The Stock vs. Options Dilemma
Buying 100 shares of AAPL at $200 = $20,000 investment
Buying 1 call option might cost $1,500
Which one makes more money if AAPL goes up 15%? What if it only goes up 5%? Or takes 6 months instead of 3?
Options Analysis Platform
Know Your Options
Know Your Options
Before You Trade
Compare potential returns between stocks and options. Simulate scenarios. Make informed decisions.
- Stop guessing whether buying the stock or option is better
- See exactly how investments perform under different conditions
- Track positions and know when to exit
The Hidden Cost of Guessing
Every investment decision has an opportunity cost. Without proper analysis, you're leaving money on the table.
Time Works Against You
Options contracts lose value every single day through theta decay.
A 90-day option and a 365-day option behave completely differently.
Without simulation, you're flying blind.
Scenarios Matter
"I think the stock will go up" is not a strategy.
- How much will it go up?
- Over what timeframe?
- Which contract maximizes returns?
Core Feature
Find the Right Contract
The Options Screener helps you discover options contracts that match your market thesis by simulating potential returns before you buy.
Three Modes for Every Experience Level
- Basic Mode: Choose from 6 pre-built strategies (Short-term ITM, LEAPS OTM, etc.)
- Intermediate Mode: Mix and match expiration windows and strike positions
- Advanced Mode: Full control over every parameter for sophisticated analysis
Scenario-Based Analysis
- Input your expected stock movement (+10%, +25%, +50%)
- Set your target timeframe (when do you expect the move?)
- See projected option values using Black-Scholes pricing
Compare Across Contracts
- View results sorted by potential percentage gain
- Compare ITM vs OTM vs ATM strikes at a glance
- Export to CSV for further analysis
Portfolio Tracking
Track Your Positions Like a Pro
Save contracts you own or are considering, track performance over time, and simulate how they would perform under different market conditions.
Portfolio Tracking
- Save contracts with your actual cost basis
- See real-time premium and underlying price changes
- Track percentage change from your entry point
- Organize contracts into groups by strategy or sector
Multi-Scenario Simulation
Each saved contract shows performance under 7 scenarios:
+/-5% • +/-10% • +/-20% • +/-35% • +/-50% • +/-100% • +/-200%
See both upside potential and downside risk at a glance.
Time-Based Tracking
- Set target exit dates and watch the countdown
- See how time decay affects your positions daily
- Reset countdowns when you adjust your thesis
Visual Analysis
See the Full Picture
View historical option premium prices alongside the underlying stock. Understand how your contract's value has changed over time.
- Charts show premium history for any saved contract
- Compare option price movement to underlying stock movement
- Identify patterns and optimal entry/exit points
- Track implied volatility changes over time
From Thesis to Trade in 3 Steps
-
Define Your Thesis
- Pick your tickers (AAPL, MSFT, NVDA, etc.)
- Set your expected stock movement (+20% gain? -10% pullback?)
- Choose your timeframe (30 days? 6 months? LEAPS?)
-
Find Matching Contracts
- The screener finds options that match your criteria
- Compare projected returns across strikes and expirations
- See Greeks (delta, theta, gamma) for each contract
- Identify which contract maximizes your risk/reward
-
Track and Adjust
- Save contracts to your watchlist
- Monitor real-time performance vs. your cost basis
- Run simulations as market conditions change
- Know exactly when to exit based on your targets
Built for Options Traders Who Want Clarity
Stock Investors Considering Options
"I want to try options but don't know where to start."
"I want to amplify my returns without betting the farm."
Perfect for: Long calls on stocks you're already bullish on
Active Options Traders
"I need a faster way to screen contracts."
"I want to compare scenarios without spreadsheets."
Perfect for: Swing trading options, earnings plays
Long-Term Investors Using LEAPS
"I want leveraged exposure with minimal time decay."
"I'm looking for stock replacement strategies."
Perfect for: Deep ITM LEAPS as stock alternatives
Why Options Leveling?
Simulation-First Approach
Every analysis shows projected values under your specific scenario. Not just current prices — future prices based on your thesis.
Multiple Scenarios at Once
Watchlist shows 7 different outcomes simultaneously. Understand your best case AND worst case before committing capital.
Real Data, Real-Time
Real-time market data for accurate analysis. Greeks calculated using industry-standard Black-Scholes pricing model.
Position Tracking with Cost Basis
Track actual P&L against what you paid. See percentage change from your entry, not just market price.
No Complexity Hidden
See all Greeks (delta, theta, gamma, vega, rho). View bid/ask spreads, volume, open interest. Export everything to CSV.
Fast and Focused
No bloat, no unnecessary features. Built specifically for the stock-vs-options decision that every investor faces.
Frequently Asked Questions
What is Options Leveling?
