Button to launch Implied Volatility Calculator:  A new button on the strategy evaluation sheet will launch the Implied Volatility Calculator in a separate instance of Excel.  This makes it more convenient, for example, to examine the volatility smile surface of an option chain while evaluating strategies. This is a premium feature.

Interactive Brokers data feed:   Real-time US and International equity and index option chains using IB has been added to the list of data sources.  This is a premium feature which can be used by IB customers.  More information.

Backtesting:  New button "reformat" on backtesting sheet to reformat and unprotect data sheet if required.

Backtesting:  Release of backtesting component. Backtesting lets you examine the way option strategies would have turned out had you entered into them at some time in the past, by using actual market data.  You can step through a strategy from deal date to expiration one or more days at a time to see the profit and loss you would have realized if your positions had been closed on any of these days.  Market data can consist of underlying prices only, or underlying prices and option prices for each trade in the strategy.    More information.   View demo on Backtesting.

Backtesting is a  premium feature requiring the Finance Add-in version 10.1r or above.

Option chain processing:  Option chain processing has been enhanced to include the option symbol on each trade line when the "suggest" button is pressed, and to update the symbols when stepping through an option chain by strike or by expiry date. This is designed to simplify the placing of trades based on a strategy.

TD AMERITRADE data feed:  Real-time  US equity and index option chains using TD AMERITRADE has been added to the list of data sources.  This is a premium feature which can be used by TD AMERITRADE customers.  More information.

Open interest/volume analysis: Fixed problem with sentiment indicator charts which occurred with option chains containing multiple option symbols for a call or put with the same strike and expiry.  Note that the open and interest and volume statistics, including the put/call ratios, in the put/call statistics table were not affected by this issue.

Excel 2007 SP 1 compatibility release:  OSET has been updated to load correctly under the recently released Excel 2007 service pack 1.  It also corrects an error, introduced with Excel 2007 SP1 which caused the version of OSET released on 12 December 2007 to display an error on loading under pre-Excel 2007 versions.

Option chains from MSN:   MSN has been added as a new data provider of free delayed US equity option chains.  Using MSN as the data provider is considerably faster than using CBOE as the provider, and MSN is a more reliable especially out of hours.  This is a  premium feature requiring the Finance Add-in version 10.1b or above.

NSE (India) option chains:  Option chains for equities traded on the National Stock Exchange of India (NSE) are now available.  This is a  premium feature requiring the Finance Add-in version 10.1 or above.

An error which caused the hedging component to incorrectly handle trade lines where the buy/sell indicator was in lower case has been fixed.

Fixed a problem with the Open Position Manager (OPM) import feature which caused it to fail with some non-English regional settings in Windows.

Users can now make changes to the number of decimal places showing in numeric fields on the main strategy sheet.  This is to allow the sheet to be tailored to handle the wide variations that exist in strikes, profits, position Greeks etc.

Versions of Excel prior to Excel 2002 (Office XP) no longer supported. This version of OSET, and all future versions, will require at least Excel 2002 or above to run.

Underlying asset quotes from non-Yahoo sources:  Underlying asset quotes can be brought in from streaming quote providers supported by the Finance Add-in for Excel using the quotes wizards, and from any other source which can link to Excel.  A new column on the far right of the underlying assets, settings sheet is used to set this up (press "help" button on U/L assets sheet to see how this feature works).   This is a  premium feature requiring the Finance Add-in version 10.0q or above.

Integration with the Open Positions Manager (OPM):  Positions from the Open Positions Manager can now be imported into OSET with one button click, using the new "OPM Import" button in OSET.  This button lets you browse open positions and to select the one to import. Individual option and underlying trades are imported and the unrealized profit or loss to date is brought into OSET as an initial debit/credit to enable the total profit or loss from the original deal date to expiry to be modelled.  This facility provides a powerful way of modelling the impact of various alternatives on strategies sometime after their inception.

OSET/OPM integration is a premium feature, requiring the Finance Add-in version 10.0q or above.  OPM version 20 April 2007 or above must also be in the same directory as OSET.

Widescreen PC support:  The way the main strategy screen looks on widescreen PCs (eg with screen resolution of 1280 x 800) has been improved.

Excel 2007 compatibility release:  OSET has been updated to work correctly with the release version of Excel 2007.

