Tools

OptionsStrat (Affiliate)

OptionsStrat is the primary tool for visualizing option strategies before entry. It shows the risk/reward profile, the probability of profit, the breakeven points, and the Greeks across the trade lifecycle. Every strategy walkthrough in the playbook links to the relevant OptionsStrat template. The journal uses OptionsStrat for the following workflows: (1) building the position payoff diagram at entry, then comparing it to the realized path as the trade progresses; (2) stress-testing the structure against a 1-2 standard deviation move to see where the position would be at expiration under different scenarios; (3) visualizing the adjustment space — what a roll up, roll down, or wing-purchase looks like in payoff terms before committing capital to the adjustment.

Disclosure: the OptionsStrat link above is an affiliate link — the site may earn a commission if you sign up. The recommendation is on the merits; the journal uses OptionsStrat daily and would recommend it without the affiliate relationship.

Broker

The journal uses a major retail brokerage that supports SPX and XSP options with commission-free closing trades. The specific broker is not disclosed because the trade structure is broker-agnostic. The methodology applies to any broker that supports CBOE-listed index options. The broker selection criteria were: (1) tight SPX/XSP option spreads, (2) cash-settled index options, (3) reliable order routing during volatility events, (4) option chain depth that allows multi-leg orders to fill at the limit price, and (5) low (ideally zero) closing-commission. The broker does not need to support futures or complex order types — the journal's strategies are all Cboe-listed index options, no futures, no synthetics.

Data & Charts

Market data, charts, and options chains are pulled from the broker's platform. Historical volatility comparisons and IV-rank readings are calculated using the broker's tools. Public.com is used for real-time quotes on sector ETFs and certain less-liquid tickers. Daily history of the underlying indices is pulled from FRED (Federal Reserve Economic Data) for SPX, XSP, and the sector ETF closes, and from the Cboe for the historical volatility series. The forecast methodology published on Dependability uses the same data sources so the two sites can be cross-referenced without reconciling different feeds.

Calculators

Position sizing follows a fixed-fractional model (see the playbook). The journal uses a spreadsheet for expected-value calculations across spread structures, and the broker's built-in options calculator for single-leg Greeks. The expected-value calculator is a simple weighted average of three scenarios (target hit, stop hit, expiration OTM) using the broker's probability-of-profit estimate as the weighting for the OTM case. The journal does not use a full Monte Carlo pricing model — the structures are simple enough that the closed-form probability is sufficient, and the journal errs on the side of conservative sizing when the published probability disagrees with the realized hit rate.

Research & Methodology

The structural backdrop that frames trade selection — sector rotations, market regime, VIX term structure, FOMC and CPI events — is read daily from Dependability's published S&P 500 forecast methodology. The forecast framework (1-month, 3-month, and year-end price targets) sets the directional bias; this journal picks entries that align with that bias and offer favorable risk/reward within it. The journal does not produce its own forecasts — it consumes Dependability's published outlook and translates the directional bias into specific structures. The two sites are intentionally separated: Dependability publishes the forecast (the "what"); this journal publishes the execution (the "how").

Notes & Records

Every trade is recorded in a structured format — instrument, strike(s), expiration, premium, target, stop, entry reasoning, and exit reasoning — that mirrors the trade log on this site. The records are kept in plain markdown so they can be version-controlled and audited. The trade log is the source of truth for what the journal did; the tools listed on this page are how the journal decided what to do. A reader who wants to evaluate the journal's methodology should read the playbook for the rules, the strategies articles for the structures, and the trade log for the outcomes — and use the tools listed here to replicate the analysis on the same data.