Product Overview of Tastyworks
Tastyworks is a sophisticated online trading platform designed primarily for active traders, with a particular focus on options trading. Founded in 2017 by Tom Sosnoff, who also created the well-known trading platform Thinkorswim, Tastyworks offers a robust and intuitive trading environment.
What Tastyworks Does
Tastyworks is an online brokerage platform that allows retail investors to buy and sell a variety of investment products, including stocks, options, futures, ETFs, and fixed income securities. It is tailored to meet the needs of active traders, especially those who specialize in options trading.
Key Features and Functionality
Trading Platforms
- Desktop Platform: Downloadable for local use on your computer, this platform provides advanced features such as customizable charts with hundreds of indicators, order chains for tracking options rolls, and the ability to view multiple stocks and futures charts simultaneously.
- Browser Platform: Accessible from any web browser, this version offers a unified trading experience, allowing users to fund and manage their accounts, trade visually using the curve trading mode or traditional table view, and analyze fundamental stock information.
- Mobile & iPad Platform: Available as a mobile app, this platform enables users to fund their accounts, track transactions, and analyze price action on the go. It includes features like fingerprint or face recognition for identity confirmation and drag-and-drop order entry.
Trading Tools and Features
- Curve Analysis: This feature provides a visual interface to set up trades intuitively, with a click & drag interface and clear profit and loss zones. Users can adjust strikes and expirations quickly while monitoring the Probability of Profit.
- Quick Roll: Allows users to roll their option positions into the next expiration cycle with a simple right-click, streamlining the trading process.
- Charting and Indicators: The platform includes a wide range of customizable chart indicators such as Average Directional Index, Bollinger bands, Moving Average Convergence Divergence (MACD), and Relative Strength Index (RSI). Users can also add chart drawings like trend lines.
- ChartGrid: A feature on the desktop application that allows users to load up to 10 underlyings on a single page, enhancing multi-asset analysis.
Order Management and Strategies
- Order Types: Supports various order types including straddle, iron condor, strangle, limit, stop market, stop limit, Good Till Date (GTD), and Good Till Cancelled (GTC).
- Trade Management: The activity tab allows users to view open positions clearly, apply filters, and view historical trades. The platform also features watchlists that are consistent across all platforms.
Portfolio and Risk Management
- Portfolio Report: Provides detailed reports showing theta and delta values, which can be customized and exported to CSV. However, the platform is somewhat limited in advanced portfolio and risk management tools.
- Social Feed: Users can view trades from other traders to gain inspiration and insights, although the platform lacks comprehensive portfolio and risk management features.
User Interface and Experience
- Intuitive Design: The platform is known for its sleek and intuitive user interface, designed to facilitate efficient trading. The mobile app mirrors most of the functionality available on the web and desktop platforms.
- Real-Time Data and Alerts: Users can stay updated with real-time market data, customizable alerts, and live trade and video feeds to enhance market awareness.
Additional Benefits
- Competitive Pricing: Tastyworks offers competitive pricing for options trading, with free stock and ETF trades and no inactivity fees.
- Fast Account Setup: The account opening process is fully digital and quick, typically taking only a few minutes to complete with a waiting period of up to three days.
Overall, Tastyworks is a powerful and user-friendly trading platform that is particularly well-suited for active traders, especially those focused on options trading. Its robust features, intuitive interface, and competitive pricing make it an attractive choice for traders seeking efficient and reliable trading solutions.