Product Review: TradeStation 9.1: OptionStation Pro
OptionStation Pro is TradeStation’s latest entry into the area of option analysis. It is a robust set of software that shows attention to detail and gives the option trader tools that are extremely useful. It is the brainchild of TradeStation option product manager Roy Radziszewski (who was also an S&C interview subject in 2011), who has had the benefit of teaching options and zeroing in on areas that typically stump option students or are at least difficult to visualize. Partnering with Radziszewski is a team of talented engineers and testers, who have created a powerful option tool.
OptionStation Pro is easy to find. It is one of the icons on the left side of your window when you first open TradeStation 9.1. It is only available on that version, and in the future, TradeStation will be phasing out OptionStation Search and possibly OptionStation Analysis, which you will find in 9.1 and earlier.
After typing the underlying of your choice in the top left, you are shown the option chains for the underlying (Figure
1). This is where you’ll first see the attention that Radziszewski has given to the details. For the second entry you see “May 11, 12 (100) Amer Weekly 6d 20h 22m left.” Translation: this option contract expires on May 11, 2012. It is an American option, as opposed to a European option (which can only be exercised on the day of expiration); it is a weekly option, and most weekly options actually last eight days (available to buy/short on Thursday and expiring on the following Friday). One example of an exception is the Russell index, which lasts seven days (Thursday through the following Thursday).