SamoaSky

OptionsOracle
Quick Start Guide version 1.09

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1. Overview
This guide is designed to help you get started using OptionsOracle, selecting the stock,
building strategies and examining the performance of the strategies.

Stock Quote
And
Options Chain
Data

Investment
Strategy
Under Test

Summary of
Strategy
Performance
Results

OptionsOracle main window is divided into three areas –

1. Stock Quote and Options-Chain Data. The stock-quote and options-chain section
allows you to select the under-test stock symbol/name and download the stock quote
and options-chain data.

The options-chain table view can be filtered using the following filters:

 Type: Call and Put.

 Money Status: ITM (in-the-money), OTM (out-of-the-money) and ATM
(at-the-money, which covers options with strike price at
distance of ±1% from current stock price).
 Expiration Date.

2. Investment Strategy under Test. The investment strategy section gives you the
ability to build your under-test strategy by adding options and stock positions. From
this section you can also control the strategy start-date (by default today) and the end-
date (by default the furthest expiration date).

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3. Summary of Strategy Performance Result. The strategy performance summary
section provides information about the strategy performance given future stock prices
at the specified end-date.

2. Building and Testing Strategy

Step 1 – Starting New

A. Click the New button to start a new strategy test.

B. Enter the stock symbol or name into the Stock/Name

text-box.

C. Click Update to download the stock-quote and options-

chain from the online servers. After you click the
Update button a “Downloading Stock Data…” message
will appear. While this message appears OptionsOracle
downloads the latest stock-quote and options-chain data.

Note that although usually the download process takes

~15 seconds, on some servers the download process can
take up to 2 minutes.

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Step 2 – Review the Stock Data

After the download operation is completed. The latest stock quote and options-chain data
will appear in the upper section of the window.

A
B

A. The stock quote (A) shows the latest quote stock with the following fields –

 Last Update: Last time the quote was updated.

 Last Price: Stock latest price.
 Change: Daily change in stock-price in value (and percentage).
 Bid / Ask: Stock current bid / ask prices.
 Volume: Daily volume.
 Imp / His %: Implied and historical volatility in percentage.

Implied volatility is calculated as the weighted average implied volatility of all the
stock’s options.

Historical volatility is available only on the US dynamic servers, and should be enabled
from the configuration window prior to download in order to appear.

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B. The options chain data (B) shows the latest options information (by default all
available options will appear in table) with the following fields –

 Type: Options type (either “Call” or “Put”).

 Strike: Strike price.
 Expiration: Expiration date.
 Symbol: Stock exchange symbol for the option-contract.
 Last: Last price the option was sold.
 Change: Last change in option price.
 Bid / Ask: Options bid / ask prices.
 TimeValue: Time value of options (this field is calculated based on the
latest stock price and the current option bid / ask prices).
 Volume: Daily volume of option (in number of contacts).
 OpenInt: Number of currently open contacts.

NEW in v1.09 When GRK is selected, the options Greek information will also appear –

 ImpV: Option Implied Volatility.

 ITM Prob: The probability that the options will be in-the-money at the
expiration date (base on current stock-price and ImpV).
 Delta: Delta represents by how much the option price changes
relative to a movement of the stock price by 1.
 Gamma: Gamma represents by how much the Delta changes
relative to a movement of the stock price by 1.
 Theta: Theta represents by how the option price changes relative
to time change of one day.
 Vega: Vega represents by how much the option price changes
relative to movement of volatility by 1 %.

C. The filters section (C) provides the ability to customize the options view by selecting
the option type, the option “the-money” status, and the expiration months.

After the stock-data is downloaded for the first time the Update button changes to
Refresh button. Click the Refresh button at any time to refresh the quote information.

To enable automatic periodic refresh of the stock data click the No Auto button. The
periodic refresh will happen every period, specified from the configuration window.
Click this button again to stop the automatic refresh.

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TIP: You can open the stock web-page at Yahoo / MSN by bringing the mouse over the
stock name, Clicking the right button, and selecting Yahoo / MSN from the drop menu.

Step 3 – Strategy Table

OptionsOracle provides you the ability to select a strategy from the pre-configured
templates, or build your own strategy by setting up all the positions that constructs it.

