Spreads.

With this selection, one can analyze vertical bull or bear spreads (either for debits or credits). A vertical spread is one that uses two calls with the same expiration month but different striking prices. It could also be established with puts, of course. Whether puts or calls are used, the following statements are true:

  1. if a lower strike is purchased and a higher strike is sold, that is a bullish spread

  2. If a higher strike is purchased and a lower strike is sold, that is a bearish spread

In PowerAnalyzer service we provide you with the unique capability to customize your search for the best Spreads.

By clicking on the drop down menus below you can see all the choices available for your customizable searches.


Select SPREAD Type

Set Underlying Price Range

<

Price

<

Select Volatility and Time

AND Number of Days to Expiration

Primary Criteria

Secondary Criterions

Probability of Success

<

Option Prices

<

Customize Your Report

Sort By

Sequence



Parameters

    1. Select SPREAD Type
    • Bull Put Credit Spread – sell the high strike, buy the lower
    • Bull Call Debit Spread – sell the high strike, buy the lower
    • Bear Call Credit Spread – buy the high strike, sell the lower
    • Bear Put Debit Spread – buy the high strike, sell the lower
    2. Set Underlying Price Range
    • Select Underlying Type (Stocks or Index are your only 2 choices)
    • Set Price Range (10 < Stock < 100  Stocks between $10 and $100)
    3. Select Volatility and Time
    • Select Volatility to be used in calculations (default is 1 Day Implied Volatility, but you can change it to 5 Days, 20 Days or 100 Days Statistical Volatility.)
    • Number of Days to Expiration defines, which expiration months will be used.
    4. Primary Criteria. Choose one of the following five. "Estimated return" is always a safe choice.
    • Estimated Profit/Loss - Profit/Loss weighted by probability of each Profit/Loss happening.
    • Estimated Return - Estimated Profit/Loss as a percent to investment. Investment is the total debit for debit spreads, and for credit spreads the investment is the difference in the strikes less the initial credit received.
    5. Secondary Criterions
    • Probability of Success - Probability that Profit would be greater or equal 0. Set the Probability that you required.
    • Option Price - Set the price range for the Options.
    6. Customize Your Report
    • Sort By - Defines the field that final Report will be Sort by. "Prime criteria" is usually your best choice, since that is what you selected for your Primary Criteria.
    • Sequence: Ascending or descending sort.

    A sample "Spread Report" is shown below. A Bull Put Credit Spread report was selected for this example. This was run using the default parameters, except for the fact that the "Primary Criteria" was set to "Estimated Return." The "Probability of Success" was set to 50% (the default). Note that the output includes a printout of all of your selection criteria before giving you the individual spreads that is has found.

    The Spread Report should be viewed very carefully. In some cases, market makers do not update the bids and offers of options that are deeply in- or out-of-the-money, and thus a spread may look over attractive. Many of these could be eliminated just by looking at current prices and seeing that the credit cannot be achieved with actual prices. Again, remember that something that looks "too good" is probably not attainable – there is no free lunch on Wall Street.


SPREAD REPORT.

Select SPREAD Type

Bull Put Credit Spread

Set Underlying Price Range

0 < Stock Price < 1000

Select Volatility and Time

1 Day Implied Vol. AND Number of Days to Expiration 31 - 60

Primary Criteria

Estimated Return > 0

Secondary Criterions

Probability of Success > 80

0 < Option Prices < 1000


All data is as of closing on Friday, 07/31/09 .

Copyright 1996 - 2009 ... EzTrade.com ...All Rights Reserved
Nbr. Symbol Description Est. Return Prob. 1 Day I.V. Stock Price Exp. Month

