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Option Samurai Review

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by Gavin in Blog
October 17, 2021 0 comments
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Contents

Today, we are reviewing Option Samurai, a scanner to find options trades.

Option Samurai Review

There are numerous different types of software and scanners designed to find options trades. One of these many scanners is called Option Samurai.

This article will give an overview of the scanning features available with Options Samurai.

We will talk about the merits and drawbacks of the platform and discuss whether or not it is worth the membership.

Options Samurai Overview

Options Samurai is a scanning software used to help traders find different options trades and employ different systematic strategies.

The basis of the platform is to help use AI in the use of screeners to benefit options traders.

The home page is quite simplistic, as seen below.

option samurai review

Simplicity is not necessarily a bad thing.

It makes the platform easy to use. Within a short amount of time, a user should have no problem using all the platform’s functionality.

Compose a New Scan

If we want to scan for a stock or option with specific characteristics, we can select the “Compose a New Scan” to get started.

best option screener

We are brought to a page where we have our different filters on the left-hand side of the page, while on the right, we have the securities that meet these criteria.

We have quite a few different criteria we can choose from, including technical, fundamental and options filters.

This can lead to numerous unique combinations.

Most of these screeners can be found elsewhere for free with a lot of the same features. In fact, you might have one already at your current brokerage.

That being said, the Samurai Scanner is relatively easy to use and certainly more intuitive than some of the other scanners out there.

There are also a few unique screening features that are hard to come by elsewhere.

During a quick look through, the skew rank feature stood out as one that isn’t present in many other places.

If we made a scan that we liked, we can save it and use it whenever we want in the future. Once it is saved, it will merely show up under the saved scans on the homepage.

Predefined Scans

If you are overwhelmed and not sure what to be scanning for, the predefined scans will be a far better place to start.

These are scans for various strategies “such as the wheel and Iron Condor” where the filters are preset.

In total, there are around 25 unique strategies with corresponding scans. Simply click on the scan you would like to run, and the results populate for you.

If you want to know the exact filters used, hover over the scan, and the strategy will be explained.

In the example below, by choosing “Wheel Candidates,” we have a list of stocks populate that currently fit that criteria.

options scanner

The predefined section is straightforward to use.

For beginner options traders finding potential trades using this feature is very easy to do.

The assigned filters for the strategies seem, for the most part, to be intuitive.

Nevertheless, a lot of strategies are naturally going to be using a lot of overfitting.

It is easy to see what has worked in the past.

It is a lot harder knowing what will work in the future.

There may be a small amount of alpha in using these strategies systematically, though initial thoughts are limited to perhaps a few percent a year.

So if you are expecting the screener to be a get rich quick scheme, tone down your expectations.

If you are starting to trade options and looking for some systematic strategies, this is a good place to dip your toes.

Conversely, if you have a strategy you like to run systematically, the scanner may streamline the process for you.

Pricing

Option Samurai provides two types of memberships: monthly and annual.

The Monthly Plan is $49 per month, while the Annual Plan is $450 every year.

This translates to a monthly payment of $37.50.

These prices do not include tax, so that the final cost will be slightly higher.

option scanner

They also offer a 14-day free trial where you may try out the pre-built scans and create your own.

Verdict

The Option Samurai screener is an easy to use and valuable tool.

The price of $49 per month may discourage smaller investors, but it can be a great way to generate trade ideas for larger account holders.

Nevertheless, there is no harm in trying out the Option Samurai screener and seeing how you like it with a free trial option.

It may also help generate a few different ideas for strategies that one could implement in a portfolio by exploring some of the predefined screens.

Trade safe!

Disclaimer: The information above is for educational purposes only and should not be treated as investment advice. The strategy presented would not be suitable for investors who are not familiar with exchange traded options. Any readers interested in this strategy should do their own research and seek advice from a licensed financial adviser.

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Options Trading 101 - The Ultimate Beginners Guide To Options

Download The 12,000 Word Guide

Get It Now