# ORATS (Options Research & Technology Services) > ORATS provides institutional-grade options data and analytics: live, delayed, and historical options data APIs and bulk files back to 2007, 500+ proprietary indicators (SMV greeks, IV rank, volatility forecasts), a backtester over 300M+ pre-computed backtests with a strategy optimizer, stock and option scanners, and a broker-neutral trading dashboard. Founded in 2001, ORATS serves retail traders, hedge funds, and institutions. This file indexes orats.com for language models. All URLs are canonical. The full text of these pages is available at https://orats.com/llms-full.txt. ## Platform and trading tools - [ORATS Home](https://orats.com/): Overview of the ORATS platform: options trading tools, data APIs, and historical data files. - [Trading Tools](https://orats.com/trading-tools): Subscription package bundling the options backtester, stock and option scanners, charting, and broker-connected trading. - [Trading](https://orats.com/trading): Order entry and position management with Interactive Brokers, TradeStation, and Tradier, plus profit attribution, trade analysis, and paper trading. - [Options Backtester](https://orats.com/backtester): Browse 300M+ pre-computed options backtests back to 2007, or run custom backtests across thousands of symbols with full performance metrics. - [Intraday Backtester](https://orats.com/intraday-backtester): Backtests 0DTE and short-dated options strategies on 1-minute data back to October 2020, with minute-level entries, exits, stops, and profit targets across ~140 symbols. - [Otto AI Agent](https://orats.com/otto): The AI agent built into the ORATS dashboard; runs backtests, configures scanners, builds trades, reads positions, queries live ORATS data, and opens ORATS tools with its inputs populated, all from plain-English prompts. - [Strategy Optimizer](https://orats.com/strategy-optimizer): Enhances a backtest by adding ORATS proprietary indicators and technical signals, then validates improvements with permutation (p-value) testing. - [Option Scanner](https://orats.com/option-scanner): Scans and ranks thousands of options across 5,000+ symbols by volatility, theoretical edge, greeks, and probability of profit. - [Stock Scanner](https://orats.com/stock-scanner): Screens 5,000+ stocks and ETFs using 700+ proprietary options indicators plus fundamentals, with pre-built scan templates. - [Ticker Analysis](https://orats.com/ticker-analysis): Per-symbol research: full options chain, volatility surface, earnings history with implied vs realized moves, and time and sales order flow. - [Trade Builder](https://orats.com/trade-builder): Interactive chart for building option trades, overlaying earnings, insider trades, volatility forecasts, open interest, and expected-move ranges. - [Trade Ideas](https://orats.com/trade-ideas): Surfaces actionable trades by matching current market conditions against 300M+ backtests, curated strategies, and live scans. - [AI Agents](https://orats.com/ai-agents): The ORATS CLI (@orats/cli), an npm-installable, MCP-compatible tool exposing ORATS endpoints to AI coding agents like Claude Code. - [Earnings](https://orats.com/earnings): Daily feed of upcoming and past earnings dates, times, and confirmation status for US-listed stocks, sourced with Wall Street Horizon. ## Data products and APIs - [Data API](https://orats.com/data-api): REST API for live, delayed, and historical end-of-day options data back to 2007 across 5,000+ symbols with 500+ proprietary indicators. - [Intraday Data API](https://orats.com/intraday-data-api): REST API for live, delayed, and historical one-minute options data back to August 2020, including SMV greeks and constant-maturity IVs. - [Near End-of-day Data (since 2007)](https://orats.com/near-eod-data): Daily download of a full options market snapshot taken 14 minutes before the close, covering 5,000+ symbols back to 2007; the historical archive is delivered via AWS S3 and recurring daily files via FTP. - [1-Minute Intraday Data (since Aug 2020)](https://orats.com/one-minute-data): AWS S3 download of full SMV greeks, theoretical values, and IVs for every