Sell

Buy

Strike Price Strike Price
1 AUXL AUXILIUM PHARMACEUTICALS INC 5.68 89.14 77.77 30.93 09/19/09 22.5 P 1.35 15 P 0.6
2 SNDA SHANDA INTERACTIVE ENTMT LTD 4.97 83.8 68.86 49.58 09/19/09 40 P 1.65 30 P 0.3
3 LULU LULULEMON ATHLETICA INC 4.79 82.4 60.79 17.72 09/19/09 15 P 0.75 10 P 0.15
4 JCG J CREW GROUP INC 3.78 88.33 55.95 28.16 09/19/09 22.5 P 0.6 17.5 P 0.15
5 UA UNDER ARMOUR INC 3.69 86.95 52.62 24.29 09/19/09 20 P 0.6 15 P 0.15
6 GS GOLDMAN SACHS GROUP INC 3.64 87.37 30.24 163.3 09/19/09 145 P 2.09 135 P 0.92
7 CAT CATERPILLAR INC DEL 3.58 94.5 44.07 44.06 09/19/09 34 P 0.45 32 P 0.31
8 IOC INTEROIL CORP 3.56 81.9 78.73 28.3 09/19/09 22.5 P 1.05 17.5 P 0.3
9 MTB M & T BK CORP 3.45 86.66 42.23 58.32 09/19/09 50 P 1.15 40 P 0.25
10 JOYG JOY GLOBAL INC 3.44 87.78 54.16 37.18 09/19/09 30 P 0.8 25 P 0.3
11 PARD PONIARD PHARMACEUTICALS INC 3.4 82.22 126.32 7.21 09/19/09 5 P 0.45 2.5 P 0.15
12 FDX FEDEX CORP 3.33 92.65 41.53 67.84 09/19/09 55 P 0.7 45 P 0.1
13 VLO VALERO ENERGY CORP NEW 3.29 83.78 36.94 18 09/19/09 16 P 0.39 14 P 0.14
14 NYX NYSE EURONEXT 3.29 81.72 40.5 26.95 09/19/09 24 P 0.63 21 P 0.19
15 VNO VORNADO RLTY TR 3.27 81.99 45.12 51.02 09/19/09 45 P 1.45 35 P 0.3
16 HES HESS CORP 3.13 81.14 37.72 55.2 09/19/09 50 P 1.3 40 P 0.15
17 QQQQ POWERSHARES QQQ TRUST 3.12 93.84 24.21 39.45 09/30/09 34 P 0.32 32 P 0.19
18 DNDN DENDREON CORP 3.08 89.9 55.17 24.21 09/19/09 19 P 0.5 15 P 0.2
19 FCX FREEPORT-MCMORAN COPPER & GO 3.07 86.76 50.37 60.3 09/19/09 50 P 1.13 40 P 0.2
20 WFC WELLS FARGO & CO NEW 3 87.39 40.87 24.46 09/19/09 21 P 0.5 15 P 0.1
21 XOM EXXON MOBIL CORP 2.86 85.87 23.17 70.39 09/19/09 65 P 0.88 55 P 0.13
22 JPM JPMORGAN CHASE & CO 2.82 91.22 32.85 38.65 09/19/09 33 P 0.41 31 P 0.24
23 MTH MERITAGE HOMES CORP 2.75 81.92 70.55 21.4 09/19/09 17.5 P 0.8 12.5 P 0.2
24 HGSI HUMAN GENOME SCIENCES INC 2.75 86.38 72.08 14.3 09/19/09 11 P 0.45 7.5 P 0.15
25 ALTH ALLOS THERAPEUTICS INC 2.73 94.61 84.58 8.07 09/19/09 5 P 0.25 2.5 P 0.15
26 MDC M D C HLDGS INC 2.68 89.38 37.74 35.24 09/19/09 30 P 0.5 25 P 0.15
27 HAL HALLIBURTON CO 2.67 86.96 39.22 22.09 09/19/09 19 P 0.31 17 P 0.1
28 SPPI SPECTRUM PHARMACEUTICALS INC 2.66 82.28 101.27 6.7 09/19/09 5 P 0.3 2.5 P 0.05
29 CCL CARNIVAL CORP 2.62 89.38 46.27 27.99 09/19/09 23 P 0.45 17.5 P 0.1
30 ATI ALLEGHENY TECHNOLOGIES INC 2.61 84.8 55.09 27.08 09/19/09 22.5 P 0.65 17.5 P 0.15
31 LLL L-3 COMMUNICATIONS HLDGS INC 2.61 83.66 24.63 75.5 09/19/09 70 P 1.15 60 P 0.25
32 NBL NOBLE ENERGY INC 2.57 82.94 35.5 61.12 09/19/09 55 P 1.15 45 P 0.15
