OptionStrat

What it is

OptionStrat is three option tools behind one login, on the web and in iOS and Android apps that share the subscription. None of them hands you raw data, which is why it sits here beside Market Chameleon rather than beside the tape vendors.

The strategy builder is the flagship: pick a ticker, expiry and strikes, or one of 50-odd templates, and it draws profit and loss across price and time, with an implied volatility slider, custom cost basis for a trade already on, and net greeks on paid plans.

The optimizer takes a target price and date that you enter, plus an optional budget, and searches the chain for the trades that maximise return or chance of profit at that target, or a point you set between the two.

The flow feed consolidates option prints into orders, labels them single, sweep, split or block, reassembles multi-leg structures, and tags each with a sentiment. News, congressional and Form 4 insider feeds sit in the same screen.

Pricing

Two paid plans, and the higher one contains the lower. Live Tools, $39.99 a month, takes the delay off the builder and optimizer. Live Flow, $99.99, adds the undelayed flow feed, saved filters with browser and push alerts, historical flow search, and the news, congress and insider feeds. Annual billing ($419.99 and $999.99) saves about 12% and 17%.

The 7-day trial is one per customer. There are no refunds, full or partial; cancelling stops the next charge and the plan runs to the end of the cycle. A subscription bought in the iOS or Android app can only be managed from that app store account.

Data & coverage

Option prices come from OPRA, which the vendor is licensed to receive, so the chain is the full US listed-options market. CME futures options such as /ES and /NQ are in both the builder and the flow, but they are 15-minute delayed on every plan because of licensing. US underlyings only.

The free flow feed is 15 minutes behind and shows about a tenth of it. Historical flow is a paid feature; no page states how many days back it reaches. Congressional trades arrive when they are disclosed, which the law allows to be up to 45 days after the trade.

Integrations

None outward. No API, no webhooks, no broker connection, and orders cannot be placed from it. The one export is saved trades to an .xlsx file, paid plans only, up to 1,000 trades per file. Saved trades can be closed to record realized and unrealized gain, which is the extent of the paper trading. A flow item or an optimizer result opens in the builder.

Limitations

• Professionals cannot buy live data. Anyone OPRA classifies as a professional subscriber is refused it outright; the vendor lists a notional $30 a month surcharge only as interest it is collecting.
• The optimizer's output is a ranked list of option trades, each with its return at your target, chance of profit, maximum risk and expiry P&L curve. The target is yours; the sentiment buttons only preset it to one or two implied moves away. Illiquid strikes, low open interest and options at 5 cents or under are excluded, and chance of profit derives from the implied move.
• Calculations hold implied volatility constant unless you move the slider, and ignore earnings and dividends even when the chart marks them.
• Flow sentiment is the vendor's inference from side, price against the bid and ask, and structure. Whether a print opens or closes a position is not published by the market, and only a trade larger than volume plus open interest is known to be opening. The summary page ranks tickers by a proprietary score, and each flow item includes a panel sizing the same order down to the smallest amount that would replicate it.
• The vendor also publishes weekly trade-idea videos and a blog of market commentary, which are not part of the tools above.
• No redistribution. The terms forbid passing on any pricing data, and forbid scraping.

Alternatives

Unusual Whales sells the same kind of flow feed with an API behind it. Market Chameleon is the delayed-only strategy screener, strongest on earnings history. ORATS sells the volatility surface as data for your own code. The rest are in market data APIs.