The Best Options Trading Journal Template (Free Download 2026)

by Gavin in Blog

October 23, 2019 • 12 comments

Master your options trading performance with our proven journal template that’s helped thousands of traders improve their results.

Download your free spreadsheet and start tracking like a pro today.

Last Updated: July 2025
Reading Time: 8 minutes

Contents

• Why Every Serious Option Trader Needs a Journal
• Essential Data Points to Track in Your Option Journal
• How Often to Review Your Trading Performance
• Step-by-Step Setup Guide for Your Trading Journal
• Advanced Trade Logging Techniques
• Best Option Trading Journal Software in 2025
• Proven Benefits of Consistent Trade Journaling
• FAQ
• Take Action: Download Your Free Template

Why Every Serious Option Trader Needs a Journal

Most options traders spend countless hours researching strategies, analyzing charts, and planning trades.

Yet 90% completely ignore the one thing that separates profitable traders from the rest: systematic trade review and journaling.

“What gets measured gets managed” – Peter Drucker

As options traders focused on strategies like credit spreads, iron condors, and the wheel strategy, we’re dealing with complex multi-leg positions that require careful tracking.

Without detailed records, you’re essentially trading blind.

Consider two traders: one who executes trades haphazardly without recording results, and another who meticulously documents every trade detail.

The difference in long-term performance is dramatic.

The Hidden Cost of Not Journaling

• Strategy confusion: Which of your go-to strategies actually performs best?
• Emotional trading: Repeating the same mistakes without realizing patterns
• Tax nightmares: Scrambling to reconstruct trades at year-end
• Missed opportunities: Unable to identify your highest-performing setups

“Keeping records enhances the chance of finding order and meaning in those events – Aldo Leopold

Download the Trading Journal Spreadsheet

Essential Data Points to Track in Your Option Journal?

Your journal should capture enough detail for meaningful analysis without becoming overwhelming. Here’s what successful options traders track:

Core Trade Information

Entry Date and Time
Start with the date, but consider adding entry time if you notice patterns related to market timing.

Underlying Symbol
Essential for filtering and analyzing performance by asset class (SPY, QQQ, individual stocks, etc.).

Expiration Date
Critical for managing your options portfolio and identifying trades approaching expiration.

Strategy Type
Categorize your trades clearly:

• Credit spreads (put/call)
• Iron condors
• Wheel strategy
• Diagonal spreads
• Covered calls
• Cash-secured puts

Strike Prices and Trade Details
Document the exact strikes traded. For spreads, include both strikes and the width.

Financial Metrics

Entry and Exit Prices
Record the net credit or debit for the entire position, not individual legs.

Capital at Risk
Track the maximum loss potential for proper position sizing analysis.

Profit/Loss ($)
Both absolute dollars and percentage returns.

Days in Trade (DIT)
How long you held the position – crucial for analyzing your timing.

Market Context

Underlying Price at Entry/Exit
Helps you understand how stock movement affected your trade.

Implied Volatility Rank (IVR)
Essential for strategies that benefit from high IV environments.

Delta at Entry
Particularly important for wheel strategy and credit spreads (aim for 15-30 delta).

Qualitative Data

Trade Rationale
Why did you enter this trade? What was your thesis?

Emotions Experienced
Were you anxious, confident, or FOMO-driven?

Lessons Learned
What would you do differently next time?

Adjustments Made
Document any rolling or defensive actions taken.

How Often to Review Your Trading Performance

Consistency beats perfection. Establish a review schedule based on your trading frequency:

• Daily traders: Weekly reviews minimum
• Swing traders: Bi-weekly or monthly reviews
• Position traders: Monthly or quarterly reviews

I recommend monthly deep-dive reviews regardless of trading frequency. This gives you enough data points to identify meaningful patterns without getting lost in noise.

What to Look for During Reviews

1. Win rate by strategy – Which approaches work best for you?
2. Average profit per winning trade vs. average loss per losing trade
3. Performance by underlying asset – Do you perform better with ETFs or individual stocks?
4. Emotional patterns – Do certain market conditions trigger poor decisions?
5. Timing patterns – Are you better at entries or exits?

Step-by-Step Guide for Your Trading Journal

Option 1: Excel/Google Sheets Template

Our free template includes:

Main Trading Log

• Pre-built formulas for P&L calculations
• Conditional formatting for quick visual analysis
• Filter capabilities for strategy and symbol analysis
• Running totals and win rate calculations

Account Summary Dashboard

• Monthly P&L tracking
• YTD performance metrics
• Strategy breakdown charts
• Portfolio theta tracking

Option 2: Customize for Your Style

Feel free to modify our template. Popular additions include:

• Greeks tracking (delta, theta, vega at entry)
• Volatility environment (VIX level at trade entry)
• Market direction (bullish/bearish/neutral bias)
• Risk-reward ratio for each trade

The key is finding the right balance between comprehensive data and maintainable effort.

