Interactive Brokers includes Option Market Scanners in their Trader Workstation (TWS) platform. These scanners help traders spot options with specific traits, like high volume or unusual volatility.
You can set up custom filters and displays to monitor option activity across different markets. It’s a flexible tool, so you’re not just stuck with the basics.
Features
Option Market Scanners in the TWS platform pack a handful of useful features:
- Custom Scan Creation: Build your own scans using criteria that matter to you. Pick exchanges, sectors, and industries to narrow things down.
- Option-Specific Data Points: The scanner keeps tabs on several option metrics, including:
- Current and average option volume
- Open interest
- Put/call ratios
- Implied volatility
- Comparisons to historical volatility
- Flexible Display Options: See your results in a bunch of ways, like:
- Plain numbers
- Line charts for spotting trends
- Bar graphs to compare volumes
- Gradient displays for put/call ratios
- Predefined Scanners: You’ll find ready-made templates such as “High Option Volume” and “High IV vs HV” for quick scans.
- Ranking and Filtering: Sort results by any metric, high to low or the other way around. Filter to see only entries that hit your thresholds.
- Saved Scans Library: Save your custom scanners for later. Over time, you can build a solid library of your favorites.
Costs
Interactive Brokers doesn’t break out separate pricing for Option Market Scanners. The tool comes with the standard TWS platform for account holders.
They use a commission-based model for trading, not for individual platform features. You won’t find hidden scanner fees here.
When you trade options on Interactive Brokers, you’ll usually pay:
- Commission charges for each leg of your option trades
- No extra fees to use the scanners
- Multiple-leg strategies mean multiple commissions
Check the Interactive Brokers fee schedule for the details on option trading costs. It can depend on your account type and trading volume.
Pros and Cons
Pros:
- You can tweak the interface a lot, with plenty of ways to see your data.
- It covers a wide range of option metrics like volume, volatility, and open interest, so you get a pretty full picture.
Cons:
- If you’re new to options, expect a tough learning curve. The terminology alone might throw you for a loop at first.
- Filtering for earnings events or other fundamentals feels a bit limited, which can be frustrating.