Brokerage platforms are great all-in-one tools for traders with integrated functionalities for all types of investment-related activities. However, those platforms are not explicitly designed for options traders, resulting in limited options analysis functionality.
That’s where the best options screeners come into play. They are designed to serve options traders with the best possible data and analysis features. Below we have listed our favorite screeners you can use to analyze options flow with state of the art options analysis tools.
Best Options Screener
- InsiderFinance – Best Options Data Analytics Tool
- BlackBoxStocks – Best Options Trading Community and App
- Market Chameleon – Best for Detailed Options Data Analysis
- TrendSpider – Best for Technical Analysis
- Benzinga Pro – Best All-In-One Trading Tool
- PowerX Optimizer – Best Options Scanner to Identify High Options Premium
InsiderFinance developed an effective web-based trading software focusing on dark pool activity and options flow analysis. Preset option screeners for categories like momentum plays and option sweeps make it easy to use for beginner investors. InsiderFinance is not limited to options screening. It also enables investors to analyze crypto, forex and stocks. High-quality unfiltered raw data feeds are the data pool with over 15 million options contracts and equity prints every day used for analysis purposes.
InsiderFinance created a proprietary method to pinpoint algorithmic-based trading ideas and a computerized technical analysis system to detect possible trade entries, but also profit targets and stop-loss price levels. This functionality is fully included in the subscription price, and users can easily connect a free TradingView account with InsiderFinance for even more technical analysis and trading system features.
In addition, InsiderFinance utilized the TradingView API and integrated functionalities for comprehensive technical analysis with charting, trading indicators, annotations like trendlines and more directly within the InsiderFinance tool. You can also join the free trading masterclass, where you learn how to use the platform step-by-step.
All paid plans provide subscribers with full access to all features and cost $75/month, $195 per quarter, or $660 annually.
Below, you find a special offer that saves you 25% on all plans, plus 20% extra with the promo code DAYTRADINGZ20.
BlackBoxStocks offers a powerful options screener with options trade alerts, options flow analysis, market news and a stock options heat map. The screener results include the time stamp of the trade alert, the stock symbol, expiration date, value, strike price, spot type, C/P, IV, and value.
Similar screeners are available to scan for unusual options activity, dark pool stock trades, and more. In addition, BlackBoxStocks also has a Discord chat room for traders where people talk about trading signals, options trading basics, stock market analysis and more.
BlackBoxStocks is an all-in-one combination of powerful trading tools and an active community for traders. Stock- and options screeners, trading education for options and stocks, financial market discussions in the chat room and weekly educational events make them an all-in-one solution for beginner traders.
BlackBoxStocks costs $99 per month or $959 per year.
3 .Market Chameleon
Stock and options traders utilize Market Chameleon’s screening and analysis features. The most popular options screener features are options activity, implied volatility, options contract volume, buy-write research, open interest analysis, and order flow sentiment.
Various options screeners, a dividend monitor, an earnings calendar, an options chain, and various web-based research tools are available. Here are some additional functionalities:
- Best option screener for covered calls and UOA
- Historical option chain values
- Dividend announcements and earnings release updates
- VWAP minute data and historical option price downloads via spreadsheet
- Block trade reports for options and trade reports
The total access package for $99 per month provides the best value with an incredible range of options screeners, stock research and data. Options Traders can also subscribe for $69 per month with options only feature access. A remarkable aspect is that subscribers can download multiple datasets to their devices for further analysis.
TrendSpider is primarily a visually appealing charting tool for technical analysts, but they recently included pre-defined options activity scans. In addition, TrendSpider monitors stock options and keeps track of block trades and option sweeps with the new Options Flow feature.
The Options Flow can be added as a widget to the analysis right beside the chart. It includes a heatmap, option prices, strike prices, expiration price per options contract, etc. Users can adjust the screener criteria and modify filters by using the slider controls using the mouse.
TrendSpider is an all-in-one solution for traders, where the options screener feature is only one of many. Extensive charting capabilities, a backtest engine, various screeners and user-defined trading alerts make the offer complete.
TrendSpider costs $149 per month, or $1,788 per year.13% Off on Monthly and 50% Off on Yearly Subscriptions
5. Benzinga Pro
Benzinga.com is one of the best platforms for free stock market news and research. They also offer a paid premium tool – Benzinga Pro.
The tool is primarily designed for stock traders since a wide variety of filters can be utilized to find the best match for your scanning criteria out of thousands of news per day. Options traders can use their signals tool to scan for stock option trading activities, large block trades, and also option sweeps within the signals tool feature.