trading minute across 5,000+ symbols since August 2020. - [Dividends](https://orats.com/dividends): Daily FTP feed of forecasted ex-dividend dates and amounts for the next 2.67 years for all US optionable stocks, including special dividends. - [Hard Drive Delivery](https://orats.com/hard-drive-delivery): Physical USB drive shipment of up to ~39 TB of intraday options history (1-minute from Oct 2020 plus a 2-minute archive from 2015), license included. ## API documentation - [API Documentation](https://orats.com/docs): Overview of the REST ORATS API with links to authentication, endpoint guides, and token purchase. - [Authentication](https://orats.com/docs/authentication): How to authenticate with a token, enable live data via signed agreements, and choose JSON or CSV responses. - [Core Research](https://orats.com/docs/core-research): Methodology behind ORATS proprietary indicators: historical and implied volatility, earnings-effect modeling, skew surface, and forecasts. - [Definitions](https://orats.com/docs/definitions): Field-by-field definitions for every data element, organized by endpoint (strikes, monies, summaries, cores, and more). - [Delayed Data API](https://orats.com/docs/delayed-data-api): Endpoints for 15-minute delayed end-of-day data: tickers, strikes, monies, summaries, cores, and IV rank. - [Delayed Intraday API](https://orats.com/docs/delayed-intraday-api): One-minute delayed strikes chain, OPRA, and implied monies endpoints back to August 2020 (CSV). - [Errors](https://orats.com/docs/errors): Request limits, the per-query ticker cap, uptime, and HTTP status code categories. - [Historical Data API](https://orats.com/docs/historical-data-api): End-of-day historical data back to 2007: strikes, monies, summaries, cores, dailies, HV, earnings, splits, and IV rank. - [Historical Intraday API](https://orats.com/docs/historical-intraday-api): One-minute historical strikes chain and OPRA endpoints back to August 2020 (CSV). - [Live Data API](https://orats.com/docs/live-data-api): Real-time end-of-day-style data with sub-10-second delay: strikes, expirations, implied and forecast monies, and summaries. - [Live Derived Data API](https://orats.com/docs/live-derived-data-api): Same as the Live Data API but without OPRA market data (bid, ask, size, and volume are null). - [Live Derived Intraday API](https://orats.com/docs/live-derived-intraday-api): Real-time one-minute strikes chain and OPRA endpoints without OPRA bid-ask data (CSV). - [Live Intraday API](https://orats.com/docs/live-intraday-api): Real-time one-minute strikes chain, OPRA, and implied monies endpoints for 5,000+ symbols (CSV). ## ORATS University - [ORATS University](https://orats.com/university): A video-narrated options education course covering volatility research, backtesting, implementation, and trade review. - [Option pricing models](https://orats.com/university/option-pricing-models): The Black-Scholes model, its original assumptions, and why those assumptions break down in modern options markets. - [The true price of an option](https://orats.com/university/the-true-price-of-an-option): How the ORATS Smoothed Market Values (SMV) process produces a single accurate theoretical price. - [Volatility surface](https://orats.com/university/volatility-surface): The volatility surface, term structure (contango and backwardation), and skew as foundational concepts. - [Volatility around earnings](https://orats.com/university/volatility-around-earnings): How earnings inflate IV, how ORATS removes the earnings effect, and how that feeds the forecasted surface. - [Predictive indicators](https://orats.com/university/predictive-indicators): Key volatility indicators (ex-earnings IV, slope, contango, forward vol) and how to compare them across time and peers. - [Historical data](https://orats.com/university/historical-data): The ORATS historical data offerings: near end-of-day, 1-minute intraday, hard drive delivery, and dividends. - [Backtesting methodology](https://orats.com/university/backtesting-methodology): Pitfalls of options backtesting (overfitting, path dependency, return measures) and how ORATS addresses them. - [Input