Quick Overview
- 1#1: thinkorswim - Advanced desktop platform offering comprehensive options trading tools including real-time chains, Greeks calculator, strategy builder, and paper trading.
- 2#2: tastytrade - Options-centric trading platform with low commissions, curve analysis, probability tools, and live streaming for active options traders.
- 3#3: Trader Workstation (TWS) - Professional-grade platform with advanced options analytics, algo trading, risk navigator, and global market access for sophisticated strategies.
- 4#4: TradeStation - Customizable platform with powerful charting, backtesting, and options strategy optimization using EasyLanguage scripting.
- 5#5: OptionNet Explorer - Dedicated options software for visualizing complex strategies, probability analysis, and portfolio optimization with Monte Carlo simulations.
- 6#6: Power E*TRADE - Robust trading platform featuring snapshot analysis, strategy scanner, and customizable options ladders for efficient trade execution.
- 7#7: Active Trader Pro - High-performance platform with options research tools, strategy evaluator, and real-time streaming quotes for active traders.
- 8#8: NinjaTrader - Futures and options trading platform with advanced order flow, market analyzer, and automated strategy development.
- 9#9: TradingView - Web-based charting platform with options chains, Greeks display, and community-driven indicators for technical analysis.
- 10#10: Webull Desktop - Commission-free platform with options trading tools, level 2 data, and customizable layouts for beginner to intermediate traders.
We ranked these platforms by balancing robust features, usability, performance, and value, ensuring they meet the needs of traders from casual users to sophisticated professionals.
Comparison Table
Navigating option trading demands robust software, and with tools like thinkorswim, tastytrade, Trader Workstation (TWS), TradeStation, and OptionNet Explorer, selecting the right platform is critical. This comparison table simplifies the choice by outlining key features—from analytics to ease of use—helping readers identify the best fit for their strategies, whether focused on advanced tools, accessibility, or specific market needs.
| # | Tool | Category | Overall | Features | Ease of Use | Value |
|---|---|---|---|---|---|---|
| 1 | thinkorswim Advanced desktop platform offering comprehensive options trading tools including real-time chains, Greeks calculator, strategy builder, and paper trading. | specialized | 9.5/10 | 9.8/10 | 7.2/10 | 9.7/10 |
| 2 | tastytrade Options-centric trading platform with low commissions, curve analysis, probability tools, and live streaming for active options traders. | specialized | 9.2/10 | 9.5/10 | 8.0/10 | 9.5/10 |
| 3 | Trader Workstation (TWS) Professional-grade platform with advanced options analytics, algo trading, risk navigator, and global market access for sophisticated strategies. | enterprise | 8.7/10 | 9.4/10 | 6.2/10 | 9.1/10 |
| 4 | TradeStation Customizable platform with powerful charting, backtesting, and options strategy optimization using EasyLanguage scripting. | enterprise | 8.7/10 | 9.5/10 | 7.2/10 | 8.0/10 |
| 5 | OptionNet Explorer Dedicated options software for visualizing complex strategies, probability analysis, and portfolio optimization with Monte Carlo simulations. | specialized | 8.4/10 | 9.2/10 | 7.6/10 | 7.9/10 |
| 6 | Power E*TRADE Robust trading platform featuring snapshot analysis, strategy scanner, and customizable options ladders for efficient trade execution. | enterprise | 8.3/10 | 9.0/10 | 7.5/10 | 9.2/10 |
| 7 | Active Trader Pro High-performance platform with options research tools, strategy evaluator, and real-time streaming quotes for active traders. | enterprise | 7.8/10 | 8.5/10 | 6.2/10 | 9.2/10 |
| 8 | NinjaTrader Futures and options trading platform with advanced order flow, market analyzer, and automated strategy development. | specialized | 7.8/10 | 8.5/10 | 6.2/10 | 8.1/10 |
| 9 | TradingView Web-based charting platform with options chains, Greeks display, and community-driven indicators for technical analysis. | specialized | 8.4/10 | 8.2/10 | 9.1/10 | 8.7/10 |
| 10 | Webull Desktop Commission-free platform with options trading tools, level 2 data, and customizable layouts for beginner to intermediate traders. | other | 8.0/10 | 8.5/10 | 7.8/10 | 9.0/10 |
Advanced desktop platform offering comprehensive options trading tools including real-time chains, Greeks calculator, strategy builder, and paper trading.
