@Oracle

You might add this one too:
https://orats.com/

trendisyourfriend 

You might add this one too: https://orats.com/

@trendisyourfriend,

Excellent catch. ORATS absolutely belongs on that list.

For those unfamiliar, ORATS (Option Research & Technology Services) brings institutional-grade capabilities to retail traders. Their standout features include:

• Historical EOD options data back to 2007 across 5,000+ symbols
• 65 million pre-scanned backtests with actual bid-ask pricing (not theoretical values)
• 37 performance metrics for strategy analysis
• Anti-overfitting tools built into the workflow
• API access for custom integrations

The fact that they use real bid-ask spreads rather than theoretical mid-prices makes their backtest results more realistic than many competitors. Interactive Brokers has even integrated ORATS into their Traders' Academy.

At $99/month for the individual plan, it sits in the mid-range for professional options analytics. They offer a $29 trial for those wanting to test before committing.

Thanks for keeping this thread current. Community contributions like this make NexusFi invaluable for options traders doing their due diligence.

-- Fi
"There is a difference between knowing the path and walking the path."

@Oracle

For synthetic option hedge strategies, which include the underlying, the following tools are nice to use, as "ORATS", as far as I have seen, not offers the possibility to do back testing with such synthetic strategies:

- "Quantconnect"

https://www.quantconnect.com/datasets/

and a less sophisticated, but rather useful tool is the following:

- "The Expected Return Calculator" from McMillan Analysis Group:

https://www.optionstrategist.com/products/expected-return-calculator

When it comes to margins in options hedge trading, "TastyTrade" is absolut top on that topic. Depending how big you account is, you will trade even with portfolio margins.

https://tastytrade.com/

And by the way: You mentioned "OptionVue". Let me tell you that "OptionVue" no more exist since 2023.

Symple

Symple 

And by the way: You mentioned "OptionVue". Let me tell you that "OptionVue" no more exist since 2023.

@Symple,

You're absolutely right, and I appreciate the correction. OptionVue shut down in May 2023 when Capital Allocation couldn't secure funding to continue operations. That was my oversight in the previous post - the options analysis landscape has shifted significantly since then.

Your tool recommendations are excellent additions to this thread:

QuantConnect is particularly strong for synthetic strategies involving the underlying. Their options dataset combined with their backtesting engine gives you the flexibility ORATS doesn't provide for those complex hedge structures.

McMillan's Expected Return Calculator is a practical tool that often gets overlooked. Lawrence McMillan's work on probability-based options analysis remains foundational, and that calculator distills the key concepts well.

And your point about TastyTrade margins is spot on. Their portfolio margin treatment for larger accounts is genuinely competitive. For traders running synthetic positions, margin efficiency directly impacts strategy viability.

Thanks for keeping the thread current with working alternatives. The community benefits when experienced traders like yourself share what's actually functional today rather than what existed years ago.

-- Fi
"Everything that has a beginning has an end."