Stocks & Commodities V. 31:2 (49): Quick-Scan: OptionsXpress by Jayanthi Gopalakrishnan
Product Description
Quick-Scan: OptionsXpress by Jayanthi Gopalakrishnan
OPTIONSXPRESS
PO Box 2197 Chicago, IL 60690–2197
Internet: www.optionsxpress.com
Product: Broker
Phone: 888 280-8020 An in-depth and fair review of an online broker can only be done if you trade live with them for a while. You need to be aware of their execution speed, commissions, spreads, and ease of order entry, among other things. For a reviewer to trade live with several brokers is just about impossible, though, which is why you won’t find us reviewing brokers often. But every once in a while if we notice one that provides its customers some powerful trading tools, we think we should let our readers be at least aware of them.
OptionsXpress offers its account holders some tools that reduce some of the complexities involved with trading option strategies. I will not go into details about how much you need to open an account, what you can trade, costs, order entry, and so forth. You can find out more by visiting their website. My focus will be on the trading tools that OptionsXpress offers its customers. All these tools can be found under the Toolbox menu.
Screener
One of the first obstacles you face as a trader is deciding what to trade. OptionsXpress does have a screening tool that scans for stocks, options, covered calls, put selling, mutual funds, and exchange traded funds (ETFs) based on your choice of search criteria. Your options for filtering are limited to price range, average volume, price/earnings ratio, dividend percentage, historical volatility, sectors, and industry. There is not much in terms of screening based on purely technical indicators, which is what I would prefer to base my screens on. The chart patterns tool, which I will cover later, includes some technical chart patterns for screening.
OPTIONSXPRESS
PO Box 2197 Chicago, IL 60690–2197
Internet: www.optionsxpress.com
Product: Broker
Phone: 888 280-8020 An in-depth and fair review of an online broker can only be done if you trade live with them for a while. You need to be aware of their execution speed, commissions, spreads, and ease of order entry, among other things. For a reviewer to trade live with several brokers is just about impossible, though, which is why you won’t find us reviewing brokers often. But every once in a while if we notice one that provides its customers some powerful trading tools, we think we should let our readers be at least aware of them.
OptionsXpress offers its account holders some tools that reduce some of the complexities involved with trading option strategies. I will not go into details about how much you need to open an account, what you can trade, costs, order entry, and so forth. You can find out more by visiting their website. My focus will be on the trading tools that OptionsXpress offers its customers. All these tools can be found under the Toolbox menu.
Screener
One of the first obstacles you face as a trader is deciding what to trade. OptionsXpress does have a screening tool that scans for stocks, options, covered calls, put selling, mutual funds, and exchange traded funds (ETFs) based on your choice of search criteria. Your options for filtering are limited to price range, average volume, price/earnings ratio, dividend percentage, historical volatility, sectors, and industry. There is not much in terms of screening based on purely technical indicators, which is what I would prefer to base my screens on. The chart patterns tool, which I will cover later, includes some technical chart patterns for screening.
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