Option strategy builder: the Option Wizard | Tradetron
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Option Wizard · Option strategy builder

An option strategy builder that walks you through every leg

The Option Wizard builds an options strategy one decision at a time: the underlying, entry time and days, each leg, and the exits. A payoff chart shows the shape as you go.

Start from a pre-built structure, from spreads and straddles to ratio spreads, or from your own legs. Save it, then backtest it or deploy it.

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Pre-built structures or your own legs Strikes by ATM, premium or delta Backtest before you deploy
Sample screen

Start from a structure, then make it yours

A sample of the structures you can start from, and the legs of one of them as the wizard shows them.

Option Wizard · Pre-built strategiesSample
Short straddleSell an ATM call and an ATM put
StrangleA call and a put, both out of the money
Bull call spreadBuy a call, sell a higher call
Bear put spreadBuy a put, sell a lower put
CollarA long position with a put below and a call above
Long call butterflyThree strikes, four legs, one shape
Short straddle · SPX · legs
B/STypeStrikeExpiryContractsStop-loss
SellCallATM spotCurrent day125% of entry price
SellPutATM spotCurrent day125% of entry price

Illustration only, not investment advice.

How it works

How the Option Wizard works

  1. [ 01 ]

    Pick a starting point

    Choose a pre-built strategy, create your own, or start from one of your strategies.

  2. [ 02 ]

    Name it and choose the underlying

    Set the underlying, the capital, and whether it is intraday or positional.

  3. [ 03 ]

    Set the entry

    Choose the entry time and the days it enters.

  4. [ 04 ]

    Add the legs

    For each leg: buy or sell, the strike (ATM spot, ATM futures, nearest premium or nearest delta), the expiry, the contracts, and an optional target, stop-loss or trailing stop-loss.

  5. [ 05 ]

    Set the exits and save

    Exit time, profit and loss limits on the whole position, a trailing stop-loss, exit on expiry or after a number of days. Save, then backtest or deploy.

Who it is for

Option traders who know the structure they want and do not want to write conditions by hand. When you need indicator-based entries or more than the wizard offers, open the same strategy in the Advanced Wizard or the Strategy Builder.

Questions

Common questions

Can I change a pre-built strategy?
Yes. A pre-built strategy is a starting point: change its legs, strikes, entry and exits before you save it.
How are strikes chosen?
By ATM spot, ATM futures, the strike nearest a premium, or the strike nearest a delta, chosen when the leg enters.
Can I backtest what I build?
Yes. After you save, you can backtest the strategy on historical data or deploy it.
Do I need coding or algo experience?
No. Every setting is a field or a choice; there is nothing to write.
What exit options are there?
Per-leg targets and stop-losses, profit and loss limits on the whole position as a percentage of capital or an amount, a trailing stop-loss, an exit time, exit on expiry, or exit after a number of days.
Read next
Option payoff calculator Check any structure's payoff at expiry Advanced Wizard Multi-leg options with entry and exit rules Strategy Builder Full control: sets, legs and conditions, no code

Build your options strategy one leg at a time

Start free and build a strategy Continue with Google

Illustration only, not investment advice. Trading in securities and derivatives carries risk. Check how a strategy behaves in a backtest and in Live Offline before you trade it with money.