tastyworks
TastyWorks rating

tastyworks Options Trading Platform and Pricing (2019)



Trading Options at tastyworks


tastyworks specializes in options trading. Does that mean it outperforms all other brokers in this area? Let’s have a look underneath the hood.


Cost of Trading


tastyworks does not charge anything to open, close, or maintain an account. Equity option contracts are $1.00 each, with a $10 maximum per leg. On the closing side, the commission is a very nice $0.00. Exchange, clearing, and regulatory fees are the burden of the customer. The clearing fee is 10¢ per contract per side.

Futures options are also available. These cost $2.50 per contract on the buy side and nothing on the sell side. Once again, fees are passed on; and this time the clearing fee is 30¢.

Besides equity and futures options, tastyworks also offers index options. The commission is the same as equity options, although index options have different exchange fees. These vary from 18¢ to 65¢ per contract. Also, there’s no $10 cap per leg.


Desktop System


tastyworks’ desktop program is a good place to get started trading options. In the left-hand column, there is a watchlist. In fact, there are multiple pre-stalled lists. One of them is ‘high options volume.’ Selecting this during our research gave us a long list of stocks and ETFs with exactly what the title indicates. Some of the stocks included Tesla, which just launched its Cybertruck; and Schwab, which just announced its acquisition of TD Ameritrade.


tasty works options Trading


In the middle of the screen is a workboard that can be used to analyze a stock, fund, futures contract, or potential option trade. Clicking on a security in the watchlist automatically populates this space plus the row above it. The top row provides important trade data, such as ask and bid prices and the account’s option buying power.

The workboard offers two basic formats: curve and table. The latter provides traditional option chains with strike price in the middle. We found it very easy to click on bid and ask numbers to create buy and sell orders for specific contracts. It’s also possible to select a pre-installed strategy in the top menu. Just click on the blue down arrow to choose from among icon condors, jade lizards, and a few other strategies.

The second format choice is curve. This system presents a potential trade in graphical format. For example, there’s a bell curve that shows price movement potential based on implied volatility. It’s also easy to drag a put or call left or right to change its strike price in this format. The strike price in the order ticket will automatically change, a convenient feature.


Browser Platform


The next program tastyworks offers its customers is a browser system. Launched from the company’s website, the interface is actually quite similar to the desktop program: black theme with red downside and green upside buttons. The watchlist is on the right-hand side this time, although the curve and table workspaces are still in the middle.


tastyworks Trading options


There are three tabs in the upper-left corner of the primary center order window: stock, curve, and table. Stock should be used only to trade stocks and ETFs. The latter two can be used to trade options. Selecting either one will produce a strategy drop-down menu where the broker’s pre-defined lists can be found. There are 8 of them. It’s also possible to create your own custom 4-leg order.


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Open account and pay no commissions on stocks and ETFs.

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Mobile App


The final platform tasty offers option traders is its mobile app. The same pre-programmed option plays are in there, and the interface is similar but adjusted for the smaller screen. Option strategies can be modified by tapping on call to change to put (or vice versa), or tapping on buy to change to sell (or vice versa).

During our testing, we found it fairly easy to shuffle among strike prices, contract quantities, and expiration dates. The order ticket offers net debit or net credit. Duration choices are day, GTC, or good until a certain date.

The same watchlists make an appearance on the mobile app. It’s possible to create your own list of stocks and funds, but not contracts. Stocks and funds can be sorted by implied volatility.


tastyworks app for Options


Options Research and Education


On the desktop system, there are chains with Greek values. In the right-hand column, we found implied volatilities sorted by expiration dates. That’s about the extent of the broker’s option research tools. As far as education, there is much more. tastyworks is part of tastytrade, an educational portal with an emphasis on options trading. And access to tastytrade is free of charge.

A good place to find tastytrade videos is on the browser platform. We were able to access videos on many option topics, such as elementary topics like the difference between calls and puts, to more difficult topics such as selling straddles after earnings.

On the mobile app, there is a list of recent option trades by tastyworks insiders.


Judgment


tastyworks delivers option traders a good value with three platforms.


Open tastyworks Account


Open account and pay no commissions on stocks and ETFs.

Open Tastyworks Account


Tastyworks Options Trading reviewed by Brokerage-Review.com. Rating: 4.5