How This Screening Method Saves Time (and Frustration)
Repetitive sentences, repetitive tasks, repetitive forms, repetitive functions and repetitive requests are…annoying. (As we can see in this repetitively annoying sentence).
That’s why Option Party has gone through several measures to make sure that’s not the case when users are on our platform. Entering the same scanning settings daily or even a few times a week isn’t a huge burden. But it’s definitely an inconvenience. On the Option Party platform we have what we call persistent screens. It allows you to save multiple screening preferences for different strategies. In a nutshell, you can save these strategies to be as specific or lax as you’d like.
Want a screen with a neutral to bullish bias, relatively loose probabilities for profit and no preference on how long until expiration? Not a problem. But say you want specifics: only bull call spreads with a minimum return of 5% and a maximum probability of total loss of less than 4% that expires in 4 weeks or less? Also not a problem — and feel free to throw in risk amounts, blackout or highlight certain stocks and ETFs or adjust the volatility measurements for good measure.
The nice thing about Option Party saving investors’ screening preferences is that they can constantly be adjusted as well. As the trading landscape changes, so too do our requirements in our screening methods. That’s why it’s incredibly convenient to be able to go back into prior scans and make minor adjustments to our preferences as opposed to launching a whole new screen. It’s also nice not having to restart our scan each time we want to find out what’s going on in the market.
Notifications (Opportunity Alerts)
Persistent screens are incredibly convenient, but another feature that really adds to setting? Notifications.
Option Party was built around its users and making life more convenient for them. That’s why it uses the freshest data to ensure accurate trade suggestions, implementing an incredibly complex volatility scanning method with its IV Rank and has various features that save both time and frustration.
On that last point, that’s where Notifications come in. In a nutshell, this feature allows us even more convenience by notifying us when our trade scanner picks up some new hits. By turning on Notifications, users will be notified by email when a new trade is found. While this can be used for any Option Party scan or screening method, it works wonders for those that have a really specific string of screens that rarely turn up a worthwhile trade. When one finally comes along, Notifications will make sure they don’t miss it.
Option Party is constantly scanning, and no, we won’t bombard you with notifications — unless that’s your thing. The settings can be changed to fit each user.
Additionally, each scan is capable of running its own Notifications. That way if users have specific screens for specific incidences — perhaps bullish or bearish, or high volatility vs. low volatility — they don’t have to pick and choose which trades they will be made aware of and which ones they’ll miss.
It also allows them to spend their time more wisely (or simply enjoy it). Instead of constantly refreshing the screen hoping to see a new opportunity, the investor can review charts and make other analyses of stocks. Or on a nice summer day, they can head out to the pool or golf course and know that should an opportunity come knocking, Option Party will drop a note in their email to notify the user.
Creating New Screens
Of course, multiple Notifications only works if there are multiple screens active. Setting up a new screen on Option Party is a piece of cake. Luckily, investors aren’t limited when it comes to their screens either. They can have a bevy of screens or just a few.
To get started, head up to the upper left of the screen and clicking on “Positions” once you’re logged into the platform. The Positions page will look like something like the one on the right. From here, we have a few different options. We can either “view” the screen, which will take us to the results page for trades based on that screen’s particular requirements. Next we can “edit” the screen, which will take us to a new page letting us alter and adjust the requirements. Finally there’s the red trash can icon, which allows us to discard a screen we no longer find useful.
You may notice that in the picture to the right, the “Bull Put Spread, Bear Call Spread” and “Long Calls and Puts – Speculative Bets” have a green dot next to them. The other four strategies do not have this dot, and it’s because the green strategies have Notifications activated for those particular screens. Should the trader decide they wants other strategies equipped with alerts, he can hit the “edit” button and simply turn the feature on. (This link runs through a more detailed process of the Opportunity Alerts feature).
Notice in the top right of the Positions page, users have the ability to “Start New Screen,” which allows them to do as the name suggests and start with a blank slate when it comes to screening for a new strategy. This could be an experimental run that results in nothing. Or it could their next winning strategy. Traders never know what they’ll stumble upon once they start playing with new probabilities and methods.