Sentiment indicators (Open interest configuration):  The existing put/call analysis of an entire option chain (see sentiment indicators) has been enhanced to chart daily volume as well as open interest, by expiry month and strike.

3D analysis of profit/loss and position Greeks:  Payoff diagrams can now be viewed in three dimensions showing profit or position Greeks simultaneously by underlying price and time to expiry. Profit/loss and position Greeks can be shown for an entire strategy or separately for each trade.  The payoff diagram can be dynamically rotated both horizontally and vertically using spin controls to enable better viewing of  the 3D surface for profit/loss and for position Greeks.

3D payoff diagrams are a premium feature, requiring the Finance Add-in version 10.0h or above.

Probability cones showing in visual form the most probable range of future asset prices at various maturities are produced for both "at end (expiry)"  and "any time (touching)" probabilities. Changes in key variables (volatility, dividend yields etc.) can easily be modelled.  Probability cones provide an effective way of understanding the complex relationships between maturity, volatility, interest rates and dividend yields and their impact on breakeven points, and as such are an important tool for strategy selection.

Probability cones are a premium feature, requiring the Finance Add-in version 9.9v or above.

Time and volatility analysis/modelling: The payoff diagram can now optionally display "profit if closed prior to expiry" for five dates simultaneously. The impact of volatility changes on strategy profitability after the deal has been entered into but prior to expiry can then be dynamically modelled by clicking a spin button. The results are shown graphically and also in table form.   This makes it easy to model the sensitivity of, say, a calendar spread, to changes in volatility. More information.

Breakeven analysis:  An analysis is produced of all breakeven points for five discrete dates prior to option expiry plus the probabilities of breaking even at expiry.  The probability of falling within the breakeven bands is shown for the discrete time points.  The total probability of profit and the total probability of loss are also shown.  The impact of volatility changes on breakeven points and probabilities after the deal has been entered into but prior to expiry can by dynamically modelled. The breakeven analysis is accessed by clicking the "Time and volatility modelling" button at the lower right of the main strategy section.

Both enhancements above are premium features, requiring the Finance Add-in version 9.9u or above.

Import option chains from file: Option chains can now be imported from a suitably formatted text file.  This is a premium feature, requiring the Finance Add-in version 9.9o or above. More details.

Export/Import: Settings, underlying asset details and saved strategies and templates can now be exported to an external file with one button click.  The saved information can then be imported into, say, a new version of OSET by clicking the "import" button.  This facility is designed to simplify moving to future versions of the product. The export and import buttons can be found on the Underlying Assets, Settings sheet.  This is a premium feature, requiring the full version Hoadley Finance Add-in for Excel version 9.9i or above.

Diagram centring and scaling with spin buttons:  Spin buttons are now available to simplify the centring and scaling of payoff diagrams. This is a premium feature, requiring the full version Hoadley Finance Add-in for Excel version 9.9i or above.

Sentiment indicators:  Open Interest call/put ratios, and current volume call/put ratios now calculated for option chains retrieved.  "Open interest configuration" analysis, showing puts and calls by strike for any selected month in an option chain is now charted. (The sentiment indicator button is in the lower right corner of the strategy sheet.) These are premium features, requiring the full version of the Hoadley Finance Add-in for Excel version 9.9g or above.

Improved the results from using the "suggest" button for those option chains with a very large number of strikes per month  (eg QQQQ).

Minor change to early exercise analysis affecting a very small percentage of situations with calls with more than one dividend.

Expanded point multiplier field on underlying assets, settings sheet from three to six digits.

Increased number of decimal places displayed for option prices on option chain selector from two to four, and for strike from two to three.

Fixed field alignment issue, which affected some users with European regional settings, when strike retrieved using option chain selector.

Six trades per strategy: The maximum number of individual option trades for any one strategy has been increased from five to six. This is a premium feature requiring the Hoadley Finance Add-in for Excel version 9.8 or above.

"Greeks" by trade:  Individual option Greeks and position Greeks can be shown next to each trade line.  This makes it easy to see the way the Greeks for each trade relate to the Greeks for the total strategy.  Greeks are selected by clicking the column heading and selecting from the drop down list.  This is a premium feature.

Stockwatch datafeed.   Real-time Canadian and US equity option chains using Stockwatch has been added to the list of data sources.  This is a premium feature.  More details.