An interesting feature is that users can see if an option order was executed at the bid, ask, or outside bid-ask. Similar to Black Box Stocks, Benzinga Pro comes with many different stock screeners, access to a big trading chat room and trading strategies education.
The entry plan Benzinga Basic only has delayed quotes and costs $27 per month. The premium subscriptions are Benzinga Essential for $197 per month and the Options Mentorship for $457 monthly. Annual payments reduce the price by 16%-17%. Additional discounts are available when starting with the free trial.65% Off
6. PowerX Optimizer
The PowerX Optimizer is a powerful options scanner developed by Rockwell Trading. The company was founded by Markus Heitkoetter and belonged to the top 10 independently rated trading platforms for profitability, consistency and low risk.
The tool currently has two main components.
The stock-options scanner The Wheel within the PowerX Optimizer was developed with the idea of helping traders collect high premiums by selling options. Usually, researching stock options with high options premiums, specific expiration dates, and strike prices are time intensive and requires a deep understanding of the options market. The Weel scanner helps traders find opportunities with high annualized ROI faster.
The identified options can be used for covered call options trading strategies and to collect options premiums considering the risk of getting assigned by becoming an owner of the underlying stock for a discounted price. There are various ways to use the scanner beneficially; the most important thing is knowing what you are doing. The daily live sessions, learning center, community and explainer videos help to understand everything in depth.
The options scanner settings are multi-fold, and a couple of nice features are integrated within the platform. For example, users can choose between different risk-reward ratios, see the historical performance per strategy and stock, compare options contracts and even connect a broker to the platform. New features are added continuously, and the web-based scanner works on any device.
There is also a second tool integrated within the PowerX Optimizer. It is the PowerX Analyzer, primarily designed for stock trading signals. The identified signals include a buy-to-open price, stop loss level, the number of shares, trading strategy historical performance, profit factor and win-ratio per stock ticker. The platform shows the chart and comes with various drawing tools, indicators and a list of all historical trades.
But The PowerX Analyzer system also identifies the best call and put options for each trade so that options traders use the signals to trade options instead of the underlying stock. The identified options are shown with bid and ask strike prices and price projections (stop loss and price target).
In addition, users can scan for various risk reward levels, financial markets and cryptocurrencies. The results can be shown for only long, short or both directions, and it is possible to define multiple scanner values.
The PowerX Optimizer lifetime license typically costs $3,997. There are no recurring fees.Lifetime Deal: 50% Off
Best Options Screener Conclusion
The TradingView options screener and Finviz options screener are great solutions for traders looking mainly for a stock screener, which has some basic stock options screener capabilities. Traders looking specifically scanning for options, including dark pool and unusual options activity, consider using one of the listed options screeners having their primary competence in options instead of stocks.
Using an options screener can move the needle in a favorable direction and having insights at hand that most traders don’t have can be beneficial. Still, the decision to use paid options screeners or free options screeners is essential.
Is It Worth It Using a Free Options Screener?
Free options screeners are often included in trading platforms from brokers like TD Ameritrade and E-Trade. However, those free integrated tools do not necessarily have the insightful features that specialized services and option screeners have.
Most of the tools mentioned in this list have a free version, a free trial or can be tested for a small fee. It is worth it to take the time to test one tool by the other to evaluate if the benefit created by using such a tool is meaningful enough to justify the associated expenses.
Remember that using free option screeners might sound good at first, but data quality plays an essential role in options trading. Using free tools offered by brokerages is most often okay, but entirely free platforms that do not monetize anything might not be able to provide high-quality data. That’s because data costs money, and exchanges charge a significant amount of money.
Therefore, it is okay to use entirely free web-based platforms to learn more about options trading. Still, a data quality evaluation is highly beneficial if the data should be used for live trading.
How Do I Screen for Options?
You screen for options by using an options screener, which scans the market in real time for the setups you are looking for. Be it unusual options volume, specific spreads, options strategies, or put call ratios – a screener can help.
First, you determine the investment objectives (e.g., stock options investing or active trading), and then you define your risk tolerance (e.g., $100 risk per trade). You educate yourself by learning all options market specifics, using fundamental and technical analysis to read charts correctly, developing an options trading strategy, and then using the options screener to scan for the specific options you want to trade. In a perfect world, you then import all your trades to an options trading journal to analyze the strengths and weaknesses of your strategies and improve further.