GammaWins

Products

About

Looking for an OptionStrat alternative? Try GammaWins Calculator.

GammaWins Calculator is a powerful alternative to OptionStrat, offering more advanced strategy analysis, volatility tools, historical market data and workflow customization, while maintaining the same focus on speed and ease of use.

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Summary

OptionStrat Builder and GammaWins Calculator are both excellent tools for visualizing options strategies and analyzing their expected return and risk. Both focus on simple, intuitive interfaces that make it easy to iterate quickly, compare different strikes and expiries, and build trades that match your strategy.

As the incumbent, OptionStrat is the better-known product and offers a broader ecosystem, including tools such as Strategy Optimizer, Trade Tracking and Options Flow. GammaWins, on the other hand, is a newer platform that has focused its development on taking the core calculator and scenario analysis experience significantly further. Rather than expanding into additional tools early, GammaWins aims to build them only once they can reach the same level of polish and depth as the calculator.

Both products offer free and premium plans. GammaWins has a more capable free plan, including net Greeks, Greeks charts, Profit Probability, and granular IV adjustments, all of which are paid features in OptionStrat. The paid tiers, however, take different approaches. For $29 per month, GammaWins Pro adds deeper analysis tools such as interactive volatility skew and term structure charts with historical ranges, multi-date and multi-price comparisons and historical market snapshots. OptionStrat's paid plan, at $39 per month, primarily provides live market data, broader market coverage, and analytical features that are already included in GammaWins' free plan.

Category	Feature	GammaWins	OptionStrat
Strategy Analysis	Chart metrics	✅ P/L, Value, %, Greeks	🟡 Same metrics, one at a time 💎*
	Time as X-axis	✅	❌
	Multi-date & multi-price analysis	✅ Flexible 💎**	🟡 Limited
	Table analysis	✅ Flexible	✅
	Summary metrics	✅ More metrics	🟡 Standard 💎*
Strategy Builder	Custom strategies	✅	✅
	Option chain	✅ Greeks	❌
	Option prices	✅ Bid/Ask/Mid	🟡 Mid only
Customization	Calculator settings	✅	🟡 Limited
Volatility	Skew and term structure	✅ Interactive 💎**	❌
	Historical skew & term ranges	✅ 💎**	❌
	IV adjustments	✅ Leg & expiry	🟡 Expiry only 💎*
	Volatility indicators	✅ IV, RV & Model-free	🟡 IV only
Historical Analysis	Historical option prices	✅ Market snapshots 💎**	✅ Price history
Workflow	Saved strategies	✅	✅ P/L tracking
	Shareable links	✅	✅
Market Coverage	US equity & index options	✅	✅
	US futures options	❌***	✅ 💎**
	Nasdaq Nordics options	✅	❌
	Live market data	❌***	✅ 💎**
Additional Features	Market news & earnings	❌***	✅ 💎**

* Only in paid plan ($39/m). In case of chart metrics and summary metrics, this only applies to the Greeks. In case of IV, adjusting the aggregate IV is free.

** Only in paid plan ($29/m)

*** Planned for GammaWins. These capabilities require additional exchange licenses and data sources, and will be introduced as the platform continues to grow.

Building strategies

Both tools provide intuitive interfaces that make it easy to build and iterate on different strategy variations. The biggest difference lies in their interface design. OptionStrat favors a minimal and compact layout, while GammaWins opts for a more information-rich approach.

GammaWins keeps contract quantity, put/call selection, option pricing and leg visibility accessible at all times, whereas OptionStrat mostly presents these as views with limited direct controls and places many adjustments behind menus and dialogs. GammaWins' approach makes common adjustments faster, although the additional vertical space might mean you'll need to scroll more on smaller screens. On the other hand, the denser layout also makes complex strategies easier to review at a glance.

GammaWins also includes an option chain with Greeks, making it easier to select contracts based on their Greeks and premiums. It also lets you choose between bid/ask and mid pricing, whereas OptionStrat only provides mid prices.

Both tools provide an excellent strategy-building experience, and the better choice largely comes down to personal preference and available screen space. The option chain and bid/ask pricing are additional reasons you may prefer GammaWins.

Quickly build and modify even the most complex multi-expiry option strategies

Strategy analysis

This is where GammaWins begins to stand out.

