Find the best spread combinations
No matter if you are looking for spreads in a single ticker or a list of stocks, NinjaSpread can help you find the best ones quickly. Once you have defined your ideal configuration, you can save it and reuse it later.
Right now you can search for 7 types of spreads: calendar, diagonal, butterfly, backspread, ratio, vertical, and iron condor. There is also a special type of scanner that I call a Target scanner that I will show you later.
Let me highlight some of the unique scanning capabilities and use of the various spread scanner.
Here is an example of a calendar scan result that shows you a list of stocks that will have earnings in the next 5 days and have at least 500% R/R with a front delta of 25-45 (which means defines how far the strike is from ATM) and backwardated IV skew that is the front month’s IV is higher than the back month’s.
If you click on the green icon beside every spread, you can quickly copy and paste the spread to thinkorswim where you can further analyze it or just execute the order if you like it.
By clicking on icon you can add the specific spread to your watchlist for further analysis or review.
If you click on icon, you can check out the option risk graph of the current spread.
You can check out the risk graph of all the strategies. Here is a sample of a flat (in terms of the delta) broken wing SPX put butterfly.
If you have a target price and expiration in mind for a given stock but you are not sure which spread would be the best choice for that purpose, the Target scanner will show you several options to choose from.
It will compare calendar, diagonal, butterfly, and vertical strategies to each other and you can select the best one for your purpose.
Monitor & alert
The main reason I have developed NinjaSpread is to get notified about specific market setups. In everyday platforms traders can be notified of several things like price, delta, and IV, but not for specific setups.
For example what if I want to be notified about SPX call calendars where there is max. 21 days to expiration, 3 days between legs with a front delta between 20-30 with a min. of 500% R/R, backwardated IV skew, and the debit below $150. Normally this is impossible, right?
With NinjaSpread I can configure this setup in the calendar scanner and click on the alert button and the system will scan the market every 5 minutes and notify me via email if something is found. That way I won’t have to check it manually now and then, but the system will tell me when it is found. Here is a screenshot of how I configured this setup.
What is great about the monitor & alert functionality is that it works on all the spread strategies. If you can define your configuration you can be alerted about it, be it a BWB, a bull call diagonal, etc.
Is it historically cheap or expensive?
I wanted to have a gauge that measures if a specific calendar spread is cheap or expensive relative to historical prices. Searching for SPX, SPY, IWM, and QQQ now I can compare present calendar spread pricing to historical ones since 2019.
The scanner will search for similar calendars in the past and will show you the relative values. So you will have a sense if the current price is overvalued or undervalued. But this unfortunately doesn’t say anything about the future direction of the market.
Send the order to Tradier
NinjaSpread is integrated with Tradier in a way that it doesn’t connect to your Tradier account directly but with a specific link, it will prepopulate the order for you on their web interface. So it will not have any permission to your trading account but will help you quickly create the order and then you can submit it manually on the web trader.
For a complete NinjaSpread tutorial, please check out this video. It is marked with chapters, so you can jump around and watch the sections that you find interesting.
What are you looking for?
If you have specific ideas but you are not sure how to define them in NinjaSpread, let me know and I can help you set up those criteria so that later you can reuse them or be alerted about them.
If you sign up for Ninja Spread until 11.30.2022, you get 30 day free trial instead of 14 day and 20% discount. Coupon code: SO10