ThinkorSwim is a second to none trading platform. It took me so long to get a hand on it. I had a chance to learn more about how to scan Bull Put Spread on that platform on this site: http://growithyou.hubpages.com.
About the first option, the ThinkorSwim Trading Platform provides you with two powerful tools in the Scan tab of its desktop software: the Stock Hacker and the Spread Hacker. You can use these two sections to literally scan thousands of stocks or options spreads in a few seconds.
To find a Bull Put Spread in ThinkorSwim, choose a Public List (e.g. SP500) and set the Spread Hacker as follows:
On the top, click on the menu Search and select “Vertical”.
1. First Criteria – Days to expiration
You are interested in trading options that are about to expire within 30 days or less in order to benefit from the effect of time decay. Type in the min field 15 and in the max field 30.
2. Second Criteria - Front Vol
You are interested in selling a options (with expiration date at roughly 30 days) with high volatility. You should set the front vol at min 30%, because you are selling and you want to receive a huge credit.
For any position detected from the computer, remember to check that the option purchased must have lower volatility than the one sold.
Then you can set some optional criteria to make your search suits your trading plan.
3. Third Criteria - Underlying Price
You may feel more comfortable either trading stocks with high or low price levels. For instance, if you prefer high priced underlying, type in the min field 40 and in the max field 100.
4. Fourth Criteria - PL/Margin
According to the cash available in your account and your money management, you may prefer placing a trade whose margin is within a certain amount. For instance, if the maximum margin you can afford for trade is $2000, type in the max field 2000.
Happy Trading!
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