Personal Finance

How To Track Options Trades

By David Krug David Krug is the CEO & President of Bankovia. He's a lifelong expat who has lived in the Philippines, Mexico, Thailand, and Colombia. When he's not reading about cryptocurrencies, he's researching the latest personal finance software. 7 minute read

Successful active traders often keep and examine trading diaries as a means of reflecting on the past and planning for the future. That offers them a substantial advantage in the market. It takes up a lot of time as well. At least, that was the case before TradesViz.

TradesViz keeps an automatic diary of your trading actions, complete with visualization features that make it simple to identify areas in need of improvement. Find out if it’s worth it to sign up and download this program, how much it costs, and how it compares to other trade journal solutions in the following paragraphs.

Plans and Costs for TradesViz

TradesViz has three distinct subscription tiers, each with its unique set of benefits and prices. When you sign up for a yearly plan instead of a monthly one, you’ll save 25%.

Basic

When just getting started, the free, basic plan is the way to go. 

Features that make this strategy attractive include:

  • Comprehend the Movement of Stocks. TradesViz keeps tabs on your domestic stock and ETF transactions automatically, so you can go back and analyze your results with ease.
  • The process is completely hands-free and automatic. Transaction data can be imported mechanically. When compared to the vast majority of free trading journal software solutions, which necessitate manual data entry even for their most basic plans, this is a significant pro.
  • Profit and Loss Analysis Graphs for Business Transactions. Trade analysis charts make it simple to monitor your gains and losses over time. Your gains, losses, and overall profit are all clearly displayed in color-coded charts.
  • AI Trading Data from ChatterQuant. The AI software ChatterQuant was developed in-house by TradesViz. The script analyzes the sentiment of millions of social media posts to forecast high-volume trading actions.

Pro

You can subscribe to the Pro plan for $19.99 per month, or $179.88 annually. It includes everything you get with the Basic plan, plus:

  • Follow the Markets for Foreign Exchange, Futures, and Options. Pro users may keep tabs on all of their online trades, whether they be in stocks, currency, futures, options, or anything else.
  • Dynamic Graphs. You get 10 stock charts per trade, each of which can be manipulated with this plan. Powerful charting tools and a full suite of technical indicators are available.
  • Spotting Loss Limits. You can keep tabs on your stop-loss orders with this system. Locate your alerts and see if they were activated, allowing you to fine-tune your risk management approach.
  • Timetable for the Financial Markets. Trading calendars detailing impending PnL reports, earnings releases, stock splits, and initial public offerings are available to Pro users.

Platinum

Priced at $29.99 a month or $275.88 a year, the Platinum plan is not cheap. It includes everything the more affordable options do, plus:

  • Keep tabs on as many as 20 different trading accounts at once. You can monitor up to 20 accounts at once, whether they belong to different brokers or are managed on various platforms.
  • Maps of the Exit Strategy Analyzer. Exit strategies from past transactions should be analyzed for areas of improvement. Additionally, you should determine the optimal times to close any open trades.
  • Indicator Board for the Flow of Options. You can use the movement of options as a signal for trading opportunities, so keep an eye on that.
  • Forecasting charts that take into account seasonal factors. Think about the market’s projected seasonal changes (seasonality) while you evaluate your trading strategies.

More TradesViz Features

There are a number of other tools available on the TradesViz platform that are useful for professional traders. The majority of these are the most vital and practical.

Many Brokerages Supported

TradesViz works with many different brokers, including TD Ameritrade, Robinhood, and Interactive Brokers. The prominent trading platforms thinkorswim, MetaTrader, and NinjaTrader are all supported. There are 80 brokers and trading platforms that are compatible with this trade log software.

Effortless Use

TradesViz was designed with simplicity in mind, as its name suggests. The core idea of the program is to provide a graphical representation of your trading portfolio’s day-to-day performance.

After logging into the platform and importing your data, you will be presented with a number of bar charts color-coded in the conventional fashion, with green representing success and red representing failure.

The service’s analysis and trading features appear to be conveniently located, lowering the learning curve for novice users.

Mobile App

When it comes to mobile trading, TradesViz is a mixed bag. There is a mobile app for the platform, and it has been in development for quite some time. The problem is that the app has a very limited feature set compared to the desktop version. 

You can see how your trades are doing at a glance on the go, and with the possibility of future improvements from TradesViz, it’s a terrific tool to have at your disposal.