33 DECK DECKERS OUTDOOR CORP 2.54 81.62 42.48 67.61 09/19/09 60 P 1.55 50 P 0.3
34 ORCL ORACLE CORP 2.51 85.85 28.25 22.13 09/19/09 20 P 0.3 18 P 0.1
35 CSIQ CANADIAN SOLAR INC 2.5 81.86 96.1 14.54 09/19/09 11 P 0.6 7.5 P 0.15
36 GR GOODRICH CORP 2.47 89.96 29.72 51.36 09/19/09 45 P 0.55 40 P 0.2
37 CAL CONTINENTAL AIRLS INC 2.45 84.94 64.39 11.17 09/19/09 9 P 0.3 6 P 0.05
38 DRI DARDEN RESTAURANTS INC 2.44 82.13 37.88 32.39 09/19/09 29 P 0.75 25 P 0.25
39 AMZN AMAZON COM INC 2.42 86.12 36.93 85.76 09/19/09 75 P 1.26 65 P 0.3
40 DAI DAIMLER AG 2.4 86.43 41.44 46.45 09/19/09 40 P 0.85 30 P 0.15
41 FPL FPL GROUP INC 2.39 93.08 23.95 56.67 09/19/09 50 P 0.4 45 P 0.15
42 TROW PRICE T ROWE GROUP INC 2.39 88.87 36.91 46.71 09/19/09 40 P 0.6 35 P 0.2
43 COH COACH INC 2.39 88.59 39.98 29.59 09/19/09 25 P 0.45 23 P 0.25
44 SPG SIMON PPTY GROUP INC NEW 2.35 91.04 45.88 55.72 09/19/09 45 P 0.75 35 P 0.2
45 X UNITED STATES STL CORP NEW 2.31 92.33 55.45 39.75 09/19/09 30 P 0.45 25 P 0.15
46 ATHR ATHEROS COMMUNICATIONS INC 2.3 81.35 39.11 25 09/19/09 22.5 P 0.55 17.5 P 0.05
47 GES GUESS INC 2.29 82.94 49.62 29.07 09/19/09 25 P 0.7 20 P 0.15
48 SMH SEMICONDUCTOR HLDRS TR 2.29 93.19 32.25 24.95 09/19/09 21 P 0.21 19 P 0.1
49 TSL TRINA SOLAR LIMITED 2.24 80.67 82.47 28.26 09/19/09 22.5 P 1.05 17.5 P 0.3
50 OXY OCCIDENTAL PETE CORP DEL 2.24 81.35 33.93 71.34 09/19/09 65 P 1.45 55 P 0.3
51 NSC NORFOLK SOUTHERN CORP 2.24 89.19 35.59 43.25 09/19/09 37 P 0.5 35 P 0.3
52 ESRX EXPRESS SCRIPTS INC 2.24 80.63 28.95 70.04 09/19/09 65 P 1.35 55 P 0.25
53 NFLX NETFLIX INC 2.23 87.28 40.78 43.94 09/19/09 37.5 P 0.6 32.5 P 0.15
54 IBM INTERNATIONAL BUSINESS MACHS 2.22 92.74 22.63 117.93 09/19/09 105 P 0.75 95 P 0.25
55 AAPL APPLE INC 2.18 93.12 28.89 163.39 09/19/09 140 P 1.13 130 P 0.55
56 DELL DELL INC 2.15 91.89 39.72 13.38 09/19/09 11 P 0.13 9 P 0.03
57 CVX CHEVRON CORP NEW 2.14 80.33 26.45 69.47 09/19/09 65 P 1.2 55 P 0.15
58 GOLD RANDGOLD RES LTD 2.12 81.24 44.21 62.12 09/19/09 55 P 1.45 45 P 0.25
59 BIG BIG LOTS INC 2.11 85.63 40.8 23.04 09/19/09 20 P 0.45 15 P 0.1
60 RAI REYNOLDS AMERICAN INC 2.11 88.28 21 43.51 09/19/09 40 P 0.4 35 P 0.1
61 AA ALCOA INC 2.08 84.1 49.78 11.76 09/19/09 10 P 0.26 8 P 0.06
62 BAC BANK OF AMERICA CORPORATION 2.07 81.06 46.45 14.79 09/19/09 13 P 0.4 11 P 0.13
63 PFE PFIZER INC 2.06 89.59 29.83 15.93 09/19/09 14 P 0.17 12 P 0.05
64 FITB FIFTH THIRD BANCORP 2.05 91.63 63.08 9.5 09/19/09 7 P 0.15 5 P 0.05
65 DHI D R HORTON INC 2.04 88.5 61.32 11.59 09/19/09 9 P 0.25 7 P 0.1
66 SLB SCHLUMBERGER LTD 2.02 89.49 40.3 53.5 09/19/09 45 P 0.6 35 P 0.05
