OptionStation Pro^®: Every options trading tool your desk needs, in a single workspace

Enter a symbol in the Asset panel, select an expiration, and OptionStation Pro builds a strategy-based chain showing every available option at that expiration, including singles, verticals, butterflies, condors, or custom spread types you configure. 

What makes this useful as an institutional options trading tool is the depth of data displayed directly in the chain. Real-time Greeks update alongside each strike, so you can assess directional exposure, time decay, and volatility sensitivity without opening a separate analytics view. IV rank and IV percentile sit in the chain columns, showing you where current implied volatility falls relative to its historical range, context that tells you whether options are relatively cheap or expensive before you commit. 

The 2D risk graph plots hypothetical profit and loss for any position at any price on any date you specify, while the 3D graph selection adds a third axis (typically time or implied volatility), so you can see how P&L evolves as expiration approaches. You can combine your live positions with simulated legs to model adjustments before executing them, evaluating how adding a hedge or rolling a strike changes your risk profile.

The Settings panel lets you graph individual Greeks to isolate where your exposure concentrates. The stress-testing tools model impact across volatility spikes, option expiries, and custom events, supporting both pre-trade and post-trade analysis. 

OptionStation Pro supports strategy construction from simple singles to complex multi-leg spreads, including verticals, butterflies, iron condors, straddles, combos, and custom combinations. The drag-and-drop strategy builder provides instant visual construction and modeling, letting you see how legs interact before you trade. 

Clicking the bid or ask in the chain populates the trade bar with pre-filled order details. You can configure click behavior to either trade directly or route the position to the Analysis tab for risk-reward evaluation first. Results display side by side for comparison. For institutional-scale execution, block and basket tools support multi-account allocations, slicing, and real-time pre/post-trade analysis. 

For desks managing high-volume options books, manual monitoring doesn’t scale. OptionStation Pro’s rules-based position management lets you define auto-roll triggers, close/adjust conditions, and multi-factor conditional orders that execute based on your parameters, reducing the manual intervention that creates risk in fast markets. Customizable event-driven alerts fire on P&L thresholds, risk limits, and volatility triggers, keeping your desk informed without requiring constant screen attention.

The challenge for institutional options desks is that when multi-leg orders fill, the market returns individual legs stripped of their strategy context. The SpreadMaster feature in the Manage panel solves this by letting you reconstruct filled legs into named spread strategies so your positions panel reflects how you think about your book, not just how the fills arrived. The Today’s Orders feature tracks open and filled orders with cancel/replace for price discovery. Everything exports for downstream compliance, reporting, and reconciliation.