Option Hacker is a tool within the thinkorswim platform that helps you find options contracts based on your specifications. It works similar to Stock Hacker but for options.
With Option Hacker you can filter through options markets and see results instantly. It’s a quick way to narrow down the huge list of contracts out there.
Option Hacker lets you search for single options that fit your trading strategy. The interface is simple but powerful.
You can scan options across multiple stocks, apply filters and even save your searches for later. That’s a lot of flexibility.
Features
There are 7 main features for options scanning in Option Hacker. You can choose which symbols to include in your search and the tool gives you up to 25 different scan filters – stock data, options metrics, technical indicators, fundamental data.
The real-time pre-scan results show you instantly how changing your settings affects what you find. By default the tool shows only options that match your criteria which saves a lot of time.
You can save scan results as watchlists so you can keep an eye on them. You can also save and reload your scan queries whenever you want.
The alert function pings you when scan results change so you don’t miss out on market opportunities. That little nudge can be a lifesaver on a busy day.
Option Hacker works with thinkScript so advanced users can create custom scan filters. If you’re into spreads thinkorswim has a separate tool called Spread Hacker for multi-leg options strategies.
Costs
Option Hacker is included with the thinkorswim trading platform from TD Ameritrade, now part of Charles Schwab. If you have a TD Ameritrade account you get the platform for free – no extra subscription needed for Option Hacker or its scans.
You’ll need a funded brokerage account with TD Ameritrade or Charles Schwab to use thinkorswim and its tools. While trading options still has standard commission fees per contract the scanning tool itself doesn’t add any extra charges.
New traders can try out Option Hacker with the paperMoney virtual trading feature. This lets you test everything out without risking real money.
Summary
Option Hacker is a scanning tool for options traders on thinkorswim. It helps you find contracts that match your criteria from thousands of possibilities.The interface looks a lot like Stock Hacker but it’s tuned for options by default. You can scan by price, volatility, volume, technicals and fundamental data and the tool updates instantly as you adjust the filters.
Option Hacker lives inside thinkorswim’s suite of scanning tools. It works alongside Stock Hacker for equities and Spread Hacker for more complex strategies.
You don’t pay anything extra beyond having a funded brokerage account. Option Hacker really can make the whole process of finding trading opportunities in the options market a lot less overwhelming.
Pros and Cons
Pros:
- You can have up to 25 different filtering criteria so you can scan for options with precision.
- Results update in real time as you adjust your scan settings which is pretty cool.
Cons:
- It’s only for single options contracts. If you want multi-leg strategies you’ll need to use Spread Hacker instead.
- You’ll have to learn the thinkorswim interface and honestly it’s packed with features. That can be a bit overwhelming at first.