parameters](https://orats.com/university/input-parameters): The entry criteria (DTE, strike delta, indicator triggers) and exit criteria (stop losses, profit targets) used in backtests. - [Measuring performance](https://orats.com/university/measuring-performance): Backtest performance metrics (return, risk, P&L, win rate) and the ranking algorithms used to compare strategies. - [Custom backtesting](https://orats.com/university/custom-backtesting): Running a custom backtest in End of Day mode (since 2007) or Intraday mode (1-minute since 2020, with 0 DTE). - [Optimizing your strategy](https://orats.com/university/optimizing-your-strategy-305): The Strategy Optimizer and how p-value permutation testing confirms improvements are significant, not curve-fit. - [Stock scanning](https://orats.com/university/stock-scanning): Using the stock scanner to filter 5,000+ tickers by indicators versus moving averages, forecasts, peers, and fundamentals. - [Option scanning](https://orats.com/university/option-scanning): Scanning options chains using ORATS theoretical edges (distribution, forecast, smoothed) plus greeks and probability of profit. - [Trade ideas and signals](https://orats.com/university/trade-ideas-and-signals): The Trade Ideas tab and market-intelligence tools (Happenings, Largest Trades, Macro Calendar). - [Charting and trade analysis](https://orats.com/university/charting-and-analysis): The Trade Builder, Options Chain, Outlook, and Risk Profile tools for visualizing trades and portfolio risk. - [Placing orders](https://orats.com/university/placing-orders): Trade analysis, exit alerts, pricing orders with theoretical edges, and connecting brokers or paper trading. - [Review](https://orats.com/university/review): The Trade Journal: tracking positions, visualizing cumulative P&L, and comparing live results to backtests. - [University Quiz](https://orats.com/university/quiz): An interactive quiz on the options concepts and ORATS methodologies taught in the course. ## Blog - [ORATS Blog](https://orats.com/blog): Options research, data insights, and tutorials; about 371 posts across Earnings (109), Backtesting (62), Market Events (59), In the Media (56), Indicators (50), Data API (13), Trading (12), and Dividends (10). Recent posts: - [Nasdaq-100: Diversification Failed When Investors Needed It Most](https://orats.com/blog/nasdaq-100-correlation-risk): How QQQ's IV-to-component ratio shows diversification breaking down when Nasdaq names move together. - [Introducing the ORATS CLI: Better Options Data for Your AI Coding Agent](https://orats.com/blog/introducing-the-orats-cli-better-options-data-for-your-ai-coding-agent): Giving AI coding agents live IV surfaces, forecast vol, and intraday history. - [ORATS Data Cited by Reuters on Nvidia's Implied Earnings Move](https://orats.com/blog/orats-reuters-nvidia-options-earnings-move): ORATS data on Nvidia's implied post-earnings move featured by Reuters. - [Is NVDA Earnings Volatility Underpriced?](https://orats.com/blog/is-nvda-earnings-volatility-underpriced): Compression, sector inversion, and what market volatility may be masking. - [What Is the True Value of an Option?](https://orats.com/blog/true-value-of-an-option): Structural, statistical, and forward value in options pricing. - [Earnings Straddles Are Having Their Moment](https://orats.com/blog/earnings-straddles-strong-season-2026): A favorable earnings season for straddle buyers. - [Help, My Backtest Isn't Working!](https://orats.com/blog/help-my-backtest-isnt-working): Where options backtests break down in the real market. - [Lessons from Captain Condor: Risk Management and Path-Dependent Trades](https://orats.com/blog/lessons-from-captain-condor-risk-management-path-dependent-trades): ORATS cited by Bloomberg on a large options loss. - [What Is a Volatility Surface? Why Traders Use It](https://orats.com/blog/understanding-volatility-surfaces): Evaluating options pricing using term and strike structure. - [Why Leading Financial Institutions Trust ORATS for Options Data](https://orats.com/blog/trusted-options-data): Why media, trading desks, and quants rely on ORATS data. - [How