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100 - Introduction
101 - Master the art of options
102 - Option pricing models
103 - The true price of an option
200 - Volatility research
201 - Volatility surface
202 - Volatility around earnings
203 - Predictive indicators
300 - Backtesting
301 - Backtesting methodology
302 - Input parameters
303 - Measuring performance
304 - Custom backtesting
400 - Scanning and execution
401 - Stock scanning
402 - Option scanning
403 - Trade ideas and signals
404 - Placing orders
500 - Risk and review
501 - Analyzing risk
502 - Reviewing trades
Take the quiz to prove your knowledge of the ORATS platform!
Why do calls and puts have different implied volatilities?
Varied interest rate assumptions
All of the above
Which of the following is NOT a theoretical edge that ORATS calculates?
Distribution edge (D%)
Volatility edge (V%)
Forecast edge (F%)
Smoothed edge (S%)
Skew describes implied volatility for ________ in a single expiration, while term structure describes implied volatility for ________ across all expirations.
all strikes, a single strike
a single strike, all strikes
all strikes, all strikes
a single strike, a single strike
What does SMV stand for?
Smoothing Market Volatility
Smoothing Market Vega
Smoothed Market Values
Smoothed Market Volatilities
Which of the following is a common pitfall traders experience when backtesting?
All of the above
According to ORATS, when is the closest you can get to the market close (4pm EST) without experiencing deterioration in the quality of the options prices?
1 minute before
7 minutes before
14 minutes before
28 minutes before
What term refers to the volatility for all options across all strikes and all expirations for a single symbol?
Which of the following is NOT an assumption of the original Black-Scholes model?
The movement of the underlying stock is random and normally distributed
The option can be exercised at any time
The volatility of the underlying stock is known and constant
The risk-free rate is known and constant
What does slope measure?
The steepness of the term structure
The curvature of the term structure
The steepness of the skew
The curvature of the skew
What term does ORATS use to describe the tendency for implied volatility to increase heading into earnings?
Implied earnings move
ORATS interpolates IVs across different deltas to simplify the term structure. Which deltas do ORATS present?
10, 25, 50, 75, 90
25, 50, 75
5, 25, 50, 75, 95
20, 40, 60, 80
What is the significance of the _C tickers in ORATS?
They represent the average of all calls for a given expiration
They represent the slope of the term structure
They represent correlations between IV and stock price
They represent component weighted averages of ETFs
Why is it important to calculate the earnings effect?
To determine the implied earnings move
To compare IV across different symbols and history
To calculate the residual rate based on put-call parity
The earnings effect is not important
Backtesting is part of which pillar of the ORATS methodology?
Notional returns are used in the backtester to help standardize and normalize performance across all different types of strategies and symbols.
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