See how your trade becomes a plan.
Follow one options trade through our proprietary analytical engine, from its first rating to alternative structures, modeled outcomes and management guidance. Each step shows what to enter, what the results mean, and what to do next.
Illustrative example Follow a hypothetical SPY long call butterfly, modeled with SPY at $700, 16% volatility across strikes and 30 days to expiration. These examples demonstrate the workflow; they do not submit or save trades.
Start with a trade, a market view or a position to model.
Choose the starting point that fits your needs. Grade an existing trade, find a strategy for your market view, or model a position in the calculator.
I have a trade
Understand a trade you hold or are considering.
- Start in
- Rate My Trade
- You need
- Your trade’s legs, prices and entry time. Add goals for a more relevant review.
- Account
- 3 free ratings a day without an account. A free account unlocks optimization.
- Paste the trade, enter its legs, or upload a broker screenshot or CSV.
- Select Preview trade to confirm the legs and strategy.
- Add your goals to include Strategy Fit in the grade.
- Select Rate my trade to generate your report.
Where it leads. Continue from your report to trade optimization and the calculator.
Follow the trade path below. Your position moves between tools: Model in calculator on your report and the Calculator button on an alternative open the same legs in the calculator. Rate this position sends a position you built back for preview and rating. Add your goals again before rating.
Add your trade. Confirm the details.
Two steps keep you in control: Preview trade identifies the legs and strategy; Rate my trade analyzes the trade you confirmed.
Paste a broker confirmation or describe the trade in your own words. TradeVoyance reads the legs and checks the structure against its strategy library for you to confirm.
2026-10-19 | 10:15 AM ET | Buy 1 SPY 11/18/26 700 Call @ 13.60 / Sell 2 SPY 11/18/26 720 Call @ 5.80 / Buy 1 SPY 11/18/26 740 Call @ 2.00
- Buy 1 700 call @ 13.60
- Sell 2 720 call @ 5.80
- Buy 1 740 call @ 2.00
- What is the primary purpose of this trade?Directional speculation
- What is your directional view on the underlying?Moderately bullish
- What do you expect implied volatility to do?Remain stable
- How long do you expect to hold this position?Short-term (1-4 weeks)
- What risk profile are you targeting?Moderate
- Your input
- Use Paste, Build or Batch. Include entry times and, for closed legs, exit times. Missing prices or expirations are flagged; the underlying price is looked up when omitted.
- Our analysis
- Recognizes your position across 92 supported strategies and uses recorded option quotes for the entry time where available.
- Our insight
- A trade preview with confirmed legs, strategy and warnings. Add your purpose, outlook, volatility view, holding period and risk tolerance. Include existing shares, cash or options when they affect the position’s structure.
- What it means
- Confirm the legs and strategy name. Correct any mismatch before requesting a rating.
- Your next step
- Select Rate my trade. You get 3 free ratings a day without an account; sign up in the same browser to retain the trade.
How your goals affect the analysis
Strategy Fit uses only the goals you provide. With no goals, the overall grade uses the other six categories. Optimization starts from the outlook associated with your strategy; add goals and re-rate when you want alternatives ranked around your intentions.
Understand the strengths and weaknesses behind your grade.
The report opens on How I rate. Seven category scores show how your trade measures up across construction, goal alignment, risk and capital use. Our institutional scoring framework combines them into one overall grade, supported by a comprehensive review.
Overall 83/100, grade B.
Probability of Profit
Example score 62What we assess. Evaluates the estimated probability of profit alongside the strategy’s payoff structure and expected move to determine how its odds measure up.
A high score means: The estimated probability of profit compares favorably with the strategy’s payoff. A low score means: The estimated probability of profit is low for the payoff offered.
In the example. An estimated 31% probability of profit alongside maximum return on risk of about 4:1.
- Your input
- Select Rate my trade after confirming your preview and goals.
- Our analysis
- Applies strategy-specific scoring rules to produce category scores and an overall grade, then delivers a comprehensive review of the result.
- Our insight
- Eleven report sections covering your grade, strategy fit, construction, volatility, Greeks, probabilities, capital use and management considerations.
- What it means
- Review the lowest-scoring categories first, then read their explanations in context. The grade measures construction and goal alignment; probabilities describe model-implied outcomes.
- Your next step
- Open Optimize trade to compare other structures, Model in calculator to test price and time, or update your goals and re-rate. Earlier grades remain in your history.
The eleven sections of the report
- Trade Score. Your overall grade, seven-category radar and key trade metrics.
- Trade Setup & Strategy. The strategy profile, key metrics and management timeline.
- Execution Review. Price movement and running P/L around the trade, where chart data is available.
- Strategy Fit. Alignment with each stated goal and strategy-specific guidance.
- Execution Quality. Strike placement, width, time to expiration and break-evens against strategy benchmarks.
