Top Tools to Scan for Options Opportunities (Free & Paid)
Finding the right options trade setup is half the battle. Whether you’re looking for high IV stocks, unusual volume, or technical breakouts, options scanning tools can save time and boost your win rate.
This guide covers the best free and paid platforms to scan for options trading opportunities—based on criteria like volatility, flow, OI, and technical signals.
What to Look for in an Options Scanner
Effective scanning tools should offer:
- Custom filters for options volume, OI, and IV
- Stock + options combo criteria
- Real-time alerts or watchlists
- Access to technical and fundamental data
- Clean interface for strategy execution
1. Optionsonar – Best for Unusual Options Activity
- Highlights large trades, sweeps, and block orders
- Real-time unusual activity feed
- Focuses on institutional flow and aggressive moves
Pros: Ideal for momentum traders
Cons: Premium pricing for full access
2. Market Chameleon – Great for Strategy Filtering
- Scan by strategy (e.g., credit spreads, straddles, earnings)
- IV Rank, probability metrics, and backtesting
- Also includes earnings calendars and historical data
Pros: In-depth data and filters
Cons: Slight learning curve
3. Benzinga Pro – Real-Time News + Options Scanner
- Combines options scanner with breaking news and audio squawk
- Ideal for earnings traders and high-volatility setups
- Includes options flow and trade alerts
Pros: Great for fast-moving markets
Cons: Premium subscription required
4. Thinkorswim Scanner – Best Free Tool for TD Users
- Custom scanner builder
- Combine technical filters with options criteria
- Scan for volume spikes, OI, Greeks, and more
Pros: 100% free for TD clients
Cons: Complex UI for beginners
5. TradingView Screener + Alerts – Best for Technical Charters
- Screen based on price action, patterns, and trend setups
- Integrate with options chains using external brokers
- Use alert system for real-time trigger notifications
Pros: Visual, flexible, mobile-friendly
Cons: No native options chain integration
Bonus: Other Tools to Consider
| Tool | Key Feature |
|---|---|
| Cheddar Flow | Institutional options order flow |
| TrendSpider | Pattern recognition with strategy bots |
| Barchart Options | Free screener with unusual activity |
| Finviz (Elite) | Screen for earnings and technicals |
FAQs
1. What’s the best options scanning tool for beginners?
Thinkorswim is a great free starting point. Market Chameleon offers more strategy depth.
2. How do I scan for high IV options?
Use filters like IV Rank > 50 or screen by upcoming earnings with high volatility.
3. Can I scan for specific options strategies?
Yes. Market Chameleon and Optionsonar allow strategy-specific scans.
4. Are there free tools to scan options trades?
Yes. Thinkorswim, Barchart, and TradingView offer free or freemium scanning.
5. Do I need a paid tool to succeed?
No, but premium tools can speed up analysis and uncover hidden opportunities.