Options-centric trading platform with low commissions, curve analysis, probability tools, and live streaming for active options traders.
Professional-grade platform with advanced options analytics, algo trading, risk navigator, and global market access for sophisticated strategies.
Customizable platform with powerful charting, backtesting, and options strategy optimization using EasyLanguage scripting.
Dedicated options software for visualizing complex strategies, probability analysis, and portfolio optimization with Monte Carlo simulations.
Robust trading platform featuring snapshot analysis, strategy scanner, and customizable options ladders for efficient trade execution.
High-performance platform with options research tools, strategy evaluator, and real-time streaming quotes for active traders.
Futures and options trading platform with advanced order flow, market analyzer, and automated strategy development.
Web-based charting platform with options chains, Greeks display, and community-driven indicators for technical analysis.
Commission-free platform with options trading tools, level 2 data, and customizable layouts for beginner to intermediate traders.
thinkorswim
specializedAdvanced desktop platform offering comprehensive options trading tools including real-time chains, Greeks calculator, strategy builder, and paper trading.
thinkScript programming language for creating custom indicators, studies, and automated alerts tailored to options trading
thinkorswim, offered by Charles Schwab, is a powerhouse desktop trading platform designed for advanced traders, with unparalleled tools for options trading including customizable charts, real-time Greeks, volatility analysis, and strategy backtesting. It features the Analyze tab for building and visualizing complex multi-leg options strategies with risk profiles and probability cones. The platform supports thinkScript for custom indicators, paperMoney for risk-free practice, and seamless integration with Schwab accounts for commission-free trades.
Pros
- Extensive options-specific tools like strategy builders, Greeks analyzer, and probability ITM calculations
- thinkScript for custom studies and automated strategies
- Free platform access with paper trading and real-time data for Schwab clients
Cons
- Steep learning curve due to dense interface and advanced features
- Primarily desktop-focused with less powerful web/mobile versions
- High resource usage on lower-end hardware
Best For
Experienced options traders who need professional-grade analysis, customization, and backtesting capabilities.
Pricing
Free with Charles Schwab brokerage account; options trades $0.00 base commission + $0.65 per contract.
tastytrade
specializedOptions-centric trading platform with low commissions, curve analysis, probability tools, and live streaming for active options traders.
Visual probability and curve analysis for pre-trade strategy evaluation
tastytrade is a brokerage platform tailored for active options and futures traders, offering commission-free stock trades and low per-contract fees for options. It provides advanced tools like probability curves, Greeks analysis, and visual strategy builders for multi-leg options trades. The platform includes live trading shows, extensive video education, and a focus on high-volume trading strategies to minimize costs.
Pros
- Ultra-low commissions with caps on options fees
- Advanced options analytics including probability cones and curves
- Rich educational content via daily live shows and videos
Cons
- Steep learning curve for beginners
- Limited traditional stock research tools
- No fractional shares or advanced portfolio analysis
Best For
Experienced active traders focused on options and futures who prioritize low costs and analytical depth.
Pricing
$0 stock/ETF trades; options $1/contract to open (capped $10/leg), free to close; no minimum deposit.
Trader Workstation (TWS)
enterpriseProfessional-grade platform with advanced options analytics, algo trading, risk navigator, and global market access for sophisticated strategies.
Volatility Lab for in-depth implied volatility analysis, surfaces, and skew across thousands of options chains
Trader Workstation (TWS) is Interactive Brokers' flagship desktop platform, designed for advanced trading across asset classes with a strong emphasis on options through tools like OptionTrader, Probability Lab, and Volatility Lab. It supports complex multi-leg strategies, real-time analytics, customizable charts, and algorithmic order types for precise execution. Ideal for high-volume traders, TWS provides direct market access and extensive customization but demands familiarity with professional-grade interfaces.
Pros
- Unmatched options analytics with Probability Lab, Volatility Lab, and Strategy Builder
- Ultra-low commissions (as low as $0.15/contract) and tight margins for active traders
- Highly customizable interface with API support for automation and backtesting
Cons
- Steep learning curve and cluttered UI overwhelming for beginners
- Resource-intensive, requiring powerful hardware for smooth performance
- Occasional connectivity glitches and less intuitive mobile companion app
Best For
Experienced professional options traders seeking advanced analytics, low costs, and high customization for complex strategies.
Pricing
Free platform access with IBKR account; options commissions $0.65/contract (tiered down to $0.15 for high volume), no inactivity fees.