- Volatility Edge. Entry volatility across IV Rank, IV Percentile, volatility risk premium, term structure and skew.
- Probability of Profit. Estimated probability of profit, underlying price bands and strategy context.
- Greeks Optimization. Strategy-specific Greek exposures, plus Management Windows & Next Actions.
- Capital Efficiency. Return potential relative to capital committed, buying power and risk.
- Reward:Risk Quality. Maximum profit, maximum loss and the estimated probability of reaching each.
- Analysis Summary. A comprehensive review of strengths, weaknesses, risk scenarios and management priorities.
How scores map to letter grades
- A+97–100
- A93–96
- A-90–92
- B+87–89
- B83–86
- B-80–82
- C+77–79
- C73–76
- C-70–72
- D+67–69
- D63–66
- D-60–62
- F+50–59
- F25–49
- F-0–24
When a category is missing
Unavailable categories are excluded from the overall grade and identified in the report. Examples include Strategy Fit without goals, Volatility Edge without sufficient history, and payoff-based categories when pricing is unavailable.
Find another way to trade your view.
Optimize trade re-prices your idea as other strategies on the option chain from the session you entered. See how changing your priorities or assumptions affects your potential return, probability of profit and capital at risk. Available with a free account after rating.
The example starts with a target of $735 (5% above spot), a budget of $400 and a balanced focus of 5. Adjust the sliders to explore the rankings. The full optimizer also lets you change Market View and expiration.
- Long call butterfly (your trade), ranked 1
- At your target
- +$100
- Return
- 400%
- Chance
- 31%
- Risk
- $400
- Bull call spread, not offered
Not offered: its maximum loss is over your budget.
- At your target
- +$1,220
- Return
- 156%
- Chance
- 40%
- Risk
- $780
- Bull put spread, not offered
Not offered: its maximum loss is over your budget.
- At your target
- +$308
- Return
- 45%
- Chance
- 65%
- Risk
- $692
- Your input
- Set your Market View, target price, budget, expiration and optimization focus. Defaults start from your trade; selecting another expiration loads its chain.
- Our analysis
- Builds candidates from listed strikes at bid/ask midpoint prices, filters for budget and target compatibility, then ranks the eligible strategies around your goals. Optimization focus balances modeled P/L at your target per dollar of risk against estimated probability of profit, with one build per strategy family.
- Our insight
- Up to six ranked strategy cards with return potential, maximum profit, estimated probability of profit, risk or collateral, and payoff charts. Where available, compare the grade of each strategy’s best build with your original trade.
- What it means
- Rank shows how each candidate matches your chosen balance of return and probability. Card Return is maximum profit per dollar of risk; the focus slider ranks by modeled return at your target. A higher ranking does not guarantee a better outcome.
- Your next step
- Select a card to compare it with your trade, or press its Calculator button to model it. Signed in, Optimize strikes on the same tab ranks strike combinations for one strategy.
If no alternative qualifies
The tab explains what is missing. Add goals and re-rate when no goals are on record. If no alternative meets the scoring criteria, your original trade stays available for review. Alternative scoring does not change its grade.
This example applies the optimizer’s ranking formula and filters to three hypothetical builds. The full optimizer searches eligible strategy families using recorded market quotes.
See the trade-offs side by side.
Compare an alternative directly with your original trade, or open Compare strategies to review every candidate in one table. See what changes in payoff, probability and capital required.
- Ticker, expiration (30 days) and the quote session.
- One lot of each structure in this example.
- A shared volatility assumption and probability model.
- Strategy structure and strike selection.
- Entry cost: debit paid or credit received.
- Capital committed: maximum loss for these defined-risk examples, or collateral for uncovered options.
| Measure | Your trade | Bull put spread |
|---|---|---|
| Legs | Buy 700C / Sell 2× 720C / Buy 740C | Sell 690P / Buy 680P |
| Cost to open | $400 debit | $308 credit |
| Max profit | $1,600 | $308 |
| Max loss | $400 | $692 |
| Return on risk | 400% | 45% |
| Est. chance of profit | 31% | 65% |
| Profits at expiration | $704 to $736 | Above $687 |
Better fit for: Collects a credit and can profit if the price stays flat or falls modestly.
- Has the highest estimated probability of profit of these three trades.
- Limits profit to the credit received, with more than twice that amount at risk.
- Risks a larger loss than either debit alternative if the price falls sharply.
- Your input
- A card on the board, or the Compare strategies tab.
- Our analysis
- Prices candidates on the same option chain using a consistent model, helping you isolate the effect of each structure.
- Our insight
- Side-by-side metrics, a full comparison table, and a Strategy rationale tab explaining the case for each strategy.
- What it means
- Compare the put spread’s estimated 65% probability of profit and $308 maximum gain with the butterfly’s 31% and $1,600. More lots scale dollar amounts; percentages stay the same.
- Your next step
- Open a candidate in the calculator to test its behavior before deciding.
