Looking for an OptionStrat alternative? Try GammaWins Calculator.
GammaWins Calculator is a powerful alternative to OptionStrat, built for traders who want deeper insight into how option strategies behave. By combining PnL and Greeks in the same chart and extending analysis across time, GammaWins lets you see how strategies evolve, including theta decay effects, rather than relying on single-point snapshots.
More powerful charting
OptionStrat lets you visualize PnL, option value, and Greeks on a chart for a selected date. This works well for quick checks, but it limits how much insight you can extract from a strategy.
GammaWins Calculator is built for deeper analysis. You can plot PnL together with any combination of Greeks in the same chart, making it easier to understand how risk and payoff interact without constantly switching views.
More importantly, GammaWins treats time as a first-class dimension. By switching the X-axis to time, you can see how your strategy’s PnL and Greeks evolve continuously over its lifetime. This is especially valuable for option sellers who want to understand theta decay, identify periods of elevated gamma risk, and see when profits are actually earned.
This approach makes it easier to reason about strategies as dynamic positions, not static payoff diagrams.
Value and theta of a put option over its lifetime
Value and theta of a put option over its lifetimePersonalizable metrics
GammaWins Calculator provides a broader set of strategy metrics than OptionStrat. In addition to standard metrics like max profit and loss, probability of profit, breakeven ranges, and net Greeks, you can also analyze spread cost, annualized and compound premium yields for CC and CSP strategies, as well as intrinsic and extrinsic value.
Unlike OptionStrat’s fixed set of visible metrics, GammaWins allows you to choose exactly which metrics you want to see and hide the rest. This reduces clutter and lets you focus on the aspects of risk and return that matter most for your trading style.
Volatility indicators
GammaWins Calculator shows current implied and realized volatility for the selected underlying, along with their rank and percentile over the past year. These indicators provide useful context when evaluating option prices and strategy attractiveness.
While these volatility indicators are currently numerical rather than chart-based, they offer a quick way to assess whether volatility is relatively high or low compared to recent history.
Implied volatility (ATM and Model-free) and Realized volatility indicators in GammaWins CalculatorMore free features
OptionStrat restricts several analytical features behind a paid plan, including basic metrics like probability of profit.
GammaWins takes a more open approach. Core analytical features such as profit probability, premium yields, net Greeks, and PnL over time charts are available for free. Additional features, including an integrated strategy journal and portfolio-level analysis tools, are being developed and will include a generous free tier.
Paid plans are still being defined and are expected in the second half of 2026. Until then, GammaWins Calculator offers a wide range of analytical features at no cost, making it a strong alternative for traders who do not require live data.
Nordic options
Both GammaWins and OptionStrat support US stock and ETF options. In addition, GammaWins supports equity options traded on the Nasdaq Nordics markets. As far as we are aware, GammaWins is currently the only options analysis tool offering coverage for these markets.
OptionStrat, on the other hand, supports US options on futures. This functionality is available only to paid users. GammaWins plans to introduce futures options support as part of its upcoming paid plans.
Trade journal
GammaWins is currently building a trade journal designed to integrate closely with the calculator. The goal is to allow traders to track multiple portfolios, including live and paper trading accounts, with full transaction history, net Greeks, and PnL over time at the account level.
This feature is still under development. If you need trade tracking today, OptionStrat may still be the better choice for this specific use case. OptionStrat’s trade tracking focuses primarily on a running PnL figure, with paid users gaining access to a PnL chart over time.
If you are interested in more comprehensive portfolio-level analytics tied directly to strategy modeling, you can sign up for the GammaWins newsletter to be notified when the trade journal is released.
Summary
GammaWins Calculator is a strong alternative for option traders currently using OptionStrat. Traders on OptionStrat’s free plan will find broader analytical features available at no cost, while paid users who focus on strategy analysis rather than live data may find GammaWins a compelling free alternative today.
If you like GammaWins but require live data, you can sign up for our newsletter to be notified when live data becomes available.