What is a “Position”?

A position is a single transaction that includes selling (short) or buying (long) an

asset (stock, call-option contract or put-option contract).

Examples -

a. Long Stock Position: Buy 100 stocks NVDA (Nvidia Corporation).

b. Short Call Position: Sell 1 call contract of Nvidia 40.00 @ Jan-2008

What is “Strategy”?

A strategy is a combination of one or more positions. For example, by combining

the two above positions a Covered-Call strategy is established.

The strategy setup section in OptionsOracle is located at the middle of the main window.
This section has four areas –

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A. The Strategy Table. The strategy table lists all the positions that constructs the
strategy for each position the following information is shown:

 Type: Position type (short/long stock/call/put).

 Strike: Strike price of the call/put option position. This field is not
available for stock positions.
 Expiration: Expiration date of the call/put option position. This field is
not available for stock positions.
 Symbol: Stock exchange symbol for the stock/option-contract.
 Quantity: For stock positions this field shows the number of stocks.
For call/put option positions this fields shows the number
of contracts (in the US each contact is usually one hundred
options).
 Price: For stock positions this field is the price of the stock (by
default the last stock price). For options positions this field
is the price of one option in the contract (by default the
ask/bid option price depends if the position is long/short).
 Volatility %: The volatility that is used to calculate the call/put option
time decay (by default the weighted implied volatility of
the stock is used). This field is not available for stock
positions.
 Commission: Commission that you need to pay to open or close this

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position.
 Margin: Margin required for this position (the margin is calculated
based on the margin rules specified from the configuration
window). Note that the margin of the position also
depends on other position, since covered positions usually
requires different margin from naked positions.
 MktValue: Total Market Value. The total market value is the number
[Read-Only] of stocks multiply by the open stock-price, or the number
of options (contacts x number of options-per-contacts)
multiply by the open option-price.
 Investment: Investment. The total cash investment (including
[Read-Only] collateral) required from your side (debit) for this position.
For long positions the investment is equal to the margin.
For short positions the investment is the margin plus the
market value (proceeds).

B. Position Info Table. The position info table shows additional information on the
selected position in the strategy table (click position to select it). For options
position the info table shows the option Greeks:

 Interest: Interest paid for this position for the duration of the
strategy.
 ImVolatility: Option implied volatility.
 Delta: Delta represents by how much the option price changes
relative to a movement of the stock price by 1.
 Gamma: Gamma represents by how much the Delta changes
relative to a movement of the stock price by 1.
 Theta: Theta represents by how the option price changes relative
to time change of one day.
 Vega: Vega represents by how much the option price changes
relative to movement of volatility by 1 %.

C. End/Start Date. Specify the strategy start and end dates. By default the start-date
is today, and the end-date is the last expiration date in your strategy.

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Step 4 – Build a Strategy

BUILD YOUR OWN STRATEGY

The easiest way to add stock/options position to the strategy table is by dragging-and-
dropping the stock-symbol or the specific option from the options-table to the strategy-
table.

Drag & Drop Drag & Drop

Stock Position Option Position

TIP: by default when you drag-and-drop position, a long position will be added to the
strategy table. If you want to add short positions hold the Shift key while you do the
drag-and-drop.

How do I “drag-and-drop”? To drag-and-drop an object move the mouse over the

dragged object, Click the left-button, move the mouse to the dropped area (while keeping
left-button Clicked!), release the mouse button.

Let’s build a covered call strategy -

A. Add a long-stock position to the strategy table, by moving the mouse on the stock
symbol (A), dragging it to the strategy table, and dropping it.

B. Select a call option from the options-table (B), and drag-and-drop it to the strategy
table. Hold the Shift key while you drag-and-drop.

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By now, your strategy table should look something like –

SELECT FROM PRE-CONFIGURED STRATEGIES

Alternatively to building your strategy from scratch by adding positions you can build a
strategy using the pre-configured strategy templates.

To add strategy using the templates click the Add Strategy button, located below the
strategy table. The template selection window will appear –

Select one of the strategies from the list and Click Select button. The strategy will appear
in the strategy table.
After you selected the strategy you will need to modify the positions to use the specific
options you want to use.

