• Scanner & filters — filter contracts by expiry date, delta, bid-ask spread, and IV%. View top volume, OTM, and ITM contracts ranked automatically
• One-click execution — buy and sell CALL/PUT contracts directly from the tool. Orders are sent through the IBKR API
• Conditional orders — set take profit and stop loss triggers based on the underlying stock price
• OCO orders — one-cancels-other: when TP hits, SL cancels automatically (and vice versa)
• Risk-based sizing — size your position by dollar risk or capital allocation
• Portfolio P&L — see your open option positions and unrealized P&L in real time
• TWS chart sync — clicking a contract pushes it to your linked TWS chart window

• Open TWS :
• Go to Edit → Global Configuration → API → Settings
• Check "Enable ActiveX and Socket Clients"
• Set Socket port to 7497 (paper trading) or 7496 (live trading)
• Check "Allow connections from localhost only"
• Click OK and restart TWS
• Then simply launch OptionLensa.exe — it connects automatically

• Yes. OptionLensa runs entirely on your local machine and communicates directly with your local TWS installation via the official IBKR API. No account credentials, personal data, or trade information leaves your machine. The only external connection is to Whop.com for license key validation.

Enter your Dollar Risk ($) and Risk Level (stock price where you'd exit). Contracts are sized using Delta + Gamma:

Formula

stockMove       = |currentPrice − riskLevel|
optionMove      = (Delta × stockMove) + (0.5 × gamma × stockMove²)
exitBid         = max(0, ((ask+bid)/2 − optionMove) − spread/2)
lossPerContract = (ask − exitBid) × 100
contracts       = ⌈ dollarRisk ÷ lossPerContract ⌉  (min. 1)

Example — TSLA CALL @ ask $2.50 / bid $2.30, Δ=0.50, Γ=0.005, stock $440, risk level $430, dollar risk $100

stockMove       = |440 − 430|                          = $10.00
optionMove      = (0.50 × 10) + (0.5 × 0.005 × 100)  = $5.25
exitBid         = (2.40 − 5.25) − 0.10 → $0 (worthless)
lossPerContract = (2.50 − 0) × 100                    = $250
contracts       = ⌈90 ÷ 250⌉                          = 1 contract

⚠ This is an estimation. Actual loss may differ due to wide spreads, delta-gamma moves, and slippage at exit.

• Make sure TWS or IB Gateway is open and you are logged in
• Confirm API is enabled (see connection steps above)
• Confirm port is set to 7497 (paper trading) or 7496 (live trading)
• Try restarting both TWS and OptionLensa