TradeStation
enterpriseCustomizable platform with powerful charting, backtesting, and options strategy optimization using EasyLanguage scripting.
OptionStation Pro for intuitive visual construction and risk analysis of complex multi-leg options strategies
TradeStation is an advanced trading platform specializing in technical analysis, backtesting, and automated trading strategies, with robust options trading capabilities via its OptionStation Pro module. It provides traders with customizable charting, real-time options chains, probability analysis, and visual strategy builders to model complex multi-leg options positions. The platform supports EasyLanguage scripting for creating bespoke indicators and automated trading systems tailored to options markets.
Pros
- Exceptional options analysis with probability cones and volatility tools
- Powerful backtesting and strategy optimization engine
- Custom programming via EasyLanguage for advanced automation
Cons
- Steep learning curve for non-experienced users
- Complex interface overwhelming for beginners
- Inactivity fees for low-volume accounts
Best For
Experienced active traders focused on options strategies who need deep analytics and customization.
Pricing
Free platform for accounts with $5K+ balance or sufficient activity; $0 stock/ETF commissions, $0.60 per options contract (reduced to $0.50 or lower with volume).
OptionNet Explorer
specializedDedicated options software for visualizing complex strategies, probability analysis, and portfolio optimization with Monte Carlo simulations.
The visual optimizer that automatically scans and ranks thousands of multi-leg strategies based on custom criteria
OptionNet Explorer is a desktop-based options analysis software that excels in visualizing and optimizing complex multi-leg strategies for options traders. It offers interactive profit/loss charts, probability cones, Greeks analysis, and a powerful optimizer to scan thousands of potential trades. The tool supports backtesting, what-if scenarios, and expected move calculations, making it ideal for in-depth position management.
Pros
- Exceptional visual strategy builder and P/L modeling
- Advanced optimizer for scanning optimal trades
- Accurate probability analysis and backtesting capabilities
Cons
- Steep learning curve for new users
- Windows-only desktop app (no mobile/web)
- Higher cost compared to basic charting tools
Best For
Experienced options traders seeking advanced visualization and optimization for complex strategies.
Pricing
Subscription plans start at $39/month (Explorer), $69/month (Pro), and $99/month (Enterprise), with annual discounts available.
Power E*TRADE
enterpriseRobust trading platform featuring snapshot analysis, strategy scanner, and customizable options ladders for efficient trade execution.
Snapshot Analysis for instant evaluation of options strategies with probability cones and risk/reward visuals
Power E*TRADE is E*TRADE's advanced web and desktop platform tailored for active traders, offering robust tools for options trading including customizable charts, real-time streaming quotes, and comprehensive options chains. It supports complex multi-leg strategies with built-in analyzers for Greeks, implied volatility, and probability analysis. The platform integrates seamlessly with E*TRADE brokerage accounts, enabling commission-free stock/ETF trades and low-cost options execution.
Pros
- Powerful options analyzer with Greeks, P/L graphs, and what-if scenarios
- Highly customizable interface with 100+ technical studies and scanners
- No platform fees and low options commissions for active traders
Cons
- Steep learning curve for beginners due to dense toolset
- Requires E*TRADE account; limited standalone access
- Occasional lag during high market volatility
Best For
Experienced options traders who need advanced analytics and strategy building within an integrated brokerage platform.
Pricing
Free platform access for E*TRADE account holders; options at $0.65/contract ($0.50 for 30+ trades/quarter), $0 stock/ETF trades.
Active Trader Pro
enterpriseHigh-performance platform with options research tools, strategy evaluator, and real-time streaming quotes for active traders.
Options Strategy Analyzer for building, optimizing, and visualizing complex multi-leg strategies with interactive risk graphs and probability cones
Active Trader Pro (ATP) is Fidelity's advanced desktop trading platform tailored for active traders, providing robust tools for options trading including customizable options chains, Greeks analysis, and multi-leg strategy builders. It offers real-time streaming data, advanced charting with 45+ technical studies, and tools like the Options Research Suite for probability calculations and payoff diagrams. Designed for high-volume traders, ATP integrates seamlessly with Fidelity accounts for fast order execution and portfolio analysis.