Step 5 – Modify your Strategy

After you selected a position (or used the strategy template to select on automatically)
you can modify each position fields. In general, you can modify each field with black
background (all except “Mkt Value” and “Investment”).

MODIFY POSITION TYPE, STRIKE, EXPIRATION OR SYMBOL

The position type-fields can be modified to other fields from the available options chain
and stock data. To change a field (let say the expiration follow the following steps -

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A. Move the mouse over the cell and click

the left mouse. Cell will be highlighted.

B. Click the left mouse button again to go

into edit-mode. Combo box drop-down
will appear in cell.

C. Click the combo-box drop-down to open

combo-box. Select new field. Combo-box
will be closed.

MODIFY POSITION QUANTITY

The position quantity can be modified to any integer value. To change the quantity
simple, click the cell one time to select it, click it again to get into edit mode, and enter
your quantity.

TIP: To increase the quantity by “100” for stock positions and by “1” for options
position you can simple double-click the quantity cell. Try It.
MODIFY POSITION PRICE, COMMISSION OR VOLATILITY
The position price, commission and volatility, are usually set automatically by
OptionsOracle based on the latest stock quote/option-chain data, and your configuration
(configured from the config-window). However, OptionsOracle provides you the ability
to change these fields manually.

Once you change one of these fields its status changes to FREEZE. This means that
OptionsOracle will not modify this field automatically, and even if for example to refresh
the quote the price will not be changed. When the field is in freeze state it colored blue.

A. Price field is not frozen.

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B. After the price was manually changed to

“0.50” its state changed to frozen, and its
colored blue.

C. To unfreeze a frozen cell, click the right

button mouse and from the drop-down
menu select “Unfreeze …”

D. To freeze a cell without changing the

value, click the right button mouse and
select “Freeze …”

MODIFY POSITION MARGIN

Margin can be set manually to overwrite OptionsOracle automatic margin calculation.
However when you set margin manually OptionsOracle will not use the frozen margin
position in its calculation for other positions margin.

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Step 6 – Examine your Strategy Performance
Strategy investment summery and performance indexes are displayed in the summery
table located at the lower right of the main window (A).

CRITERIA IN STRATEGY SUMMERY TABLE

In the summery table you can see the following information -

 Net Investment: The total cash investment (including collateral) required

from your side (debit) for this strategy.
 Interest Paid: Interest paid by you to your broker for borrowed money in
margin positions.
 Max Profit Maximum profit potential in this strategy at the end-date
Potential: (given any possible movement of the stock price).
 Max Loss Risk: Maximum loss risk in this strategy at the end-date (given
any possible movement of the stock price).
 Lower / Upper Lower/Upper protection appears only if the strategy has
Protection: positive profit with the current stock price, and shows the
lower/upper stock price in which the strategy breaks-even
at the end-date.

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 Lower / Upper Lower/Upper protection appears only if the strategy has
Breakeven: negative profit with the current stock price, and shows the
lower/upper stock price in which the strategy breaks-even
at the end-date.
 Return if Strategy profit at the end-date if the stock price does not
Unchanged: change.
 Return if Strikes Strategy profit at the end-date if the stock price reaches the
@ ##.## strike price ##.##
 Expected Return Expected Return (Expected-Return) shows the Expected
Return for stock-price. This value is calculated by the
integral on the probability of the stock (given the
volatility) to reach a price X multiply by the return of the
strategy at price X, for every possible X.
-
This value can be used as an index to compare strategies,
and determine which strategy has higher probability of
resulting with profit (the higher the expected-return the
better).
NEW in v1.09  Return At Return At Target shows the strategy return at the specified
Target stock target-price. The target-price can be modified from
the result table in similar way to how parameters are set in
the strategy-table.
 Total Delta Total Delta represents by how much the strategy return
changes relative to a movement of the stock price by 1.
 Total Gamma Total Gamma represents by how much the Total Delta
changes relative to a movement of the stock price by 1.
 Total Theta Total Theta represents by how the strategy return changes
[day] relative to time change of one day.
 Total Vega [% Total Vega represents by how much the strategy return
Volatility] changes relative to movement of volatility by 1 %.

Note: The Expected-Return and Total-Greeks criteria do not appear in the default view.
To add the criteria to the view, you need to change the strategy summery view
configuration from the config-window.

