OptionsPlus is now included at no extra charge for subscribers of eSignal Premier Plus, eSignal Pro and eSignal, Advanced GET Edition. OptionsPlus is an options analytical application designed to help you make more informed trading decisions by assisting you in identifying and following option strategies and positions with tools such as:

• Display Control Panel -- to pre-set which options to analyze
• Option Tracker -- to display valuable analytics of the underlying, its options and positions
• Position Quest -- to find and apply strategies and positions that meet your trading objectives and resources
• Position Performance Charts -- to perform "what-if" analysis
• 3D Charts -- to plot positions and option chains using 3-dimensional graphics

Display Control Panel -- To Pre-Set Which Options to Analyze
Assume your objective is to increase income by selling near-term, slightly out-of-the-money calls against an equity position. OptionPlus’ Display Control Panel (Figure A) conserves your desktop resources by only quoting and processing options that fit your set of requirements.

Figure A. OptionsPlus' Unique Display Control Panel

Option Tracker -- To Display Valuable Analytics of the Underlying, Its Options and Positions
Once you've identified the set of options that best meets your needs, Option Tracker (Figure B) displays valuable analytics about the underlying, its options and even positions.

In addition to standard equity information, such as last, bid, ask and volume, you can obtain the underling's historic volatility, technical indicators, such as CCI, MACD and RSI. For options, you can view an extensive number of Greeks based on different inputs, such as bid and ask, plus theoretical value, expiration date, and more. For positions, you can calculate Greeks, P&L and theoretical maximum gain or loss.

The Option Tracker is the centerpiece of OptionsPlus and the launch pad from which you implement OptionsPlus' scanning, calculating and monitoring tools.

Figure B. Option Tracker

Position Quest -- To Find and Apply Strategies and Positions That Meet Your Trading Objectives and Resources
Continuing the previously mentioned strategy of income generated by selling calls, OptionsPlus’ Position Quest (Figures C and D) optimizes your search by using the position parameters that best meet your needs, such as the amount of capital you’re investing, your holding period, estimation of volatility or the target price of the underlying.

Figure C. Position Quest's Strategy Search Control Panel

Then, Position Quest quickly scans the previously selected options and their underlying and creates a report describing the positions, their theoretical P&L, maximum gain-loss, initial margin and Greeks (Figure D).

Figure D. Position Quest's Reporting Feature

Using Position Quest's powerful reporting feature, the Lookup Position, you can narrow your results and select those strategies and positions to continue your analysis by exporting the position to the Positions section in Option Tracker or furthering your analysis by importing the position into one of OptionsPlus' various charts (Figure E).

Figure E. Export of a Position into the Positions Window or One of Several Charts

Position Performance Charts -- To Conduct "What If" Analysis
With OptionsPlus' Position Performance charts, you can see how any position will fair, given 3 variables, the price of the underlying, days to expiration and volatility.

Figure F. Position Performance Charts

3D Charts -- To Plot Positions and Option Chains Using 3-Dimensional Graphics
One of biggest innovations in OptionsPlus is the dramatic 3-dimensional charts. We’ve saved the best for last, by focusing on OptionsPlus' eye-popping 3D charts in this final section (Figure G and H). Visualize the impact that time, price and volatility would have on the value of your actual and hypothetical positions or option chain with this rich set of institutional-quality tools.

OptionsPlus' 3D charts aren't just a pretty face -- quickly navigate through time, volatility or prices with your mouse, just as if you were looking at a physical object. OptionsPlus 3D charts let you zoom in and out and rotate 360 degrees above, below and on each side of entered positions.

Figure G. 3-Dimensional Display Sensitivity of Theta to Days to Expiration

Quickly plot and see how sensitive a chain's volatility is to strikes and time decay. Toggle between puts and calls (Figure H), as well as have complete control of a variety of display settings and views.

Figure H. OptionsPlus 3D Volatility Charts

OptionsPlus combines with eSignal to make a formidable strategy tool because it is now included, at no extra charge, with eSignal Premier Plus, eSignal Pro and eSignal, Advanced GET Edition. This means that you have this options analysis together with eSignal's award-winning data from the world's exchanges, market depth (including Forex) to find hidden moves, market-moving news from respected sources, integrated direct access trading with your choice of brokers / trading service providers, as well as alerts, back testing, compatibility with third party and premium services and more -- a complete trading platform from which to make your best moves.

If you're an options trader, this makes an upgrade to eSignal Premier Plus, eSignal Pro or eSignal, Advanced GET Edition, a great value.