The Smarter Way to Trade Options

Calculate the Expected Value (EV) of any options trade and know exactly whether to Hold or Exit — powered by advanced probability models.

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Manual Calculator with EV Analysis

Calculate Expected Value with technical analysis and market data

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Hold/Exit Signals

Manage Every Trade With Confidence

Real-time Hold/Exit signals based on probability-weighted models

Track open positions and P&L across your portfolio

Certainty-equivalent risk scoring (so you never hold too long)

Alerts when trades reach your fair exit price

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📊 Instant Options EV Calculator

Stop guessing if a trade is worth it. Our calculator uses probability-weighted outcomes to give you the true expected value (EV) of debit spreads and other options strategies.

Positive or Negative EV

See if a trade has positive or negative EV before entering. Make objective, math-based decisions in seconds.

Compare Trades Side-by-Side

Compare trades side-by-side with fair pricing and edge %. Choose the best opportunities with confidence.

Math-Based Decisions

Make objective, math-based decisions in seconds. No more guesswork or emotional trading.

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⏳ Hold or Exit? Let the Math Decide

Should you lock in profit now or let your trade run? Our Hold vs Exit Analyzer uses Monte Carlo simulations to model thousands of possible price paths and recommend the best decision based on probability and edge.

Real-Time Hold/Exit Signals

Get clear Hold/Exit recommendations updated in real-time as market conditions change.

Monte Carlo Modeling

Takes into account time left, volatility, and asymmetry in payouts using advanced probability models.

Avoid Emotional Exits

Trade with confidence knowing your decisions are backed by mathematical probability, not emotions.

Analyze Your Current Trade

🚀 Your Edge, Quantified

Professional traders rely on probabilities, not hunches. With OptionEV, you'll:

Trade Smarter

Make decisions based on objective math and probability models, not emotions or hunches.

Spot Hidden Opportunities

Discover profitable trades that others overlook using advanced EV calculations and market analysis.

Grow Consistently

Stack positive EV trades over time for consistent, long-term growth in your trading performance.

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Why Expected Value Matters

Expected Value (EV) is the statistical edge that separates professional traders from gamblers. It calculates the average profit you can expect from a trade over the long term.

A positive EV trade has mathematical odds in your favor, just like the house edge in a casino.

TSLA Debit Call Spread Example
Real Example:

This is a Bullish $TSLA Debit Call Spread which consists of:

  • Buying a $352.5 Call
  • Selling a $355 Call

Cost: $75 per contract
Expected Value: +$10.24 (13.66% ROI)

Statistically, over time, we would expect to see a $10.24 return on this trade per contract.

Statistical Analysis

Every trade is analyzed using normal distribution models and real implied volatility data to calculate precise Expected Value.

Real-Time Data

Live options pricing ensures your analysis is based on current market conditions, not outdated information.

Smart Filtering

Only trades with positive Expected Value are shown. We filter out low-probability scenarios to focus on realistic opportunities.

Daily Newsletter

Subscribers receive daily expert trade recommendations - 2-4 high-probability spreads selected by our research team.

What Traders Are Saying

"Finally, an options calculator that shows me trades with actual positive Expected Value. No more guessing - every recommendation is backed by real math."

Sarah M.
Options Trader

"The real-time analysis across 488+ stocks is incredible. EdgeQuant found profitable TSLA spreads I would have never considered manually."

Mike R.
Day Trader

"The hold/exit signals are game-changing. EdgeQuant tells me exactly when to close my trades based on real-time Expected Value. No more emotional decisions or missed profits."

Jessica L.
Portfolio Manager

Frequently Asked Questions

We use a normal log distribution model as after extensive testing we've found this is the most accurate. The EV output is based on holding the trades until option expiry. This is because it's very difficult to predict what the profit/loss on the trade would be if the debit spread was closed before expiry due to implied volatility.

We use debit spreads in this tool because:

1) They most often have better Expected Value than buying naked calls/puts. The only time naked options have better value is if there is an initial pop in the stock where you are able to time it very well. This is more erratic and almost impossible to calculate.

