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The 3 Best Options Backtesting Software

Backtesting options strategies can be difficult, but there are plenty of free and paid software to streamline the process. 

My favorite options backtesting software is Option Omega because it has one-minute data back to 2013, and works for nearly every strategy. Continue reading to learn about Option Omega and my other favorite options backtesting software.

Summary of the 3 Best Options Backtesting Software

Option Omega: Best overall with one-minute data back to 2013

tastylive Lookback: Best free options backtesting

OptionNET Explorer: Best for manual backtesting

Best Options Backtesting Software Compared

You can use the table below to compare my top picks for options backtesting software:

FeatureOption Omegatastylive LookbackOptionNET Explorer
LinkGet 50% Off Option OmegaVisit tastylive LookbackGet 10% Off OptionNET Explorer
Best ForComprehensive and fast automated backtestingBeginners and cost-sensitive usersTraders who prefer manual backtesting and integration with brokers
Historical Data1-minute data from 1/1/2013 to yesterdaySeveral tickers back to 1/1/20105-minute, connect with brokers for real-time
Tickers CoveredSPY, SPX, IWM, QQQ, TSLAMost stocks, indices, and ETFs with optionsMost stocks, indices, and ETFs with options
Key FeaturesAutomated backtesting, Portfolio feature, Export to CSVFree, Advanced trade parameters, Forward testing, Export to CSVConnect with brokers, Real-time data access, Send orders to broker
Pricing7-day trial (limited to 2017 QQQ), $99/month, $599/year, 50% off first year with my affiliate linkFree10-day trial for £10, 3 months for £160, 12 months for £525

The 3 Best Options Backtesting Software Reviewed

1- Option Omega

Option Omega is my top pick for options backtesting because it is automated, has historical 1-minute data, and allows you to build portfolios to combine multiple strategies. You can read my full review of Option Omega to learn more. 

Key features:

  • Automated backtesting for SPY, SPX, IWM, QQQ, TSLA
  • 1-minute historical data so you can accurately test 0DTE and 1-DTE strategies
  • Test from 1/1/2013 – yesterday
  • Combine several backtests with the portfolio feature
  • Export backtests to CSV file to analyze further
option omega test parameters

Pros and Cons of Option Omega

Here are the pros and cons of Option Omega:

1-minute historical data, as close to real-time as possibleLimited to only 5 tickers
Can run 10+ year backtests dating back to 2013 in minutesCannot manually backtest
Highly customizable parameters
Available for $50 per month with my affiliate link, making it cheaper than OptionNET Explorer

Option Omega Pricing

Option Omega PricingDetails
7-day Free TrialLimited to 2017 QQQ
Monthly Subscription$99 per month
Annual Subscription$599 billed annually
Discount Offer50% off your first year with my affiliate link

2- tastylive’s Lookback

tastylive’s Lookback is great if you want to get started with backtesting options for free. It includes every major ticker, and allows you to get a feel for automated backtesting software. However, if you want to set advanced parameters and have the most accurate data, Option Omega is better. 

Key features:

  • Lookback is free, allowing anybody to get started with no barrier to entry
  • Ability to backtest individual trades
  • Set basic trade parameters for automated backtesting 
  • Forward testing capabilities
  • Test several tickers dating back to 1/1/2010
  • Export results to CSV file
tastylive lookback

Pros and Cons

Here are the pros and cons of tastylive Lookback:

Free to useLess customizable parameters than Option Omega
Automatic backtesting with many tickersData is likely not 1-minute historical data
Ability to export data to CSV

3- OptionNET Explorer (ONE)

OptionNET Explorer (ONE) is an excellent software to use if you run advanced multi-leg strategies that rely on several adjustments. Trades like the space trip trade (STT) and other advanced strategies require advanced software like ONE to track. Platforms like thinkorswim do a decent job at tracking these, but it becomes harder after a few adjustments. 

Key features:

  • 5-minute historical data
  • Connect with thinkorswim, IBKR, and Tradier, to monitor your live positions
  • Get free access to real-time data by connecting your brokers live data feed
  • Ability to send orders directly to your broker
optionnet explorer

Pros and Cons

Here are the pros and cons of OptionNET Explorer:

Connects with various brokersNo automated backtesting features
5-minute historical data for manual backtestingNo monthly pricing option

OptionNet Explorer Pricing

ONE costs 10GBP (~ $12) for a 10-day trial, 160GBP (~ $200) for 3 months, and 525GBP (~ $660) for one year.

OptionNet Explorer PricingDetails
10-day Trial10 GBP (about $12)
3 Months Subscription160 GBP (about $200)
Annual Subscription525 GBP (about $660)

Manual Backtesting vs. Automated Backtesting Software

Automated backtesting is when you set trade parameters and let the backtesting software do all of the work for you. A manual backtest is when you open, close, and stop out of all of your trades one by one while logging your results. 

Automated backtesting is generally preferred since it takes much less time, but it gives you less control over the results. Manual backtesting is best for testing complex multi-leg strategies since automated software may skew the results if some trades incur wide bid-ask spreads. 

For example, if your strategy only involves selling naked puts, automated backtesting will be fine. However, if you want to test an iron condor strategy, which involves four legs, manual backtesting will give you more control. 

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