StrategyExplorer

StrategyExplorer is a planning tool for connstucting profitable option strategies. Thirteen option spreads and eight stock hedges (incl. two arbitrage strategies) are predefined, so you only need to modify quantities and prices to see meaningful results. StrategyExplorer supports any combination of long and short positions consisting of as many as four options and their underlying stock, so dozens of additional strategies can be planned and reviewed visually, including ratio spreads.

StrategyExplorer can be used as a sort of poor man's HedgeExplorer (one of the tools in NillaHedge) with the following caveats... StrategyExplorer assumes that all options expire on the same date where HedgeExplorer accommodates calendar spreads (combinations of options that do not expire on the same date). HedgeExplorer plots are based on Black-Scholes value where StrategyExplorer plots are based on intrinsic value. Intrinsic value deliberately ignores value attributed to the underlying stock's volatility and the present value of the strike and underlying stock dividends.

StrategyExplorer restores its state from the last time you ran it, so you'll never lose your place.

Version 2.0 (currently only available for WM5 and WM6) adds the following capabilities:
  • A fourth option supports iron butterflies and condors.
  • It's resolution aware, so plots on VGA devices are twice as sharp.
  • Strategies are now defined in an external data file (Strategies.txt), enabling you to add spreads and hedges beyond the predefined set. Strategies.txt can be edited in any unicode capable text editor (e.g. Notepad, Wordpad), so you can internationalize names, adjust values, and swap strategies with friends.
  • Additional predefined strategies include: Short Call Butterfly, Short Put Butterfly, Iron Butterfly, Reverse Iron Butterfly, Long Call Condor, Long Put Condor, Short Call Condor, Short Put Condor, Iron Condor, Reverse Iron Condor, Short Call Ladder, Short Put Ladder, Long Call Ladder, Long Put Ladder, Strip, and Strap.
  • Changes to strategies in the GUI are written back to Strategies.txt upon exit.
Refer to the documentation page for additional details on the predefined spreads and hedges.
StrategyExplorer - Reverse Iron Condor
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