When it comes to the software I use with my trading, it’s important to me that not only does it meet my needs now, but that it’s constantly improving.
Over the weekend, the latest update to TOS added a few items, but a couple of the Watchlist Column features stood out as particularly useful.
The first is a Range indicator, which allows you to see at a glance where a watchlist item (index, stock, future, etc.) stands in relation to the relative high and low for the Day or the Year. In the example below, the first item is at 14.61%, which means it’s in the lower 1/7 of the Daily Range right now. For the Year, however, it’s at 98.63%, which is to say it’s right near the high of the year (only 1.37% off the high). This is very useful to quickly identify strength or weakness across a couple of key timeframes.
Another feature that was unique will apply to option traders, which is the ability to display the Extrinsic and Intrinsic value of an option at any moment. Intrinsic value is the share price less the strike price for calls, or strike price less stock price for puts. Extrinsic value shows the difference between the last price for an option and the intrinsic value. Traders watching specific options can utilize this to see in a different light how much of an option’s value is ITM and how much of its value is being derived by time and volatility.
Here’s a look at the features:
It’s hard enough to find tools you trust with your trading, but when you do, make sure they’re built by people who are committed to continually making them better.
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