Posts Tagged ‘Best Options Trading Software’
Options trading software is the software used to do options trading automatically with least human intervention using various technical analysis tools. It consists of a set of instructions to create entry and exit points called signals based on the option and market conditions. A lot of softwares with various performances are created by different companies at different price ranges. These are designed for different markets and option structures with different trade objectives. It is because options market is a complicated and varied area where different traders have different objectives and needs. So it is difficult to define and find the best options trading software as the definition varies for each trader.
Charles Schwab, Option Express, Option House, Trade King, etc are some of the most popular options trading softwares that can be called best softwares in terms of efficiency, performance, accuracy and cost. But these have various differences among themselves. While one is perfect for a trader it would be unsuitable for the other. A trader can therefore select the suitable one for him depending on his needs and objectives and possible tradeoffs between the requirements. Each has their advantages and disadvantages. For example, Charles Schwab is a good trading package with various tools and applications for various aspects like valuation, pricing and accounting, but it lacks applications for Blackberry and iphone. Since most of the trading is done through the smart phones, this is a serious drawback. Option Express solves this problem, but has another drawback that they do not support foreign market or forex trade. Scottrade is the best options trading software for those who require fast trade execution within a few seconds. But it has the disadvantage of not supporting chat or virtual support facility.
So to select the best options trading software the trader should consider:
- your trading objectives
- your needs as a trader (with your strategy in mind)
- which market you are trading
- trading pattern analysis tools that you need based on your strategy