What do professionals use when trading options? Exactly what "The O.W.L." uses: a software program that computes "the Greeks" and that displays volatility charts and performance graphs.

"The Greeks" tell us how positions will respond to market movement (delta and gamma), to changes in implied volatility (vega), and to time decay (theta). Volatility charts show whether option premiums are expensive or cheap and whether the underlying futures contract is volatile or not. And performance graphs show a "time lapse" picture of possible outcomes of positions over a range of different futures prices.

Using a good software program like OptionVue 5 is like having a compass and roadmap to guide you on a trip. The landscape continually changes, so it's critical to see where you are and where you need to go.

Remember that options are dynamic. They change from day to day. I believe it pays to be objective and to review "the Greeks" at least once a day since they tell us precisely how our positions will behave.

"Knowledge is power and all traders can benefit by continually bolstering their knowledge base. I hope to contribute in that regard."  Paul Forchione