PER-CRITERIA INFORMATION
For each criteria the following parameters are provided -

 Price: Stock price relevant to the criteria.

 Change: Change in stock price relevant to the criteria.

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 Prob: Probability of the stock to cross the specific stock-price by
the end-date.
 Total: Total value (investment, interest, return or Greek)
 Total %: Total return in % relative to total net investment.
 Total 1Mo %: Total return in % calibrated to one month return.

Cell value can be changed

to desired target-price.

CHANGING YOUR DEFAULT SUMMERY VIEW

By default some of the criteria are not visible in the strategy summery table. You can
modify the view (add/remove criteria and change the order of the criteria) using the
summery control from the configuration window.

A. Click the Config button on the main-

window to open the configuration
window.

B. Select Strategy from tabs.

C. Select Expected-Return from the

available criteria and click the Add
button.

D. Click Save.

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Step 7 – View the Strategy Performance Graph

Another very useful way to check your strategy performance as function of stock-price,
end-date and volatility is using the graph feature of OptionsOracle.

Click the Graph button to open the graph window –

D B

By default when the graph window is open the total strategy performance by stock-price
graph appears in light-blue (A), and the light-blue rectangle, marks the current stock
price.

In addition to the graph itself, the vertical dotted red line indicates the position of the
marker. By moving the mouse over the graph the marker will follow the mouse location.
You can also saw in detailed the marker actual position on the bottom of the graph (B).
The information provided in this line includes the stock-price, relative change of stock-
price, the return and return in % of investment, and the probability of the stock to cross
this point (log probability, given the stock volatility).

The Auto-Scale button located at (C) provides the ability to reset the scale of the graph
back to default at any point.

If you would like to see the graphs of all the positions that construct the strategy click the
Show-Total button (D) to change its state to Show-All. Try It -

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F
E
G

The mode selection (E) allows you to change the graph mode between the following –

A. Profit/Loss vs. Stock-Price. In this mode you will be able to change the strategy
volatility (F) and end-date (G) to specific values, and check the return as function
of stock-price.

B. Profit/Loss vs. Volatility. In this mode you will be able the change the stock-price
(F) and end-date (G) to specific values, and check the return as function of stock-
volatility.

C. Profit/Loss vs. End-Date. In this mode you will be able the change the volatility
(F) and stock-price (G) to specific values, and check the return as function of end-
date.

ZOOM IN/OUT
Before you zoom in/out you must select the graph control by clicking anywhere on the
black area of the graph.

After you clicked on the graph press the Page-Up key to zoom-out, or Page-Dn key to
zoom-in. To zoom in into a specific rectangle area, move the mouse to the upper left
corner, click the mouse left-button, move the mouse to the lower right corner (while
keeping the mouse button pressed) and release the mouse button.

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MOVE GRAPH UP/DOWN/LEFT/RIGHT
Before you move the graph you must select the graph control by clicking anywhere on
the black area of the graph.

After you clicked on the graph press the Arrow keys to move the graph up, down and to
the sides. To move the graph using the mouse click the mouse middle-button, move the
mouse (while keeping the mouse button pressed) and release the mouse button.

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3. Optimizing Strategy Using the Wizard

OptionsOracle wizard is an options screener tool that provides the ability to evaluate a
build-in or customized strategy using all possible options combinations from list of
stocks. At the end the wizard generates a list of potential trading options with their result
criteria.

Step 1 – Select Stocks List

To open OptionsOracle wizard press the Wizard button on the main-window. The wizard
window will be opened.

The first set in using the wizard is specifying the list of stock-symbols that you which you
test. You can either enter the list of stocks manually, or load it from a file. OptionsOracle
support two text file formats: comma-separated list or line-by-line list

Note: You can enter as many stocks-symbol as you want, however in order to avoid
excessive downloading of stock-data from the public servers, each download session is
limited to 25 stocks.

A. Enter the stock symbols into the Stock List text-box (A).

B. Click Next to continue (B).

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Step 2 – Select/Build Strategy

After you have selected a list of stocks to scan, you need to specify the strategy that you
would like to test. You can either select a strategy from a pre-configured strategy (A), or
build your own strategy by adding entries to the strategy-rule table (B).