While both tools provide P/L and Greeks charts, OptionStrat only displays a single metric at a time. GammaWins allows you to combine one P/L metric with any number of Greeks on the same chart. For traders who actively use the Greeks as part of their decision-making process, this makes it much easier to understand how different aspects of a strategy interact under changing market conditions. OptionStrat requires a premium subscription for net Greeks charts, whereas GammaWins includes the entire analysis experience described above in its free plan.

Both tools can chart these metrics at a specific date across the underlying price. GammaWins also provides the unique ability to keep the underlying price fixed and instead chart the strategy over time until expiration. This makes it much simpler to understand how a trade evolves throughout its lifetime. Calculator Pro subscribers can additionally plot multiple dates or multiple underlying prices on the same chart, with each shown using a different line pattern, making it far easier to compare several scenarios within a single chart.

GammaWins also improves many smaller aspects of the analysis workflow. It provides more summary metrics than OptionStrat while allowing you to choose exactly which ones are displayed. Its Table View is more flexible and offers greater control over the analysis. Navigating charts is also smoother thanks to both drag-to-zoom and a range slider that lets you quickly focus on any region of interest.

Taken together, these capabilities make strategy analysis significantly more powerful in GammaWins, making it the clear winner in this area.

Analyze your strategy from multiple perspectives without switching views

Volatility analysis

Volatility analysis is another area where GammaWins stands out.

While both tools allow implied volatility to be adjusted for the overall strategy or individual expiries, GammaWins goes a step further by allowing IV adjustments for individual option legs. Unlike OptionStrat, this is included in the free plan. It also displays 30-day ATM IV, Realized Volatility and Model-free Implied Volatility, calculated using the same methodology as the VIX, together with one-year ranks and percentiles that make it easy to understand the current volatility environment.

The Pro plan also includes interactive skew and term structure charts integrated directly into the options legs section, making it easy to visualize the volatility surface and identify relatively cheap or expensive parts of it, both relative to the current surface and their 1-year historical ranges.

Historical analysis

Both products provide historical analysis, but they approach it differently. OptionStrat focuses on the price history of individual option legs and complete strategies, whereas GammaWins lets you recreate historical market conditions using intraday option prices, available in the Pro plan.

Neither approach is inherently better—they solve different problems. One advantage of GammaWins' approach is that it allows you to prepare 0DTE trades at any time by recreating the market exactly as it looked when you would normally trade.

Workflow & customization

Both tools allow you to save your trades and scenarios. OptionStrat's trade tracking is designed to monitor P/L over time and provides a straightforward way to track performance. GammaWins' scenario saving is currently focused on quickly reopening strategies rather than tracking their ongoing performance.

GammaWins, however, offers considerably more customization. You can choose bid/ask or mid as the default pricing method, decide whether strikes should be matched by strike or delta when changing expiries, configure default chart and table settings, and customize several other behaviors to better match your workflow.

Market coverage

Both tools provide US equity options data. OptionStrat offers broader market coverage for paid users, including live prices, US futures options, market events and news. If you rely on live data or trade futures options, OptionStrat is currently the stronger choice.

GammaWins, on the other hand, supports equity and index options across the Nordic markets. If you trade Swedish, Danish or Norwegian options, GammaWins is currently the only platform offering support for these markets, as far as we are aware.

Development velocity

GammaWins is under active development, with new features and improvements released every few weeks based on community feedback.

OptionStrat, while still a stable and widely used product, has seen relatively limited visible development activity in recent years, with fewer updates compared to earlier periods.

If both tools are currently missing capabilities that are important to your workflow, GammaWins is more likely to add them in the near future, particularly if you reach out to the development team with feedback or feature requests.

Which should you choose?

Both OptionStrat and GammaWins have their strengths.

If you spend a lot of time comparing different strikes, expiries, volatility assumptions and underlying price paths before entering a trade, GammaWins provides a more comprehensive set of analysis tools and is likely to be the better fit.

OptionStrat, on the other hand, offers a broader ecosystem of complementary tools. If you need its additional market coverage, trade tracking, or already rely on Options Flow, and don't spend much time exploring different scenarios before placing trades, OptionStrat may be the better choice.

GammaWins is evolving quickly and new features are added regularly. If the platform looks interesting but is currently missing capabilities or datasets that you need, it's worth checking back in the future. You can also reach out to the development team and share your feedback, as community input plays a significant role in determining what gets built next.