What it does
ORATS combines options scanners, strategy backtesting, ticker research and broker-connected tools. Its intraday engine studies short-dated strategies with minute-level data, while longer-history tests use a separate mode. Data APIs provide a programming route for analysts building their own tools.
Match the backtest engine to the timing question. The longer-history options backtester reaches 2007; the intraday tool uses one-minute observations from October 2020 across a smaller symbol set. A daily test cannot answer every question about a stop or exit during the session.
The Option Scanner accepts up to 25 symbols at once. Choose a directional outlook, strategy, expiration range and strike criteria, then adjust the ranking weights. A result can be opened as a payoff diagram or in Trade Builder. Starting from a stock screen, such as upcoming earnings, provides another way to choose the symbol list.
In the intraday form, set entry and exit times, strike-selection bands, stops, profit targets, commissions and slippage. Its day-count field starts at one, so same-day expiration is entered as DTE 1. You can also upload a CSV of entry and exit timestamps. Review the results and individual trade history, then download the trade log as CSV. These are simulated outcomes under the chosen rules.
Trading Tools costs $99 per month and includes 2,000 custom backtests monthly; browsing precomputed tests does not consume that allowance. There is no free trial, although the stated first-day refund window is 24 hours. Account subscriptions are managed through the dashboard.
Broker connections support Interactive Brokers, TradeStation and Tradier, including paper accounts. ORATS is not the broker. Raw data access is separately priced: the Delayed Data API starts at $199 monthly with 20,000 requests. Choose the dataset timing and licence for the intended use.
Strengths
- Connects symbol screening with payoff views and strategy construction
- Allows intraday timestamps and per-leg strike rules to be specified
- Exports a detailed simulated trade log for further analysis
Watch out for
- The intraday backtester covers fewer symbols and less history than the longer-history engine
- Custom backtests have a monthly allowance
- Broker execution requires a supported separate brokerage account
Best for
- Options analysts testing explicit entry, adjustment and exit rules
- Developers who need separately licensed options datasets
Sources
- ORATS tools, historical engines and dataset products (Oct 27, 2026)
- ORATS Option Scanner inputs and result handoff (Oct 27, 2026)
- ORATS intraday controls, date coverage and trade-log outputs (Oct 27, 2026)
- ORATS tool subscription, allowances and broker-account distinction (Oct 27, 2026)
- ORATS data API subscription and request allowance (Oct 27, 2026)