We are happy to announce our unique feature - Custom Options Scanner.

This feature allows you to build any strategy you want (even if it's not standard) and scan the whole market for that strategy. 

This feature will allow you to find trades you can not find otherwise and compare those trades more effectively and optimally.

• Do you want to trade a Covered Call with 90 shares (to increase return)? 
• Do you want to find iron condors with extra call protection (to protect them from the upside)? 
• Do you want to finance a call purchase using a put spread? 
• Do you have an idea for an option structure no one has seen before?

You can use the custom scanner to scan the entire market for these strategies and compare potential trades easily!

How to use the Custom scanner

The custom scanner is a unique feature that is not available anywhere else. 

To access the custom strategy scanner

1. Click 'Compose new Scan.'
2. From the strategy drop-down menu - pick the "Custom Strategy" option.

See here:

This is an advanced feature, and we suggest using it in 3 steps:

1. Set up the strategy legs.
2. Setting up the filters on one symbol to verify you get acceptable results.
3. Loosening the filters to scan the entire market. 
4. (bonus) Custom strategy scanner works with all our features, so you can save the scan, monitor it (alerts), send trades to the trade log, and more.

Set up the strategy legs:

The first step will be setting up the strategy legs. It is designed to give you maximum flexibility. You can add a stock or option leg and buy/sell call or put in each. 

Here are the limitations:

1. The Beginner plan is limited to 2 legs (stock + option or two option legs)
2. The advance plan can use up to 4 options legs + 1 stock leg (5 legs in total).
3. You can change the quantity in each leg.
4. You don't specify the strikes (we will check all combinations), but you need to order the legs in rising strike order (or equal).
5. All options must have the same expiration date.

Setting up the filters:

The strategy builder is flexible, allowing you to scan all the combinations and the market. However, we suggest you first set the filters to show the expected results. You do this by adjusting the filters, sorting the results, and clicking the row to see a trade graph to make sure this is what you are looking for.

Since we check all combinations, the first results can be the cheapest trades, which is not what you are looking for if you are trying to sell options. Alternatively, we might show the most OTM results first, but you want a more ITM trade, and so on. 

Since we can't read your mind, we suggest adjusting the filters + sorting on one symbol and slowly loosening the results to see all the trades. 

Scan the entire market:

After you are happy with the example trade, slowly loosen the filters (usually symbols) to scan the entire market and find all potential trades that fit your strategy.

You can sort and add filters to help you focus on the right trade. You can also click on the magnifying glass to see all the trades for that symbol to find the optimal trade.

Integrate with all the features in Samurai:

1. You can save and load this scan.
2. You can monitor this scan and get emails when new tickers appear.
3. You can send this trade to our trade page and manually edit the trade, such as prices, strikes, etc.
4. You can send this trade to the trade log.
5. And more.

Example:

[Coming soon]

Dynamic filters:

After you build the options strategy, our system will add the available filters to the list. You add them by clicking the 'add filters' button and then scrolling or searching. All filters have descriptions on the side pane.

1. All stock parameters (volume, fundamental criteria, technical criteria, etc.) are available to create a better universe of tradable stocks.
2. We've added all options filters (bid-ask spread, price, IV, etc.).
3. Strategy filters are created dynamically according to the structure selected, such as the probability of profit, Greeks per strategy, breakeven points, etc.

Our system understands how many breakpoints are in the strategy and will create numbered filters accordingly. The filters are numbered from the lower strike to the higher strike. Filter #1 will control the lowest section/point, Filter #2 will control the middle section/point, and Filter #3 will control the highest section/point (etc.).

For example, if a strategy has two breakeven points:

1. The filter called "Breakeven point #1" will be the distance between the current stock price and the lower breakeven point.
2. The "Breakeven point #2" filter will be the distance between the current stock price and the higher breakeven point. 

Limitations and terminology:

Here are some significant limitations that are important to remember when using the feature:

1. When setting up the options legs, the first option has to have the lowest strike, and the strike price will rise for the following legs.
2. All Options must have the same expiration date.
3. Dynamic filters - If there is more than one breakeven point or more than one loss/profit zone, the filters will be numbered. The numbers represent rising prices. So, breakeven point #1 will be lower than breakeven point #2, and so on.
4. If the strategy has unlimited profit/loss, we set "max profit" and "max loss" filters to show local peaks/troughs rather than extreme points because the former is more valuable when using the scanner. Scanning or sorting when all possible trades are infinite will be less useful than using local values for peaks and troughs.
5. Advanced plan users can use four options legs + a stock leg. Beginner plans can use two legs.
6. If a scan is too long (due to the number of permutations), it will stop without results. Try to limit the number of options. The most useful filters for that are:
   1. Include symbols - limit the stock universe.
   2. Expiration dates - By default, the scan will check several expiration dates. If you focus on fewer (or one), there will be fewer options to check.
   3. Leg delta - this will limit the number of options in the calculation.
   4. Any other filter that limits the number of options in the calculation.

Use cases

[Coming Soon]

Predefined scans:

[Coming Soon]

Read more:

[Coming Soon]: