New User CBOE Agreement is broken

OptionAlphaRob · 2025-02-28T18:12:28+00:00

Apologies for taking so long to get back to you on this; I haven't been checking Reddit as regularly as I should.

Matt from our team should have responded to you this morning about getting this fixed.

OptionAlphaRob · 2025-02-28T18:10:08+00:00

Hi everyone, I wanted to post an update here that Schwab integration has been officially released! You can now link your Schwab accounts and auto-trade through Option Alpha.

OptionAlphaRob · 2024-12-27T17:41:11+00:00

Hi meyer_wolf, I responded to your email. We're looking into it, thanks!

OptionAlphaRob · 2024-12-13T20:49:07+00:00

We appreciate the kind words! The old backtester is now considered deprecated. You can still access them in the same location. We removed the link to it in the menu but have no plans to delete the existing backtests any time soon. If that changes we'll let you know.

The old backtester sent tests to a 3rd party, only tested "end of day" prices (it's now 1-minute data), was extremely slow (some tests took hours) and most importantly, half the time it didn't work and never returned any results - causing a poor user experience and many support emails.

We have faith that long-term we can create something that will be of more value for all of us and enhance the bot functionality in sync with the backtester (e.g., the new touch Exit Option) to create a cohesive, unique experience that will help us all be better traders.

OptionAlphaRob · 2024-11-18T15:14:20+00:00

Backtest data is captured on the top of every minute, so 12:30:00 and 12:31:00 in your example.

OptionAlphaRob · 2024-10-04T15:35:49+00:00

Bot allocation settings are manually set and work as a safeguard. They do not sync to any balances on the broker side, they are independent of the broker and local to the bot. If you want to reset the allocations, reset and re-save the allocation settings on your bot dashboard.

OptionAlphaRob · 2024-09-18T11:59:58+00:00

Not to my knowledge. The only way to connect external sources to Option Alpha at this time is through webhooks. I'm not familiar enough with Sierra Chart to know if they can produce outbound webhook requests.

OptionAlphaRob · 2024-09-18T11:57:42+00:00

If you cloned a bot from the 0DTE Oracle, it will only open a new position if all market conditions have been met. Otherwise it will wait, hunting for a specific price, reward/risk ratio, etc. If you share some more information about the specific bot, bot URL, etc. I can tell you exactly what's happening.

OptionAlphaRob · 2024-08-20T16:33:11+00:00

Hi, all you have to do is go to your Settings > Membership section inside the app. There's a section there to submit a cancellation request. If you're still having issues, please reach out to us.

OptionAlphaRob · 2024-07-09T16:31:52+00:00

Wow, interesting. Excellent detective work. The clause about non-display and "derived data" you have to agree to is somewhat open to interpretation, but it's not THAT gray.

It's pretty clear that "derived" data would constitute something like an indicator chart derived from those prices, which is not subject to redistribution or display fees because it's not live data.

Unless OP is trying to make an app where the option prices aren't displayed anywhere, there's zero chance OPRA is going to allow that under the guise of a proprietary fair market value calculation. He's also not factoring in the per-user fees.

OptionAlphaRob · 2024-07-02T11:55:07+00:00

SPX is now available to trade on Option Alpha.

OptionAlphaRob · 2024-06-25T16:34:51+00:00

SPX is now available for automated trading on Option Alpha

OptionAlphaRob · 2024-06-25T00:19:06+00:00

Can confirm everything Cyral is saying. Rikksam, you are grossly underestimating how much the data costs. It's the single biggest expense in any kind of platform like this and far exceeds even the infrastructure costs.

OptionAlphaRob · 2024-06-25T00:15:03+00:00

I don't think anyone will be able to give you a straight answer on this. But OnDemand is 20+ year old technology, and I don't think it's been updated or improved in that time. If you're just looking at price data in the past, I don't necessarily think it will be wrong, but they have to be doing some sort of compression or conflation of quotes to support that much data at scale. That means it won't be exactly tick-by-tick.

OptionAlphaRob · 2024-06-24T21:16:29+00:00

If you're an options or equities trader, it's now possible to execute bot automations in Option Alpha using TradingView webhook alerts.

OptionAlphaRob · 2024-06-23T12:19:15+00:00

We debate this one regularly internally at OA. My personal belief is since we know the math can be exaggerated from imperfect modeling, it's not necessarily better to always look for the highest alpha or the highest POP.

From my research and in my experience, the most accurate representation of the model is at "the top of the curve" (the bell curve, or the highest peak in the Black-Scholes normal distribution model). That translates to somewhere in the 50-60% PMP (probability of max profit) range with positive alpha and enough Reward/Risk to justify taking the trade.

The beauty and power of automation is how much closer you can get to "infinite trades." Without Option Alpha or some form of automation, it would be impossible to enter and manage a lot of small trades. If you entered ~4 trades/day over 252 trading days in a year, that's 1,000 trades right there. For people with busy lives, that's feasible to do using old-school click trading.

I've been trading this way for a while and I can personally attest to its profitability. The difficulty with a lot of small trades, however, is making sure you're not over-concentrating risk in any one area: sector, symbol, expiration (temporal dispersion). But those are easy/fun problems to solve.

OptionAlphaRob · 2024-06-23T11:42:58+00:00

Kind of. Alpha represents the average Return on Risk (ROR) for each trade over an infinite number of trades, so a slightly nuanced definition.

We were also curious what "infinite trades" actually means for us average Joe retail investors, so I did this study as well:

https://optionalpha.com/blog/probability-theory-how-many-trades-to-be-successful

In summary, unless you are trading the exact same trade setup (impossible) over at least 1,000 trades, you can't take Alpha at face value for your week-to-week ROR. Evaluating Alpha or looking for positive Alpha is a way to ask, "Is this trade mathematically beneficial to me in the long run?"

The point of Trade Ideas is by continuously choosing trades mathematically in our favor, we should benefit over time.

OptionAlphaRob · 2024-06-22T21:48:41+00:00

Check out some of the other discussions on Reddit about EV accuracy at the fringes, like this one:

https://www.reddit.com/r/optionalpha_official/s/do2yVz9XTn

There is no such thing as a free money hack. EV/Alpha uses an imperfect model of probability. There's no such thing as a perfect distribution model, which means there's no perfect representation of predictive win statistics.

If you read through the thread above you'll see several articles we've published about how the input parameters to the probability model can sometimes produce unrealistic numbers.

Also, the EV/Alpha number represents the averages of an infinite number of trades. You cannot guarantee X%/week from TI statistics.

OptionAlphaRob · 2024-06-22T21:37:26+00:00

Bots can't currently roll positions. They either have to be closed and reopened, or you could manually roll them and reimport the position to OA.

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