67 F FORD MTR CO DEL 2.02 91.58 59.9 8 09/19/09 6 P 0.14 4 P 0.05
68 SBUX STARBUCKS CORP 1.99 90.07 36.7 17.7 09/19/09 15 P 0.18 13 P 0.05
69 XLF SELECT SECTOR SPDR TR 1.98 91.88 34.17 13.01 09/19/09 11 P 0.13 9 P 0.04
70 CBRL CRACKER BARREL OLD CTRY STOR 1.97 84.38 43.64 28.86 09/19/09 25 P 0.6 20 P 0.15
71 SPY SPDR TR 1.97 95.53 23.9 98.81 09/19/09 85 P 0.52 83 P 0.42
72 IWM ISHARES TR 1.96 92.82 28.9 55.57 09/30/09 47 P 0.51 44 P 0.32
73 XEC CIMAREX ENERGY CO 1.96 88.02 44.32 35.78 09/19/09 30 P 0.55 22.5 P 0.1
74 WYE WYETH 1.93 88.72 22.09 46.55 09/19/09 42.5 P 0.55 37.5 P 0.25
75 GE GENERAL ELECTRIC CO 1.93 92.56 38.85 13.4 09/19/09 11 P 0.17 9 P 0.08
76 SPW SPX CORP 1.92 89.92 35.59 52.82 09/19/09 45 P 0.55 40 P 0.2
77 KBH KB HOME 1.9 91.58 60.4 16.69 09/19/09 12.5 P 0.25 7.5 P 0.05
78 NEM NEWMONT MINING CORP 1.89 93.12 36.87 41.35 09/19/09 34 P 0.28 30 P 0.08
79 EMC E M C CORP MASS 1.88 90.23 32.61 15.06 09/19/09 13 P 0.15 11 P 0.04
80 SCHN SCHNITZER STL INDS 1.87 84.79 52.58 53.77 09/19/09 45 P 1.1 35 P 0.2
81 AXP AMERICAN EXPRESS CO 1.87 86.29 45.04 28.33 09/19/09 24 P 0.5 20 P 0.15
82 R RYDER SYS INC 1.85 86.87 41.67 35.13 09/19/09 30 P 0.55 25 P 0.15
83 BNI BURLINGTON NORTHN SANTA FE C 1.85 86.75 30.93 78.59 09/19/09 70 P 0.95 60 P 0.2
84 BX BLACKSTONE GROUP L P 1.84 86.45 61.08 11.26 09/19/09 9 P 0.25 6 P 0.05
85 MSFT MICROSOFT CORP 1.84 87.43 28.85 23.52 09/19/09 21 P 0.25 19 P 0.08
86 CNI CANADIAN NATL RY CO 1.84 80.25 32.34 48.78 09/19/09 45 P 1 35 P 0.1
87 CHA CHINA TELECOM CORP LTD 1.81 83.05 47.31 51.99 09/19/09 45 P 1.1 35 P 0.15
88 PALM PALM INC NEW 1.8 86.93 69.77 15.73 09/19/09 12 P 0.4 10 P 0.2
89 PEP PEPSICO INC 1.78 86.19 21.41 56.75 09/19/09 52.5 P 0.55 47.5 P 0.15
90 POOL POOL CORPORATION 1.74 86.01 46.9 23.66 09/19/09 20 P 0.5 15 P 0.15
91 SSL SASOL LTD 1.73 88.7 42.34 35.72 09/19/09 30 P 0.55 22.5 P 0.15
92 STT STATE STR CORP 1.73 88.28 38.57 50.3 09/19/09 43 P 0.65 35 P 0.15
93 AMGN AMGEN INC 1.71 94.28 38.8 62.31 09/19/09 50 P 0.48 45 P 0.25
94 GD GENERAL DYNAMICS CORP 1.71 87.18 26.51 55.39 09/19/09 50 P 0.6 45 P 0.2
95 IPI INTREPID POTASH INC 1.71 88.84 67.32 25.26 09/19/09 19 P 0.45 15 P 0.15
96 ARLP ALLIANCE RES PARTNER L P 1.7 91.04 35.99 35.52 09/19/09 30 P 0.4 25 P 0.15
97 TWX TIME WARNER INC 1.69 83.55 32.29 26.66 09/19/09 24 P 0.45 22 P 0.2
98 XLE SELECT SECTOR SPDR TR 1.69 91.16 30.32 50.62 09/30/09 43 P 0.5 41 P 0.34
99 JEF JEFFERIES GROUP INC NEW 1.69 83.36 43.35 22.86 09/19/09 20 P 0.55 15 P 0.15
100 DHR DANAHER CORP DEL 1.68 89.36 25.3 61.24 09/19/09 55 P 0.55 45 P 0.1