Option chains for futures options:  Subscribers to eSignal can now bring in complete real-time option chains for futures options (eg for options on S&P 500 index futures) for US exchanges (eg CBOT, CME, NYBOT) and many international exchanges.  This is a premium feature requiring the Finance Add-in for Excel version 9.8 or later.   More details.

eSignal data feed: Real-time US equity option chains using eSignal has been added to the list of data sources.  This is a premium feature.  More details.

Automatic trade selection using option chains: A new feature -- the strategy sheet now has a "suggest" button which will automatically select a set of option trades by mapping a sample strategy (or any strategy) to actual option trades available in the option chain.  This has greatly simplified the process of trade selection. Take the on-line tutorial for more details. 

Stepping though option chains: A new feature which lets you step through an entire option chain to view the profit & loss on individual options, spreads or combinations. You can step through the strikes for a specific expiry month (each button click brings up the next or previous sets of strikes for a given strategy),  step through the expiry months for a specific combination of strikes, or both. Take the on-line tutorial for more details. 

The above two enhancements are premium features, requiring version 9.6 or above of the Hoadley Finance Add-in for Excel to be installed.

Roll dates forward button: A new button next to deal date will roll the deal and expiry dates forward for any strategy (eg one of the samples) so that the deal date is equal to today's date.

Corrected minor cosmetic problem which incorrectly highlighted several columns when "split screen" button pressed.

OptionsXpress data feed:  Real-time US option chains using data from OptionsXpress has been added to the list of data sources (premium feature).  This data is currently free of charge for OptionsXpress customers. More details.

Real-time Australian option chain data using Weblink's BullSignal  has been added to the list of data sources (premium feature).

Option trade selector and options quotes:  On-line option chains (real-time and delayed) can be retrieved from a number of sources.   You can browse the option chains and select appropriate trades, including quotes for calculating implied volatility, pricing the current strategy etc.  All options and underlying prices can also be refreshed with the latest data with one button click

This enhancement is a premium feature, requiring version 9.6 of the Hoadley Finance Add-in for Excel to be installed. Without the Finance Add-in, the Options Strategy Evaluation will work correctly, but premium features will not be available.

Compatibility release: This version has undergone some minor "internal" changes to maintain compatibility with the Hoadley Finance Add-in for Excel version 9.5.

Non English regional settings in Windows: A problem which caused the implied volatility calculation to fail with some non-English Windows regional settings (when the market price of the option was less than 1,00) has been fixed.

Options expressed in points:  You can now specify a "points multiplier" for each underlying asset.  The enables the dollar values (profit/loss etc) to be correctly shown for options on underlying assets which have their strikes, option premiums and quotes expressed in points. eg options on indices, options on index futures, and options on commodities.

Financial analysis:  Maximum profit, maximum loss, and "static" returns are now calculated by strategy. For each category (eg maximum profit), the type of profit or loss (capped, unlimited), the dollar value, and, where there is an initial net debit, the percentage return for the period, and the annualized ROI are shown.  In addition these numbers are also calculated for any user-selected target price at expiry.

Automatic position hedging: Strategies can now be automatically adjusted to achieve delta neutrality, delta-gamma neutrality, vega neutrality, delta-vega neutrality or delta-gamma-vega neutrality for net positions.  Individual options trades and/or trades in the underlying can be nominated for automatic adjustment.  A pop-up control panel lets you dynamically examine various alternatives before either reverting to the original strategy or retaining the newly hedged position. This enhancement is a premium feature.

Strategy dissection: The individual trades which make up a net strategy position can now be simultaneously displayed on payoff diagrams to enable each trade's contribution towards the net position to be easily observed. So payoff diagrams can now be viewed in terms of the net strategy, or dissected into individual options and underlying trades.  This enhancement is a premium feature.

Position Greeks can now optionally be superimposed on the payoff diagram to enable hedging information to be viewed in the context of profit and loss information.  (The previous method of viewing position and individual trade Greeks separately is still available.)

Payoff comparison: The "vary option parameters" slider bars can now be used from the strategy comparison area.

Usability enhancements: A number of improvements have been made to the user interface (cleaner interface, simpler navigation).

Options on futures:  Enhanced and simplified handling of options on futures contracts, and of strategies using a combination of futures options and positions in the underlying futures contract.

New probability/risk analysis:  Provides "end of period" and "at any time during the period" probabilities to enable the probability of deal success or failure, probability of breakeven etc. to be assessed. Probabilities are superimposed on payoff diagrams. This enhancement is a premium feature.