Find, monitor & follow the largest order flows in the options market across all stocks with the highest daily volumes compared to open interest using Optionsonar.
If you want to make it as an options trader, it is crucial that you find a convenient way of tracking and monitoring market activity. Not only will this help you stay ahead of the game, but it will also ensure you never get scammed in the unpredictable world of options.
So which platform can help you out? There are several that claim to be the best, but as we scoured the internet, we discovered Optionssonar which is claimed to be effective and accurate.
We took a closer look at it and here’s our detailed analysis of its key features, potential benefits as well as potential weaknesses. Have a read.
This is a platform that monitors unusual options activity and tracks how traders view the market through options. This would give you an edge in the market and boost your chances of making significant profits in your trades.
It is packed with various tools such as scanners and charts, all of which aim to put actionable trading information at your fingertips.
However, it is not the cheapest platform in the market, and that is why you should only go for it if you are prepared to do a lot of legwork for safe trading based on the data that the service provides.
Let’s now look at what this program has to offer.
Key Features of the Program
At this point, we shall analyze the unique features of this service that are meant to help options traders make it big in their venture.
Here is our discussion.
There are two types of scanners that you will find on this platform:
- Options activity scanners
- Order scanners
Let’s look at both scanners separately.
Options Activity Scanners
These scanners are the central theme of the service, and they enable traders to conveniently monitor options for the entire day. However, they are not as customizable as you would expect with scanners.
The most prominent scanner of this category is the one for net unusual options activity. They offer traders a quick market overview by covering major ETFs and FAANG stocks.
Next up are scanners that pay attention to unusual activity among options contracts that are set to expire within a certain duration such as a week, month, or beyond.
Then, there are option sweeps scanners that focus on new and opening positions and are listed in tabular form. The impressive bit about them is that they can be filtered by either stock or puts and calls.
Since the scanners clearly state the number of options traded, you are likely to have an easier time finding large trades with the data presented.
Order Flow Screener
This screener offers more precision as you search for unusual options activity and features several adjustable parameters. For example, this means that you can adjust the search by the number of days to expiration, and other parameters.
We were pleased that the platform allows you to save a screen to your account for future use or set it as the basis for alerts.
Due to the visualization of the results, you can easily check out any unusual trading activity without there being any necessity to leave the overall list.
A glance would enable you to see the underlying asset’s volatility. On top of that, there is a bar graph indicating the total amount traded at each strike price for that particular asset for a number of expiration dates.
We noted that there is minimal difference between the functionality of the watchlists and the standard scanners available on the platform. This is because you can easily spot the net unusual options activity, plus there is a table for the unusual trades created for the stocks you are interested in.
Keep in mind that you can only have one watchlist, but you can still filter trades by volume and expiration dates.
The other notable feature is the alerts, and you should be particularly impressed with their customizability. This means that you could either apply them to specific or market-wide stocks and ETFs.
Further, you can limit them based on the time remaining to expiration, the total amount traded, and so on. Finally, let’s not forget that the system allows you to create alerts directly from the order flow screener.
Lastly, you can set different alerts, including text, email, and push notifications in your browser.
4. Dark Pool Prints
This is a tool designed to help you discover some of the trades outside of the leading exchanges.
5. Extra Features
Besides the main features discussed above, there are other features that the platform releases regularly. These include:
- Scanners for Meme Stocks such as GameStop, Tilray, and others that have trended on social media during the year
- SPAC stocks scanner
The above features specially target options traders who are keen on keeping in touch with short-term market trends.
Optionsonar has a free tier plan and three paid plans. The free plan is known as preview and delays data by three hours plus limits you to three stocks per watchlist.
Let’s now check the paid plans whereby the lowest one starts at $35 per month. This tier features the unusual activity scanner and provides you with a starting point for checking out how the platform works.
The next plan features multiple option scanners and goes for $75 per month. Lastly, you could pay $109 monthly and access all the features in the first two plans in addition to alerts.
Also worth mentioning is that you will end saving up to 30% if you pay for an annual subscription.
Which Trader is this Service Best Suited For?
If you are an options trader who can use the data from unusual options activity to make profits, this platform would be perfect for you. In addition to that, long-term traders would also find the service appealing as it facilitates the monitoring of the trading activity by expiration date.
Keep in mind that to trade safely based on the data provided by this platform, you will have to do thorough research on the information.
Pros and Cons
As we approach the end of our discussion, we shall briefly look at the benefits and drawbacks that we found with this platform.
From our analysis, we believe that this platform is worth trying out. If you can turn the data provided on unusual options activity into profits, you should be pretty comfortable with the program.
Most of all, it is easy to navigate and is packed with most of the tools that you will need in your trades.
Blake is a self-made online day trader with a knack for adventure. On his free time, he loves reading and learning new methods in the trading as well as improving his jiu-jitsu skills. He currently resides in New York City.