How to use the Options Pro ChatGPT Plugin

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Editor

Published:

May 27, 2023

Updated:

July 28, 2023

Navigate the Options Trading World

Market Master the options market with the Options Pro plugin for ChatGPT. This plugin is ideal for traders, investors, or anyone interested in the options market, providing real-time options data, market analysis, and trading strategies.

Before we start:

CLICK HERE: If you need a Step-by-Step Guide to Accessing and Using Plugins with ChatGPT

CLICK HERE: If you want to view our Ultimate Guide: 86 ChatGPT Plugins (and the prompts to use with them) summarized on one page

Ideas on how you can use the Options Pro ChatGPT Plugin

Identifying Candlestick Patterns for Trading Decision-Making

Options Pro can automatically scan, identify, and color-code more than 10 high-probability candlestick patterns. This feature can assist traders in spotting reversal and continuation patterns, which can be crucial in decision-making when trading options.

“Can you show me the high-probability candlestick patterns for Stock X using Options Pro?”

“How can I use Options Pro to identify reversal and continuation patterns in Stock Y’s candlestick charts?”

Determining Volatility Ranges for Buying or Selling Options

Options Pro can take the guesswork out of knowing when to buy or sell single-leg options or spreads. It uses a unique study of implied volatility to identify whether an option is overpriced or undervalued.

“What’s the volatility range for Stock X according to Options Pro? Is it a good time to buy or sell its options?””

“Can you use Options Pro to find out if the options for Stock Y are overpriced or undervalued?”

Calculating the ‘Sweet Spot’ for Selling Options

Options Pro can reveal the ideal date range to sell any option by calculating the ‘sweet spot’. This is the zone where you’ll receive the maximum time premium before time decay sets in at a rapid pace, potentially leading to more winners, higher premiums, and faster profits.

“Can you use Options Pro to find the ‘sweet spot’ for selling options in Stock X?”

“I want to know the best time to sell my options in Stock Y. Can you use Options Pro to help me find that out?”

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Estimating Probabilities of Success with Probability Envelopes

Options Pro can use Probability Envelopes to reveal which strike and expiration combinations offer the highest probabilities of success. This can be particularly helpful for spread traders.

“What’s the probability of success for these strike and expiration combinations in Stock X according to Options Pro?”

“Can you use Options Pro to help me identify the strike and expiration combinations with the highest probabilities of success for Stock Y?”

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Evaluating Options Skew for Better Trading Opportunities

The Options Skew graph in Options Pro can highlight the effects of implied volatility and show which strike prices offer the best values for buyers or the highest potential premiums for sellers.

“What does the Options Skew graph in Options Pro say about the strike prices for Stock X? Which ones are the best values for buyers?”

“I’m considering selling options in Stock Y. Can you use Options Pro to show me the strike prices with the highest potential premiums?”

Share your ideas in the comments

Hey there! We’d love to hear about your experience using the Options Pro plugin with ChatGPT. How have you been using it? Feel free to share your ideas and thoughts in the comments below. We’re excited to learn from your insights!