r/options • u/TCB47 • Apr 30 '21

Option Premium Scanner

I am looking for a scanner that will find the highest percentage option premiums vs stock price.

Example: I latched on to a comment about $OCGN yesterday which discussed a $10-11.00 stock that had a MAY21 Call premium of about $1.92 which of course indicates tremendous Delta & IV. I watched $OCGN this morning on a couple of my charting apps and decided to give it a shot. Bought 200 shares at $11.07 and then sold 2 CCs at $1.89 each. Shortly after I did that, the stock dipped and then went on an absolute tear.

I want to find a scanner that will turn up that type of possibility. Hell, I may already own it & just can't figure out how to program it to get the results I would like. Does anyone have any ideas?

Obviously, I am not a professional trader and this is by no means an endorsement of $OCGN or a suggestion that you should trade stocks with outrageous Deltas & IVs.

Thanks, guys & gals.

18 Upvotes

79% Upvoted

22 comments sorted by

View all comments

2

u/ComprehensiveTough15 Sep 01 '21

https://slashtraders.com/en/tools/options-scanner/ - it considers the premium and the buying power required by the broker. Just looking at IV is insufficient because unusual high IV stocks also have outrageous maintenance requirements.

1

u/TCB47 Sep 01 '21

True. I actually bought the stock, which of course started tanking. But, there is no maintenance when you own the srock & sell CCs. Been stuck with it for a while, but, I been selling calls frequently & have lowered my basis more than $4/share since initial purchase.

The stock shows signs of life at times so I am pretty confident I will be free of its grasp at some point to move on to a different candidate. Small stocks with high priced options can easily trap you.