Understand the comparison metrics
- Return on Risk
- Maximum profit divided by capital at risk: maximum loss for defined-risk trades or collateral for uncovered options. This figure is independent of your target price.
- EV
- Expected value: probability-weighted average P/L at expiration under the model, after entry cost.
- Chance
- Model-estimated probability of profit at expiration.
- Max Profit / Max Loss
- The payoff’s maximum gain and loss at expiration.
- BP Effect
- Estimated buying power required for the position.
- Break-even
- The underlying price where expiration P/L reaches zero. The table shows the first when there are two.
- Alpha
- Expected value divided by capital at risk: modeled expected return per dollar risked.
Explore what your trade could be worth before expiration.
Model changes in price, time and volatility using the prior session’s option chain. Open the calculator through Model in calculator on your report, an alternative’s Calculator button, Open in calculator on the parse preview, or directly.
- Modeled P/L on day 20
- +$367
- At expiration, same price
- +$1,600
With 10 days left, time value keeps the butterfly below its $1,600 expiration peak. Reaching that peak requires a finish at the $720 body.
- Your input
- Ticker, strategy or custom legs, then the Sell date, Price range and Implied volatility sliders. The Payoff Curve Sliders (Shift, Width, Tails) change the legs themselves.
- Our analysis
- Prices each leg using its quoted volatility and models your chosen date and volatility assumptions. Market-implied probabilities come from a skew-aware distribution built from the full option chain.
- Our insight
- Payoff chart
- Potential P/L across prices at your chosen sell date, alongside expiration payoff and the market-implied distribution.
- Expected value, Prob of profit, Annualized EV
- Probability and return estimates evaluated at your selected sell date.
- Max profit, Max loss, Theta Impact
- Expiration payoff limits and the modeled effect of time decay to your sell date.
- Price and date heat map
- Explore P/L or a selected Greek across prices and dates.
- Scenario Analysis
- Potential outcomes grouped into P/L bands with price ranges and model-implied probabilities.
- Outcome Distribution
- The model-implied likelihood of different P/L outcomes and expected P/L before financing.
- What it means
- The sell-date curve estimates the position’s value before expiration; the expiration line shows its payoff before fees. Adjusting volatility changes modeled prices while probabilities retain the market snapshot. Prior-session quotes can differ from current prices.
- Your next step
- On a position you built or opened from a real trade, Rate this position sends it for preview and rating. Build or adjust a template first to enable this action.
Know what to watch and when to reassess.
Turn your analysis into management priorities, key risk levels and timing windows. Every rated trade combines position-specific guidance with strategy-based flags to help you plan your next move.
| Where | What you can use | How it is derived |
|---|---|---|
| Analysis Summary › Suggestions | Prioritized management actions, monitoring triggers and thesis conditions to watch. | Position-specific analytical review |
| Analysis Summary › Risk scenarios | Potential failure states and the risks that deserve your attention first. | Position-specific analytical review |
| Greeks Optimization › Management Windows & Next Actions | Key price levels and timing flags for gamma, time decay, break-evens and maximum-profit zones, marked Critical, Watch or Info. | Derived from the position’s Greeks at entry |
| Trade Setup & Strategy › DTE management plan | A management timeline highlighting decision windows and the approach to expiration, including assignment exposure and pin risk. | Based on strategy-specific timing benchmarks |
| Learn › Managing your trade | Guides to taking profits, managing losses, reducing exposure, adjusting, rolling and hedging. | General trade-management education |
- Your input
- Management guidance is included with every rated trade.
- Our analysis
- Combines strategy-specific timing and risk flags with a comprehensive review of your position.
- Our insight
- Suggested actions, failure states, monitoring triggers, key risk levels and timing windows.
- What it means
- Use the flags to plan dates and levels to review. For this butterfly, timing and proximity to the $720 body matter most near expiration. You monitor the position yourself; live alerts and order placement are not included.
- Your next step
- Record your exit to review realized P/L, return on risk and holding period. For positions held through expiration, trade history estimates the outcome from the underlying’s closing price.
Evaluate an adjustment or roll
Model the proposed new legs as a custom position in the calculator. Compare capital required, maximum loss, Greeks and P/L by date, while accounting for the cost of closing the original trade. Use Rate this position to assess the adjusted structure against your current goals. There is no dedicated roll builder.
Build a record you can learn from.
Save the trades you rate and review their grades, exits and outcomes over time. Pair that record with scenario modeling to examine your decisions. Historical strategy backtesting is not included.
Test how one position could respond to changes in price, time and volatility using a recorded option chain.
Keep the positions you rate, their earlier grades and recorded results together. Use your history to reflect on construction, risk and management decisions.
Put your next trade through the process.
Bring a trade you hold or are considering. Get a grade, compare ways to build it, and explore the outcomes before deciding what comes next.
Educational analysis, not investment advice. Back to the home page