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I have owned OS for about the last year and have been studying its
application to options trading. I am not familiar with other options
software. I have been using it to paer trade only but this testing so far
has been successful.
I do not claim to yet understand the optimal uses of OS and would
definitely benefit from additonal training and contact with the developers
and other users but so far have availed myself of those resources.
As a result of the challenge presented to me by attempting to understand
the best use of the software I began a study of the basics of option
trading by reading or reviewng such texts as written by Lawrence McMillan,
Sheldon Natenberg, Cox & Rubinstein and others. In retrospect, for me, it
would have been better to begin with a thorough study of these texts before
purchasing the software. I would perhaps have had a better understanding of
what it was I was looking for in software.
I personally also believe that Bernie Schaeffer would be a trader to study
and has published works. I have also benefited greatly from studying
material issued by Don Fishback although his material tends to be more
marketing oriented and issued in incomplete, more easily digestible quanta
designed in part to entice further investment. Fishback has software which
I have not tested. Using concepts and equations from Natenberg, Fishback,
McMillan, et al you can construct perfectly servicable risk, reward and
probability tools in MS Excell using standard functions. If you are blessed
with the time and patience for programming you could probably do a better
job in C++ or Visual Basic.
For any trader it is important to develop an advanced understanding of
volatility analysis and probability but perhaps more so for options
traders. There are several sources of historical volatility. Having said
all that I believe OS contains many valuable features that can be utilized
successfully with the correct background and understanding. Much of what it
tries to accomplish is definitely headed in the right direction although it
could use many improvements.
I hope this helps.
Jim Freeman
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> From: rod wheeler <qtp@xxxxxxxxxxxx>
> To: omega-list@xxxxxxxxxx
> Subject: OptionStation Question
> Date: Thursday, March 12, 1998 2:20 PM
>
> I run TS 4.0 build 20 in a P166. I am considering the purchase of
> OptionStation.
>
> Does anyone have experience with OptionStation that they could share? In
> addition to specific experience with OptionStation, I would also be
> interested in comparative experience with other option programs.
>
> Thanx in advance
> Rod
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