2) Debit spreads are less expensive. It benefits seasoned traders in that you can calculate an edge, while also benefitting newer traders that may not have a large bankroll.

Options changes significantly based on volatility and many other market factors. While today you may see very few results for a stock, the next day you may find a large amount. Continually checking the tool is key to finding good trades.

When it comes to debit spreads, Expected Value is often found in higher payouts, lower risk. Pay attention to market events, if you think volatility in the market is on the horizon, that may help the success rate of the lower chance of profit trades.

Most brokers require options trading approval before you can use certain strategies like debit spreads. New accounts often start at Level 1 or Level 2 options approval, which may not include spreads. Brokers want to make sure traders understand the risks before unlocking advanced strategies.

You'll need to request an options trading level upgrade with your broker. Here's how:

1. Log into your broker's account settings and find the "Options Trading" or "Account Upgrade" section.

2. Complete the options application, which will ask about your:
  • Trading experience
  • Investment goals
  • Risk tolerance
  • Income & net worth (for suitability requirements)
3. Select the approval level that includes spreads (often called "Level 3" or "Spread Approval").

4. Wait for approval — it can be instant or take a few business days.

Yes, in most cases. Even though debit spreads have defined risk, brokers typically require a margin account to execute multi-leg options trades. You'll need to:

• Request a margin account upgrade (if you have a cash account)
• Maintain the broker's minimum equity requirement (often $2,000)

Yes — for many beginners, debit spreads are actually safer than buying naked calls or puts because:

• You know your max loss before you enter the trade
• They cost less than buying an option outright
• Time decay (theta) is reduced compared to a single long option

If your current broker doesn't offer spreads, you can:

• Open a free account with a broker that does (e.g., TD Ameritrade, E*TRADE, Fidelity, Interactive Brokers, tastytrade, Robinhood)
• Paper trade debit spreads on our platform until you're approved — this helps you learn the strategy without risking real money

Absolutely. You can:

• Use OptionEV to find high-Expected Value debit spreads and track them in a paper trading account
• Practice building and managing spreads so you're ready to execute them once approved
• Learn how EV impacts your long-term profitability

No tool can guarantee profits. What OptionEV does is identify debit spreads with a statistical edge based on Expected Value. Over time, consistently trading with an edge increases your chances of profitability compared to random or emotion-based trades.

How to Get Approved to Trade Debit Spreads

Step 1 – How to Apply by Broker

Robinhood
  1. Open app → Tap Account (👤) → Settings → Options Trading
  2. Request Level 3 (spreads) approval
  3. Fill out trading experience & financial info
  4. Wait for email confirmation (often instant)
tastytrade
  1. Log in → Go to My Accounts → Account Settings
  2. Select Upgrade Options Trading Level
  3. Choose Tier 2 or higher (allows debit spreads)
  4. Confirm margin account is enabled
TD Ameritrade (thinkorswim)
  1. Log in → Client Services → My Profile
  2. Under Elections & Routing, find Options Trading
  3. Click Upgrade → Choose Level 3
  4. Submit application (approval can take 1–2 business days)
E*TRADE
  1. Log in → Accounts → Options Application
  2. Select approval level that includes spreads
  3. Answer trading experience questionnaire
  4. Wait for broker email confirmation
Fidelity
  1. Log in → Accounts & Trade → Profile → Options
  2. Choose Level 3 approval
  3. Complete financial & experience form
  4. Approval usually within 24–48 hours

Step 2 – Tips to Get Approved

Indicate at least 1–2 years trading experience (even if simulated)
State a moderate or speculative risk tolerance
Select capital gains or growth as an investment objective
Mention prior use of options strategies (can include paper trading)

Step 3 – While You Wait

Use OptionEV's paper trading feature to practice finding and tracking spreads
Review our Beginner's Guide to Debit Spreads to understand entries & exits
Start Paper Trading Find Practice Spreads

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