeStation platform and used in the TradeStation Scanner to search for combinations of options directly which have extreme skews. Once identified in the Scanner, 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.

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