OptionIncome

Imagine you’re an active options trader juggling multiple strategies like covered calls, spreads, and the wheel strategy. Your broker provides trade confirmations but fails to offer insights into your overall strategy performance. You need a tool to consolidate these trades, link them to strategies, and reveal the true profit and loss (P&L) figures. Enter OptionIncome, a platform designed to track your options trading as a cohesive business rather than isolated transactions. Whether you’re analyzing historical trades or managing live positions, OptionIncome aims to provide the clarity you need to assess and optimize your strategies.

OptionIncome excels at automatically tracking your options trades by syncing with your broker. Once you connect your broker account, the tool imports your entire trade history, classifying each strategy from simple covered calls to complex spreads and iron condors. This automated process saves you from manual data entry and provides a comprehensive view of your trading performance. The platform organizes your trades, showing rolled positions as ongoing strategies rather than losses, and calculates true P&L figures, helping you identify which trades to continue and which to drop based on real profitability.

Key Features

• Automatic Options Trade Tracking — Syncs your entire trade history and classifies strategies without manual entry, ensuring you have a comprehensive view.
• Track Rolling Profitability — Links rolled positions to track strategy P&L over time, essential for understanding true performance.
• True Cost Basis for Wheel Strategy — Calculates an accurate cost basis by including all premiums collected, helping you to identify profitable strike prices.

Pros & Cons

• ✓ Automatically syncs with multiple brokers, eliminating manual data entry.
• ✓ Offers real-time Greeks and TradingView integration for live charting and analytics.
• ✓ Provides a clear snapshot of strategy performance, helping traders optimize their approaches.

• ✗ Currently supports a limited number of brokers, with some like Interactive Brokers still pending integration.
• ✗ The website doesn’t specify if there are any mobile app capabilities, which could limit access for traders on the go.

While OptionIncome offers robust features for options traders, it might not be ideal for those who primarily rely on brokers not yet integrated with the platform. The lack of mobile app support could also be a significant drawback for traders who prefer managing their portfolios on smartphones. Additionally, traders who already have their own sophisticated tracking systems or prefer spreadsheet-based tracking might find the tool’s features redundant or unnecessary for their workflow.

If you’re considering OptionIncome, you might also look at alternatives like TradeLog, which offers extensive tax reporting features that might benefit those focused on the financial implications of their trades. On the other hand, OptionIncome’s unique ability to auto-sync and track the true P&L of strategies offers a more focused solution for traders specifically interested in optimizing their trading strategies rather than tax reporting. Choose OptionIncome if strategy performance and easy broker syncing are your top priorities.

Best For

OptionIncome is well-suited for individual options traders, particularly those who employ complex strategies like the wheel and spreads. The Pro plan at $19/month billed annually is ideal for traders who want real-time tracking and analytics without the hassle of manual entries. It’s best for those looking to optimize their trading strategies and gain insights into true performance metrics.

OptionIncome is a valuable tool for serious options traders who need a streamlined way to track and analyze their trading strategies. The auto-sync feature with multiple brokers and real-time analytics make it a compelling choice for those looking to optimize their strategies based on real performance data. With its focus on strategy cohesion and accurate P&L tracking, OptionIncome is a worthwhile investment for traders aiming to transform their trading into a business. Recommended for traders looking to gain deeper insights and strategy optimization.