If you choose to build your own strategy or modify a pre-configured strategy you can
save (C) the strategy rules, so you will be able to load them next time.

In addition to the strategy rules you can also specify two additional parameters –

 End-Date: Select “Auto” to let the wizard automatically assigns end-

date for each strategy under-test (the first expiration-date).
If you would like to overwrite the wizard selection you can
specify an absolute date (“Manual”) or expiration-date of
other position in the strategy (rather the first one).

 Investment-Size: Select “Fix Total” to instruct the wizard to automatically

adapt the strategy quantities to bring the total investment
to a fixed value. This option is recommended when you
want to compare strategies from different stocks.

Select “Fix Quantities” to instruct the wizard to keep the

quantities specified in the strategy as they are.
To Continue -

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A. Select a “Ratio Covered Call” strategy from the Pre-Configured Strategy
combo-box.

B. Select Investment-Size to “Fix Total” and Total of 2500.

C. Click Next button to continue (D).

Step 3 – Setup Options Selection Filters

After you have selected the strategy that you would like to test, you can specify filters to
narrow the search to more specific options / stocks.

The wizard provides the following filters –

 Expiration date Instructs the wizard to check only options with expiration-
range: date within the specified range.
 ITM strike price Instructs the wizard to check only options with ITM strike
range: prices within the specified range. Use range 0-to-0 to
filter-out ITM options. Note the usage of this filter does
not filters-out OTM options.
 OTM strike Instructs the wizard to check only options with OTM strike
price range: prices within the specified range. Use range 0-to-0 to
filter-out ITM options. Note the usage of this filter does
not filters-out OTM options.
 Minimum Open Instructs the wizard to check only options with minimum

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Interest: open interest as specified.
 Stock Implied Instructs the wizard to check only options from stock with
Volatility: average implied volatility within range.
 Stock Historical Instructs the wizard to check only options from stock with
Volatility: historical volatility within range.
 Stock IV/HV Instructs the wizard to check only options from stock with
Ratio: implied-volatility to historical-volatility within range.

After you have setup the filters to narrow your search to a specific target click the Next
button to continue to the download window.

Step 4 – Download Stock Data

The next step in using the wizard is downloading-the-stocks data. During this step the
Wizard will download stocks data (last quote and options-chain) and will save it the local
database (so you can run additional tests on the stocks-list without re-downloading their
data).

C
A

This window is simple. On the right side (C) you will see a list of all the stocks you
specified, with their database status.

Before starting the download you need to select the download methods (C). There are
three possible methods –

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1. Download data for all stock – download all stocks data even if the stock-data is
currently available in the local database.

2. Download data only for stocks that are not in database – download all stocks that
are not currently in database (no matter how old is the stock data in the local
database).

3. Download data from stocks that are not in database or with data older than XX
days – download all stocks which were not updated in the last XX days.

Note: Each download session is limited to 25 stocks (why there is a limit? because the
servers are public, and downloading hundreds of stocks data in very short period of time
may classify your computer IP address as an offending IP address).

Due to the limit if you would like to check for example 50 stocks you will have to select
the third download-method click download to download the first 25 stocks, and when it
finishes click again on download to download the other 25 stocks.

To continue click the Start-Download button -

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Step 5 – Analysis Stocks Data

At this step the wizard will process the stocks-data and try to find the best combinations.
After the processing is completed the wizard will show all the possible combinations with
positive possible-profit (i.e. strategies that are all-loss will be filtered out).

To continue click the Start-Analysis button -

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Step 6 – Review Results

When the analysis process is completed the wizard will automatically move to the results
window.

In the result window you will see a table of all the strategies (A) that were tested and
produce a positive potential profit (i.e., Max-Profit-Potential > 0) -

B
C

The strategies table includes the criteria summery columns which are similar to the ones
that appear in the summery table (main window). You can sort the table by clicking on
the column header you wish to use as sort index.

To check a strategy positions (what are the positions that consists this strategy) select the
strategy by clicking on its row (it will be highlighted), and view the strategy details on
the text-box located below the table (B).

To close the wizard and move a selected strategy to the main window, select the strategy,
and click the To-Strategy-Table (D) button.