Stats on Risk & Performance

In a high-risk endeavor like trading, any resource that can assist you in better managing that risk is invaluable. The risk and performance statistics provided by TradesViz might be helpful whether you’re examining trade entries in your trading notebook or researching ongoing opportunities.

Organize and Compare Trades

TradesViz provides a handy method for determining whether day trading, swing trading, or momentum trading yields the best results.

The tool allows you to categorize and analyze deals to identify your most profitable trading strategies. Once you’ve identified your optimal trading approach, you should devote all of your time and energy to perfecting that method rather than pursuing chances that are less promising.

Adaptable Dashboard

TradesViz allows you to personalize your dashboard, so you can more easily view the information that matters to you while minimizing distractions.

Tracking of Commission & Fees

TradesViz keeps tabs on the commissions and fees you pay with each trade because your goal is to make money, not spend it. If you find the costs to be prohibitive, you can shop around amongst several internet brokers to locate one with more reasonable rates.

Investing in Stocks and  Fundamental Analysis

TradesViz provides fundamental data including important valuation ratios, earnings statistics, and analyst views for those who prefer a more quantitative approach to invest.

The Advantages of TradesViz

TradesViz, even at the free Basic plan level, offers a number of significant benefits. 

Those things are:

  • Gain a Clear Picture of Your Progress at No Cost. Your trading data is imported and analyzed automatically by TradesViz before being presented to you in clear, color-coded charts. Because of this, monitoring, analyzing, and bettering your trading performance over time is very easy.
  • Equipment for Performing Active Trading. The TradesViz platform is more than just a tool for analyzing past transactions to find profitable trends. Furthermore, it provides a wealth of technical resources that might serve as a competitive advantage during high-volume trading sessions. If you’re a Pro or Platinum member, you can take advantage of numerous trading charts and common indicators.
  • AI Access to ChatterQuant. TradesViz’s unique AI is available to all users, even the free ones. This application analyzes trader sentiment from a sea of social media data to highlight key openings for action.
  • Record a Number of Assets. TradesViz allows you to monitor your investments across many markets, including domestic equities and ETFs, futures, options, and currency.

The Disadvantages of TradesViz

There are a lot of positives to signing up for TradesViz, but there are also some negatives. 

The key ones are:

  • Not Keeping Tabs on Cryptocurrency Transactions. If you trade cryptocurrencies frequently, you’ll need to come up with a new method of keeping a trading log. Cryptocurrency trades are not monitored by TradesViz.
  • You can only invest in stocks and bonds issued in the United States that are traded on major international exchanges. Domestic securities trading on major exchanges like the Nasdaq and the New York Stock Exchange are the only ones you may monitor and evaluate (NYSE). If you like to trade OTC or international stocks, you need to find another trading journal tool.
  • There is only a mobile app and no desktop version. The mobile app provides a limited yet helpful overview of your trading actions on the go. There is also no web-based desktop application available. TradesViz is a desktop application that requires downloading before it can be used. TradesViz, on the other hand, works with Windows, Linux, and MacOS equally well.
  • Only Paid Members Have Access to Our Best Features. Although TradesViz’s free Basic plan includes some useful features, only paying customers to have access to the platform’s most impressive capabilities.

The Performance of TradesViz

TradeBench is a major rival to TradesViz. 

See how the two stack up below:

TradesVizTradeBench
PriceBasic. Free Pro. $19.99 per month or $179.88 per year Platinum. $29.99 per month or $275.88 per year 25% discount when you pay annuallyFree — no paid service tiers 
Risk ManagementStop-loss monitoring and risk analysis Planned entry & stop-loss tools, diversification tools 
Ease of UseEasy to use, even for beginnersAds sometimes get in the way of important data
Mobile CapabilitiesVery basic mobile appAll features available on desktop and mobile apps

Bottom Line

When looking for trading journal software, one of the best options is TradesViz. You may easily keep a trading journal, use the included data analysis tools, and boost your future performance with this platform.

TradesViz is a fantastic choice for most active traders, albeit its main features need payment and it doesn’t support bitcoin.

Automatic journaling and data analysis tools are very useful for high-volume traders like scalpers. Automation, meanwhile, eliminates the need for any human involvement in the curation of a magazine. Data analysis features also make it simple to zero in on exactly where your plan can use some fine-tuning.

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