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Stocks & Commodities V. 26:5 (62-63): Product Review: PowerOptions by Jayanthi Gopalakrishnan
Stocks & Commodities V. 26:5 (62-63): Product Review: PowerOptions by Jayanthi Gopalakrishnan
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Product Review: PowerOptions by Jayanthi Gopalakrishnan
The advantage of trading options over anything else is that you have several different strategies that you can apply. But the downside of so many strategies is that you have a lot more to learn. So given that you have more than 3,300 optionable stocks, exchange traded funds (ETFs), and indexes, each with multiple strategies you can apply, how are you supposed to select the best ones to trade? To ease the process, Power Financial introduced PowerOptions, an online tool that can go through all your options based on your selected criteria and find the best ones for you.
HOW DOES IT WORK?
You can start immediately if you opt for the 14-day trial. You will receive a username and password. Once you sign in with this information you are ready to get started. Its web-based so theres no need to download anything. Your starting point is the home page (Figure 1) from where you can link to the quick start guide and user guide, both of which give you step-by-step instructions on how to use the site. There are three services offered: PowerOptions, the educational kit, and the advisory site. We will just focus on the PowerOptions product for this review.
On the home page you see several tabs along the top. These are mostly option strategies such as covered call, bull put credit, long call, naked put, bear call credit, and calendar call. The company supports 23 different option strategies. All you have to do is select one of these strategies to do your screening. My first search was based on the calendar call spread, and this spit out more than 400 results. I customized the search criteria by adding a few filters and ended up with 42 results (Figure 2). The patented technology behind the search is called SmartSearchXL. Adjacent to each result is an arrow from which you can link to more information about each of these stocks. From here you can link to your broker that is, if your broker is OptionsXpress. You can get stock charts, company information, profit/loss charts, option chains, and a handy option calculator. Selecting the profit/loss chart will display a risk-reward graph such as the one seen in Figure 3.
The advantage of trading options over anything else is that you have several different strategies that you can apply. But the downside of so many strategies is that you have a lot more to learn. So given that you have more than 3,300 optionable stocks, exchange traded funds (ETFs), and indexes, each with multiple strategies you can apply, how are you supposed to select the best ones to trade? To ease the process, Power Financial introduced PowerOptions, an online tool that can go through all your options based on your selected criteria and find the best ones for you.
HOW DOES IT WORK?
You can start immediately if you opt for the 14-day trial. You will receive a username and password. Once you sign in with this information you are ready to get started. Its web-based so theres no need to download anything. Your starting point is the home page (Figure 1) from where you can link to the quick start guide and user guide, both of which give you step-by-step instructions on how to use the site. There are three services offered: PowerOptions, the educational kit, and the advisory site. We will just focus on the PowerOptions product for this review.
On the home page you see several tabs along the top. These are mostly option strategies such as covered call, bull put credit, long call, naked put, bear call credit, and calendar call. The company supports 23 different option strategies. All you have to do is select one of these strategies to do your screening. My first search was based on the calendar call spread, and this spit out more than 400 results. I customized the search criteria by adding a few filters and ended up with 42 results (Figure 2). The patented technology behind the search is called SmartSearchXL. Adjacent to each result is an arrow from which you can link to more information about each of these stocks. From here you can link to your broker that is, if your broker is OptionsXpress. You can get stock charts, company information, profit/loss charts, option chains, and a handy option calculator. Selecting the profit/loss chart will display a risk-reward graph such as the one seen in Figure 3.
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