Tool for Options Trading: OptionsPlay

Introduction

OptionsPlay is a multifaceted service that integrates a trading platform, a trade signal service, and a suite of educational resources tailored for retail options traders. It aims to streamline the complex world of options by providing tools, expert analysis, and learning materials within a single subscription. The objective of this article is to provide a comprehensive, neutral, and detailed analysis of OptionsPlay’s features, pricing structure, and user feedback. This will enable readers to make an informed decision about its suitability for their individual trading needs and strategies.

What is OptionsPlay? A High-Level Overview

For beginner and intermediate traders, navigating the options market can be a fragmented and challenging experience. The strategic value of an all-in-one platform lies in its ability to consolidate complex data, expert analysis, and foundational education into a single, accessible interface. By integrating these components, a service like OptionsPlay aims to simplify the decision-making process, reduce the learning curve, and provide a structured approach to a market that is often perceived as intimidating.

Core Proposition

OptionsPlay is a subscription-based service package that combines a trading platform, a trade signal service, and an educational provider. It is designed to empower investors to leverage options within their portfolios. The entire platform is web-based, which means users can access it directly through a browser without the need to download or install any software.

The Experts Behind the Platform

The analysis and trade ideas provided by the service are led by seasoned market strategists. The two key experts identified are:

• Tony Zhang: The Chief Strategist at OptionsPlay, who frequently appears on CNBC to present trade ideas and market commentary.

• Rick Bensignor: A former Chief Market Strategist at Morgan Stanley, who joined OptionsPlay in early 2022. He brings over 40 years of trading experience, specializing in technical analysis.

The expertise of Zhang and Bensignor directly informs the platform’s analytical tools and, most notably, its daily trade signal services.

Deep Dive: OptionsPlay Core Features Analyzed

The true value of any trading tool lies in the practical utility of its features. This section will dissect the primary components of the OptionsPlay service-its analytical platform, trade idea generation, and educational content-to evaluate their effectiveness for a retail trader.

Trading Platform and Analytics

The central component of the service is its charting software, which includes a rich set of features for technical analysis.

• Chart Availability: The platform renders daily, weekly, and monthly charts. However, it is important to note the explicit absence of intraday charts, making it unsuitable for day trading. It supports a variety of chart types, including standard candlestick, Heikin Ashi, and Point and Figure charts.

• Technical Indicators: Users have access to over 100 technical indicators (referred to as “studies”), ranging from common tools to more specialized ones like the Supertrend indicator.

• Proprietary Tools: The software automatically generates support (green) and resistance (red) lines on the charts. It also includes one-month and six-month trend indicators that are color-coded: green for a bullish trend, red for a bearish trend, and yellow for a neutral trend.

• Data Latency: A crucial limitation is that all stock and options price data on the platform is delayed by 20 minutes.

• Mobile Access: OptionsPlay provides a mobile application for both iOS and Android, allowing users to access the platform on the go.

Trade Ideas and Signal Services

OptionsPlay delivers trade ideas and signals to its subscribers through several distinct mechanisms.

• DailyPlays: These are hand-picked trade signals sent to members via email before the market opens. Each signal includes specific option strikes, expiry dates, and a chart-based analysis explaining the trade’s rationale. The strategies are typically directional vertical credit and debit spreads.

• Counter-Trend Strategy: Many of the trade ideas originate from Rick Bensignor and are based on his counter-trend trading style. This methodology uses a combination of proprietary DeMark indicators and the Ichimoku Cloud to identify potential market reversals. It is critical to understand that the DeMark indicators are proprietary and not available for users to apply within the OptionsPlay charting platform itself. This creates a “black box” scenario where users cannot independently verify or replicate the core methodology behind many of the trade signals, requiring complete faith in the strategists’ interpretation.

• The OptionsPlay Score: This is a proprietary metric designed to simplify trade evaluation. It balances a trade’s risk-to-reward ratio with its probability of profit. The score is color-coded for quick interpretation: green signifies a good trade, yellow indicates no particular statistical edge, and red suggests a poor risk/reward profile or a low probability of success.

• Income Strategy Reports: In partnership with TMX, OptionsPlay provides daily “Optimal Covered Call” and “Short Put” reports. These are designed to save investors time by scanning the market for suitable income-generating opportunities based on best practices for these strategies.

• Autofill Trade Link: A feature integrated into the income reports, the Autofill Trade Link allows a user to click a link that automatically opens the OptionsPlay platform and populates the exact trade details. This enables faster analysis of key metrics like probability of profit, Greeks, and breakeven points.

Educational Resources

The educational component is a significant part of the OptionsPlay subscription, aimed at building user confidence and knowledge.

• Member-only weekly webinars covering macro views, market outlook, and other options-related topics.

• The OptionsPlay Hub, a central location for accessing DailyPlays and Market Insights.

• A variety of downloadable reports, including the Daily Liquidity & IV Rankings, Earnings Calendar, Unusual Volume Report, Credit Spread Opportunity Report, Covered Call Report, Short Put Report, and the ATM Straddle Income Report.

• An Options 101 video course for members new to options trading.

These features, taken together, provide a comprehensive suite of tools, but their value must be weighed against their cost.