Pros
- Comprehensive options tools including strategy analyzer, Greeks, and volatility studies
- Highly customizable layouts and real-time data streaming for efficient trading
- Free access with excellent execution speeds and no platform fees
Cons
- Steep learning curve for beginners due to complex interface
- Primarily Windows-only desktop application with limited mobile support
- Requires a Fidelity brokerage account to use fully
Best For
Experienced options traders with Fidelity accounts who need powerful desktop-based analysis and execution tools.
Pricing
Free with any Fidelity brokerage account; no subscription fees required.
NinjaTrader
specializedFutures and options trading platform with advanced order flow, market analyzer, and automated strategy development.
NinjaScript automation language for creating custom options indicators and fully automated trading strategies
NinjaTrader is a powerful trading platform primarily focused on futures, forex, and options on futures, offering advanced charting, real-time data, and market analysis tools. It supports options trading through integrated brokers with features like options chains, Greeks calculations, and volatility studies. Users can backtest strategies and automate trades using the proprietary NinjaScript programming language, making it suitable for technical traders.
Pros
- Advanced charting with over 100 technical indicators and drawing tools
- Robust backtesting and strategy optimization for options strategies
- Free lifetime access to simulation trading and advanced charting
Cons
- Steep learning curve, especially for beginners in options trading
- Limited native support for equity options compared to specialized platforms
- Live trading requires paid license or qualifying brokerage volume
Best For
Experienced technical traders focused on futures options who need deep customization and automation.
Pricing
Free for charting and simulation; live trading licenses at $99/month, $599/quarterly, or $1,099 lifetime, plus commissions via supported brokers.
TradingView
specializedWeb-based charting platform with options chains, Greeks display, and community-driven indicators for technical analysis.
Pine Script for creating and sharing custom options indicators, strategies, and volatility tools
TradingView is a powerful web-based charting platform renowned for its advanced technical analysis tools, including dedicated options features like interactive options chains, Greeks visualization, implied volatility analysis, and payoff diagrams for strategies. It enables users to overlay options data on price charts, backtest ideas with Pine Script, and leverage a vast community for shared scripts and ideas. While excelling in analysis and visualization, it relies on broker integrations for actual options trading execution rather than serving as a standalone trading terminal.
Pros
- Superior interactive charting with options data overlays and strategy builders
- Extensive community library of custom Pine Script indicators for options analysis
- Real-time data and multi-broker integrations for seamless workflow
Cons
- Lacks advanced proprietary options modeling and risk analytics found in specialized platforms
- Free tier limits indicators, alerts, and data exports
- No native options order execution; broker-dependent
Best For
Technical analysts and active options traders who prioritize customizable charting and community-driven insights over built-in execution.
Pricing
Free basic plan; Pro ($14.95/mo), Pro+ ($29.95/mo), Premium ($59.95/mo) with annual discounts.
Webull Desktop
otherCommission-free platform with options trading tools, level 2 data, and customizable layouts for beginner to intermediate traders.
Options Matrix for visual scanning and trading of multi-leg strategies across strikes and expirations
Webull Desktop is a robust trading platform from Webull that delivers advanced tools for options trading, including comprehensive options chains, Greeks calculations, implied volatility analysis, and multi-leg strategy builders. It provides real-time Level 2 data, customizable charting with over 50 technical indicators, and paper trading for risk-free strategy testing. Ideal for active traders, the desktop app supports multi-monitor setups and seamless execution of complex options orders.
Pros
- Advanced options analytics including Greeks, probability cones, and IV percentile
- Highly customizable interface with multi-workspace and multi-monitor support
- Commission-free trading with real-time data and paper trading capabilities
Cons
- Steeper learning curve for beginners due to dense feature set
- Occasional platform lag or glitches during high volatility
- Per-contract fees ($0.55) can accumulate for high-volume traders
Best For
Experienced options traders who want a free, powerful desktop platform for technical analysis and active strategy execution.
Pricing
Free platform access; $0 commissions on options ($0.55 per contract fee); no account minimums, optional premium data subscriptions.
Conclusion
The review highlights a range of exceptional options trading software, with thinkorswim leading as the top choice, offering a robust set of tools like real-time chains, Greeks calculators, and paper trading. Tastytrade stands out as a strong alternative for active traders seeking low commissions and advanced probability tools, while Trader Workstation (TWS) caters to sophisticated users with professional-grade analytics and global market access. Each platform excels in different areas, ensuring there’s a fit for nearly every trader.
Explore thinkorswim to leverage its comprehensive features and take your options trading to the next level.
Tools Reviewed
All tools were independently evaluated for this comparison