Options Leveling is a trading analysis platform that helps investors compare potential returns between buying stocks and buying options contracts. It simulates how your investment would perform under different market scenarios using Black-Scholes pricing, helping you make data-driven decisions about where to allocate capital.
How does the options screener work?
The screener lets you input your expected stock movement (e.g., +20%) and timeframe (e.g., 90 days), then finds options contracts that match your thesis. It calculates projected returns using Black-Scholes pricing and displays results sorted by potential gain percentage. You can compare ITM, ATM, and OTM strikes across different expirations.
What is theta decay in options trading?
Theta decay (also called time decay) refers to the daily loss of value in an options contract as it approaches expiration. Options are wasting assets — they lose value every day simply due to the passage of time, even if the underlying stock price remains unchanged. Theta decay accelerates as expiration approaches, which is why shorter-term options are riskier than LEAPS.
What are LEAPS options?
LEAPS (Long-Term Equity Anticipation Securities) are options contracts with expiration dates more than one year away. They experience less theta decay than short-term options because time value erodes more slowly with longer durations. LEAPS are often used as stock replacement strategies, allowing investors to control 100 shares with less capital than buying the stock outright.
What does ITM, ATM, and OTM mean?
ITM (In The Money): For calls, when the strike price is below the current stock price. For puts, when the strike is above the current price. ITM options have intrinsic value.
ATM (At The Money): When the strike price equals or is very close to the current stock price.
OTM (Out of The Money): For calls, when the strike is above the current stock price. For puts, when the strike is below. OTM options have no intrinsic value, only time value.
What are the Greeks in options trading?
The Greeks are metrics that measure different sensitivities of an option's price:
- Delta: How much the option price changes when the stock moves $1
- Theta: How much value the option loses per day (time decay)
- Gamma: How much delta changes when the stock moves $1
- Vega: How much the option price changes with a 1% change in implied volatility
- Rho: Sensitivity to interest rate changes
Is Options Leveling free to use?
Yes, Options Leveling offers a free tier that gives you access to core screening and watchlist features. Premium features for serious traders are also available for those who want advanced capabilities and higher usage limits.
How accurate are the simulations?
Simulations use the Black-Scholes pricing model, the industry-standard formula for options valuation. While no model can predict the future perfectly (implied volatility changes, for example), Black-Scholes provides mathematically sound projections based on your specified scenarios.
Options Trading Glossary
Key terms every options trader should know
- Call Option
- A contract that gives the buyer the right (but not the obligation) to buy 100 shares of a stock at a specified strike price before the expiration date. Traders buy calls when they expect the underlying stock to rise.
- Put Option
- A contract that gives the buyer the right (but not the obligation) to sell 100 shares of a stock at a specified strike price before the expiration date. Traders buy puts when they expect the underlying stock to fall.
- Strike Price
- The predetermined price at which the option holder can buy (for calls) or sell (for puts) the underlying stock. Also known as the exercise price.
- Premium
- The price paid to purchase an options contract. Premium is quoted per share, so a $5.00 premium costs $500 for one contract (which represents 100 shares).
- Expiration Date
- The date on which an options contract expires and becomes worthless if not exercised. After this date, the option holder loses all rights granted by the contract.
- Theta Decay
- The rate at which an option loses value each day as it approaches expiration. Also called time decay. Theta is expressed as a negative number representing daily dollar loss.
- Black-Scholes Model
- The industry-standard mathematical formula for calculating theoretical option prices. It considers stock price, strike price, time to expiration, volatility, risk-free interest rate, and dividends.
- LEAPS
- Long-Term Equity Anticipation Securities. Options with expiration dates more than one year away. LEAPS experience slower theta decay and are often used as stock replacement strategies.
- Delta
- Measures how much an option's price is expected to change when the underlying stock moves $1. Delta ranges from 0 to 1 for calls and 0 to -1 for puts. A delta of 0.50 means the option gains $0.50 when the stock rises $1.
- Implied Volatility (IV)
- The market's expectation of future price volatility, derived from current option prices. Higher IV means more expensive options premiums. IV typically spikes before earnings announcements.
Choose Your Plan
Select the plan that best fits your trading needs
Free
Get started with basic features
$0
/month
- 50 screener contracts/month
- 50 watchlist contracts/month
- 10 saved contracts
- 5 saved parameters
- Basic support
Essential
For active traders
$9
/month
- 500 screener contracts/month
- 500 watchlist contracts/month
- 50 saved contracts
- 25 saved parameters
- Email support
Plus
For serious traders
$24
/month
- 2,000 screener contracts/month
- 2,000 watchlist contracts/month
- 200 saved contracts
- 100 saved parameters
- Priority support
Premium
Unlimited everything
$49
/month
- Unlimited screener contracts
- Unlimited watchlist contracts
- Unlimited saved contracts
- Unlimited saved parameters
- Priority support