Subscription Plans, Pricing, and Policies

Cost is a key factor in any trader’s decision-making process, directly impacting the net profitability of a strategy. This section clearly lays out the subscription tiers offered by OptionsPlay, available discounts, and important administrative policies regarding cancellations and refunds.

Membership Tiers and Cost

OptionsPlay offers three primary subscription plans, including a full-featured trial period.

• Other third-party platforms, such as Questrade, also offer a version of the service, though user reports suggest it may come with limited capabilities compared to the full web application.

Important Policies

Understanding the terms of service is essential before committing to a subscription.

Cancellation Subscriptions can be canceled at any time without a long-term commitment. Upon cancellation, a user’s account access remains valid until the next scheduled billing cycle.

Refunds OptionsPlay has a strict policy of not offering any refunds. The company justifies this stance by citing its flexible monthly and annual pricing options and the availability of a full-feature trial period, which allows potential customers to evaluate the service thoroughly before subscribing.

These factual details of pricing and policy provide one side of the story; the other is found in the experiences of its user base.

User Perspectives: A Balanced View

To fully evaluate a service, one must look beyond marketing materials and consider the real-world experiences of its users. This section presents a balanced view by synthesizing both the potential benefits highlighted in reviews and the significant criticisms raised by traders who have used the platform.

Potential Benefits (The “Pros”)

Based on reviews and platform features, users may find value in the following areas:

• Expert-Led Analysis: The service provides direct access to trade ideas from experienced market strategists like Rick Bensignor, which can be valuable for traders looking for expert guidance.

• Time-Saving Tools: The summary analysis provided for stocks and the various daily reports are seen as a significant time-saver, automating the process of scanning for market opportunities.

• Income Generation Focus: For traders focused on income strategies, the daily Covered Call and Short Put reports offer a curated list of potential trades that follow established best practices.

• Risk-Free Trial: The 14-day free trial offers full access to all features without requiring a credit card, allowing for a thorough and commitment-free evaluation.

• Highly-Regarded Educational Content: The educational component is well-received, with user feedback specifically noting the weekly training videos are “very good.”

Reported Drawbacks and Criticisms (The “Cons”)

Conversely, user feedback has highlighted several significant drawbacks and points of contention:

• Performance Accountability: A primary criticism revolves around the alleged “atrocious” performance of the DailyPlays signals, with one user claiming to have closed spreads for 95% losses. While one long-term user reported being “slightly in the black” and praised the income-strategy reports, the core complaint is a lack of audited performance statements, which introduces a significant element of blind trust that is antithetical to disciplined trading.

• Risk Management Concerns: The service has been criticized for opening “overly aggressive directional strategies” with insufficient room for error. This user criticism appears to target the inherent risks of the counter-trend style promoted by the service, which aims to identify market tops and bottoms-a notoriously difficult endeavor.

• Lack of Performance History: Users have reported that there is no access to a history of closed trades within the platform, making it difficult to independently track and verify the long-term performance record of the DailyPlays signals.

• Delayed Market Data: The 20-minute data delay is a critical flaw that renders the platform fundamentally unsuitable for anyone needing to react to market movements.

• Platform Limitations: The version of OptionsPlay integrated with brokerage platforms like Fidelity is reported to be significantly limited. A user noted that “…you have to provide your own watchlist of tickers, and it will suggest trades using info that is already freely available on Fidelity (except they attach an OptionsPlay Score…).”

These user experiences raise the critical question of who this service is truly designed for.

Conclusion: Is OptionsPlay the Right Tool For You?

OptionsPlay presents itself as a comprehensive ecosystem designed to guide beginner and intermediate traders through the options market. It combines expert-led trade ideas, time-saving analytical reports, and a structured educational curriculum. Its primary strengths lie in providing access to the methodologies of experienced strategists and in streamlining the process of finding income-generating trades. However, these benefits are countered by significant weaknesses raised by users, most notably the serious questions around performance accountability, the lack of a verifiable long-term track record, and the critical limitation of 20-minute delayed market data.

Ultimately, the suitability of OptionsPlay depends entirely on an individual’s trading style and expectations. It is not a tool for active or intraday traders. For those considering the service, the 14-day, no-credit-card-required free trial is an indispensable resource. Potential users are strongly advised to leverage this trial period to perform their own due diligence, evaluate the trade signals on paper, and determine if the platform’s ‘black box’ signal methodology, unverified performance claims, and focus on counter-trend strategies align with their personal requirements for transparency and risk management.

Frequently Asked Questions (FAQ)

This section answers common questions about the OptionsPlay service, based on information found across their site and user reviews.

Do I need a credit card for the OptionsPlay free trial? No, a credit card is not required to start the full-access 14-day trial.

Are the stock and option prices on OptionsPlay real-time? No, all market data on the OptionsPlay platform is delayed by 20 minutes.

Can I get a refund if I am not satisfied? No, the company has a strict no-refund policy. They encourage users to take advantage of the free trial to evaluate the service before subscribing.

Is OptionsPlay suitable for day traders? No. Due to the 20-minute data delay and the absence of intraday charts, the platform is not designed for intraday or day traders.