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NEW in v1.09 4. Volatility Calculator

The volatility calculator is a tool that provides the ability to analyze the historical
volatility of an option compared to its actual implied volatility for similar time periods.

Note: The volatility calculator is not supported by all non-US options-stock exchanges.

Click the Volatility-Calc button to open the volatility-calculator window –

Upon opening the volatility calculator will automatically download the stock historical
data, and present the results with two separate graphs: historical prices graph, and
volatility graph.

The Stock historical prices (A) graph shows the stock daily open-close-low-high prices
during the last two years. This is a simple graph that is self explanatory.

The Stock volatility (B) graph shows the historical volatility calculated for different time
periods, and the implied volatility of all the options, positioned relative to their time to
expiration.

The historical volatility information is shown by seven curves –

 Mean: Mean historical-volatility for the time-period, over the last

year.

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 1-Std/2-Std: Mean historical volatility ±1/2 standard-deviation.
 Low: Lowest historical-volatility for the time-period, during the
last year.
 High: Highest historical-volatility for the time-period, during the
last year.

The options implied volatility appears on the graph with diamond shaped markers. Put
options are marked with green diamonds (♦) while Call options are marked with red
diamonds (♦).

To identify an option behind a marker, move the mouse near the marker. The diamond
marker will change its color to yellow (♦) and the selected-option information will appear
on the bottom of the graph in addition to the historical-volatility information –

By comparing the implied-volatility of an option to the historical-volatility for similar

time-period you can determine whether an option is over-priced or under-priced. Note
that you should always check if options are over-priced/under-price due to special
circumstances or known future events regarding the underlying stock.

Note: You can modify which algorithm is used to calculate the historical volatility, by
changing the configuration from the configuration-window (volatility tab).

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5. Greek Calculator
The Greek calculator is a generic options-pricing calculator that provides the ability to
estimate option price and Greek value in different scenarios.

Click the Greek-Calc button to open the Greek-calculator window –

A. Select option for the options-table (A) to quickly populate the options parameters
with the specific option parameters.

B. Modify the parameters you wish to test (such as stock price, interest-rate,
volatility, etc.)

C. Click the C button (B) next to the parameter you wish to resolve (calculate from
the other values).

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6. Setup your Private Settings

Before you start using OptionsOracle, we suggest that you open the configuration
window (by clicking the Config button), and customize OptionsOracle behavior to your
preferred configuration.

The configuration window allows you to control the following –

A. General calculation guidelines (whether OptionsOracle will use last-prices or

ask/bid prices).

B. Online Server Control. By default OptionsOracle connects to the US server. If

you would like to work with stocks from different location (such as Canada,
India, Australia or Europe) you should change the Preferred Online Server
accordingly.

It is highly recommended to use the dynamic-servers and not the static-servers,

since the dynamic servers provide more features and are more robust. However if
you have communication problem with the dynamic servers, you can try working
with the static ones.

C. Commissions and Interest Rate. Setup your broker account commissions and
interest rates.

D. Margin account configuration. Setup your broker margin account configuration.

By default the account is set to CBOE default margin account. Note that you must
use margin account (and not cash account) in order to have short positions in your
strategy.

E. Volatility. Configures how OptionsOracle use volatility in its calculation, and

whether it should download historical volatility (if available).

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7. Save / Load Strategy
OptionsOracle provides you the ability to save and load strategies. This feature is
especially useful when you open a real-life strategy and want to use OptionsOracle to
check its current performance, and if needed what follow-up actions you can take.

To save a strategy, simply click the Save button.

To load a pre-saved strategy, click the Load button, and select the strategy to load. After
you have selected the strategy you might get the following message –

With the above question, OptionsOracle asks you if you would like to freeze the positions
prices, commissions in the strategy table, as well as the start/end dates. If you press “Yes”
the prices will be frozen and would not change even if you refresh the quote. Again this is
useful if you are loading a strategy that you wish to check its current performance.

8. Contact Us
If you have any question, problem or would like to tell us how to make OptionsOracle
better please click the Contact-Us button, fill the form and click Send! If you are
reporting a problem, it will help us if you choose to attach the Database and
Configuration in your submission.

Enjoy!

OptionsOracle Quick Start Guide 30