ORATS Uses Historical Volatility Forecasts to Improve Trading Decisions](https://orats.com/blog/how-to-use-hv-forecasts): Combining history, earnings patterns, and sector signals to forecast volatility. - [ORATS Launches Enhanced Production Platform with AI Assistant and Advanced Trading Tools](https://orats.com/blog/launch-enhanced-production-platform-with-ai-assistant-trading-tools): The beta dashboard promoted to full production. - [Navigating Volatility and Zero-DTE: Matt Amberson Talks Strategy with JLN](https://orats.com/blog/navigating-volatility-zero-dte-matt-amberson-jln): Adapting to modern volatility and 0-DTE. - [Market Anxiety Spikes: S&P 500 Options Show Rare Volatility Backwardation](https://orats.com/blog/sp500-backwardation-volatility-signal): The volatility curve twist and what it signals. - [What the Holiday Implied Volatility Term Structure Is Telling Us](https://orats.com/blog/holiday-2025-implied-volatility-term-structure): Holiday risk embedded in options pricing. ## Company and resources - [About](https://orats.com/about): ORATS believes alpha is a consequence of quality data; since 2001 it has built data, indicators, tools, and APIs for traders and institutions. - [FAQ](https://orats.com/faq): Answers to the most frequently asked questions about ORATS products, data, billing, and access. - [Videos and Webinars](https://orats.com/videos): Tutorial videos and live demos of the trading tools, drawn from the ORATS YouTube channel. - [Partners](https://orats.com/partners): ORATS partnerships with brokers, data providers, and research platforms (Tradier, TradeStation, Wall Street Horizon, and more). ## Legal - [Terms & Conditions](https://orats.com/terms-conditions): The Research and Informational Services Agreement governing use of ORATS products. - [Disclaimer](https://orats.com/disclaimer): ORATS content is informational and educational, not investment advice; trading carries significant risk. - [Risk Disclosure](https://orats.com/risk-disclosure): Risk Disclosure Agreement covering the data APIs, trading tools, and historical data sets. - [Legal and Compliance](https://orats.com/legal): Hub linking to terms, disclaimer, privacy, risk disclosure, ADV brochures, and OPRA agreements. ## Optional - [Student Special Pricing](https://orats.com/student): Discounted ORATS pricing for students. - [ORATS x Interactive Brokers](https://orats.com/ib): Co-branded page with special pricing and a research-to-execution pitch for Interactive Brokers clients. - [Tradier Special Pricing](https://orats.com/tradier): Discounted individual-license pricing for Tradier clients. - [El7 Consulting](https://orats.com/el7consulting): Discounted ORATS pricing for El7 Consulting clients. - [Elite Trader](https://orats.com/elitetrader): Discounted ORATS pricing for the Elite Trader community. - [Epixia](https://orats.com/epixia): Discounted ORATS pricing for Epixia referrals. - [esInvests](https://orats.com/esinvests): Discounted ORATS pricing for esInvests followers. - [Harvested Financial](https://orats.com/harvested-financial): Discounted ORATS pricing for Harvested Financial clients. - [MarketXLS](https://orats.com/marketxls): Discounted ORATS pricing for MarketXLS clients. - [Mike Zaccardi](https://orats.com/mike-zaccardi): Discounted ORATS pricing for Mike Zaccardi followers. - [Options Trading IQ](https://orats.com/optionstradingiq): Discounted ORATS pricing for Options Trading IQ readers. - [Quantpedia](https://orats.com/quantpedia): Discounted ORATS pricing for Quantpedia clients. - [Reddit](https://orats.com/reddit): Discounted ORATS pricing for the Reddit options community. - [Robot Wealth](https://orats.com/robotwealth): Discounted ORATS pricing for Robot Wealth students and clients. - [Slope of Hope](https://orats.com/slopeofhope): Discounted ORATS pricing for the Slope of Hope community. - [Smart Option Seller](https://orats.com/smartoptionseller): Discounted ORATS pricing for Smart Option Seller subscribers. - [Spintwig](https://orats.com/spintwig): Discounted ORATS pricing for Spintwig clients. - [Volland](https://orats.com/volland): Discounted ORATS pricing for Volland clients.