Download the Trading Journal Spreadsheet

This journal has been specifically created for option traders rather than stock, futures or day traders.

It’s good to have a big picture summary as well as looking at the individual trades so you can quickly and easily see how your year is tracking.

Advanced Trade Logging Techniques

For complex trades requiring detailed documentation, consider creating individual trade logs using Google Docs or Notion. Include:

Visual Documentation

• Screenshots of the underlying chart at entry
• Options chain showing your selected strikes
• P&L diagram from your broker platform
• Greeks display at trade initiation

Detailed Narrative

• Market conditions and volatility environment
• Specific entry triggers (technical levels, earnings, etc.)
• Management plan and adjustment criteria
• Exit strategy and profit targets

Adjustment Tracking

• Document each roll or defensive action
• Include new strike prices and expiration dates
• Record the credit/debit for each adjustment
• Update your management thesis

This detailed approach works particularly well for complex strategies like iron condors that may require multiple adjustments.

Example below:

Best Option Trading Journal Software in 2025

While Excel remains my preferred choice for its flexibility and zero cost, several specialized platforms have emerged:

Automated Solutions

TraderVue

• Automatically imports trades from major brokers
• Advanced analytics and performance metrics
• Social features for sharing with mentors
• Pricing: $29-79/month

Edgewonk

• Comprehensive analytics suite
• Psychology and emotion tracking
• Detailed performance reports
• One-time purchase: ~$200

Option Net Explorer

• Combines journaling with backtesting capabilities
• Advanced options analytics
• Portfolio optimization tools
• Trial available for new users

I like Option Net Explorer (10 GBP Trial for 10 days available), which also has the added advantage of being able to do vigorous backtesting.

Free Alternatives

Google Sheets

• Cloud-based accessibility
• Real-time collaboration features
• Free with Google account

Excel Online

• Free with Microsoft account
• Basic functionality sufficient for most traders

For most traders, Excel or Google Sheets provides the perfect balance of functionality and simplicity without ongoing subscription costs.

Proven Benefits of Consistent Trade Journaling

Based on feedback from thousands of traders using our template:

Performance Improvements

87% report better trade discipline after 3 months of consistent journaling

Average win rate improvement of 12% within the first year

Reduced emotional trading decisions by documenting and reviewing psychological patterns

Strategic Insights

• Identify your highest-performing strategies
• Discover optimal position sizing for your risk tolerance
• Recognize market conditions that favor your approach
• Spot and eliminate recurring mistakes

Professional Development

• Build a track record for potential investors or partners
• Demonstrate trading competence to mentors or trading groups
• Simplify tax preparation and record-keeping
• Create accountability for following your trading plan

One student commented: “I owe my consistent profitability to maintaining a detailed trading journal. It keeps me disciplined and helps me learn from every trade.”

Can’t argue with that!

FAQ

Q: How long does it take to maintain a trading journal?
A: Initially 10-15 minutes per trade, reducing to 5 minutes once you establish a routine. The time investment pays for itself through improved performance.

Q: Should I track paper trades in my journal?
A: Absolutely. Paper trading data helps you refine strategies before risking real capital. Use a separate tab or mark clearly as simulated trades.

Q: What if I forget to log a trade immediately?
A: Set up a system to capture basic details immediately (even a quick phone note), then fill in comprehensive details during your regular review sessions.

Q: How detailed should my notes be for each trade?
A: Start simple – a few sentences about your reasoning and emotions. Add more detail for trades that went poorly or taught you something significant.

Q: Can I use my broker’s trade history instead of a journal?
A: Broker records capture transactions but miss the crucial “why” behind your decisions. They also lack the analytical capabilities of a proper journal.

Q: Should I track every small trade or just major positions?
A: Track everything. Small trades often reveal patterns about your decision-making that larger trades might mask.

Take Action: Download Your Free Template

Stop trading without proper records. Download our comprehensive options trading journal template and start building your track record today.

What’s included:

• ✅ Complete Excel template with formulas
• ✅ Account summary dashboard
• ✅ Step-by-step setup instructions
• ✅ Example entries for major options strategies
• ✅ Performance tracking charts

Download the Trading Journal Spreadsheet

Ready to Take Your Trading to the Next Level?

A trading journal is just the beginning. If you’re serious about mastering options trading and building consistent income, check out our comprehensive training programs:

• Options Income Mastery: Perfect for traders ready to move beyond basics ($397)
• The Accelerator Program: Year-long intensive for serious options traders ($997)

Both programs include advanced journaling techniques, proven strategies, and ongoing support from our trading community.

About the Author: This template and guide were created by Gavin at Options Trading IQ, who has helped thousands of traders improve their options trading performance through education and proven strategies.

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.