Option Omega

What it is

Option Omega is three web tools sold as tiers. Modeling draws the payoff of a multi-leg position in 2D or 3D with greeks, breakevens and maximum gain and loss, and lets you drag time, price and implied volatility. The backtester takes a strategy built from dropdowns — up to eight legs, strikes chosen by delta, premium or offset, entry filters on VIX, gaps, RSI, moving averages, opening-range breakouts and DIX/GEX, profit targets and stops — and replays it on recorded quotes. Automation runs a saved strategy live at a connected broker on the vendor's cloud, with no server or code of your own.

The selling point is that the same engine does the test and the trading, so the rule that traded is the rule you tested. The backtester also combines strategies into portfolios, sweeps parameters in an optimizer, and adds Monte Carlo runs, drawdown periods and VIX-regime tables in an analysis tab. Every backtest can be shared through a live read-only link, and the trade log exports to CSV.

Nothing here selects a trade for you. The vendor sells no signals and states that it is not a broker-dealer and gives no investment advice; the strategy library is sixteen templates of structures — condors, spreads, flies — to start a build from.

Pricing

The pricing page opens on annual billing. Month to month: Lite $29.99 (modeling only), Essential $99.99 (backtesting), Plus $129.99 (both), Premium $299.99 (both plus live automation). Annual billing brings them to $24.99, $49.99, $74.99 and $249.99 a month — half price on Essential, far less of a discount on Premium. Daily limits are the real difference between Essential and Premium: 1,000 backtests and ten optimizer runs of 50 tests on Essential and Plus, against 4,000 and 250 runs of 500 on Premium.

Two broker offers sit on Premium. A tastytrade customer with at least $10,000 linked who has traded there in the last 30 days gets $100 off each month on monthly billing. A TradeStation customer with at least $25,000 who routes at least 75% of live automated trades there has the monthly Premium paid by TradeStation, and those trades carry TradeStation's special pricing — no commission on equity and options, $0.75 a contract on index options.

Trials: 7 days on Lite, Essential and Plus and 14 on Premium, per the FAQ, limited to the last three calendar years of data and 250 backtests. The documentation disagrees with itself: its tiers page says in prose that Premium has no trial while its own table marks a trial on all four tiers, and its free-trial page calls every trial, Premium included, a 7-day one.

Data & coverage

Recorded bid/ask at 1-minute resolution for regular hours (the first data point is 9:32 ET) from 1 January 2013, refreshed overnight. No extended hours. Fills default to the mid, with slippage and per-contract commission as settings; SPX and SPY 0DTE stops can be checked against per-second prices. Modeling uses Black-Scholes with implied volatility from the same vendor, which Option Omega does not name. The pricing page and FAQ list twelve underlyings for testing and trading — SPX, SPY, QQQ, IWM, AAPL, MSFT, AMZN, NVDA, TSLA, TLT, GLD, IBIT — plus XSP for live trading only, because the vendor considers it too illiquid to model. The documentation's backtest-setup page, read on 24 October 2026, lists the same set without IBIT; the vendor's pages disagree, and nothing on them says IBIT is live-only.

Integrations

Live automation connects to tastytrade, Tradier, Schwab and TradeStation — one login per broker, unlimited sub-accounts, up to 100 opening executions a day across all strategies, with entries of up to four legs. Time spreads run live too: the automation FAQ sets out how calendars and diagonals are handled at the near-dated expiration. On Premium, an incoming webhook from TradingView or any service that can POST JSON can replace a strategy's entry criteria or add an exit trigger. The MCP server at a fixed address on Option Omega's domain lets Claude, ChatGPT or another MCP client run backtests and optimizations for you, from Essential up.

Limitations

• Eleven or twelve underlyings, depending on whether the pricing page (with IBIT) or the documentation (without) is current. If the strategy is on anything else, there is nothing to test it on.
• A live calendar can leave a leg behind. When the near-dated short of a long calendar expires out of the money, the far-dated long stays open at the broker and Automation stops tracking it; at or in the money, the whole spread is closed at 3:59 pm ET. Leg groups or an early exit avoid the orphaned leg.
• No paper trading. Automation is live-only; the vendor recommends its bootcamp and Discord instead.
• Regular hours only, and the first two minutes of the session are skipped — the first data point used is 9:32.
• The data vendor is unnamed. Greeks and quotes come from a market-data vendor the pages do not identify.
• Extreme days fill badly in the test. The FAQ names Volmageddon, March 2020 and the 2024 yen unwind as dates with abnormal spreads and fills — real, but they move the results.
• No public API. The MCP server reaches backtests only, and the webhook only triggers a strategy that already exists.

Alternatives

Option Alpha is the closest product: no-code options bots run in the cloud through your own broker. OptionNet Explorer is a Windows options backtester that replays positions on 5-minute history. OptionStrat covers the modeling half alone. For rules on stocks or futures, the rest of no-code strategy builders apply.