Jeremy Biberdorf
By: Jeremy Biberdorf
Sep 26, 2023

Market Chameleon Review 2024

Jeremy Biberdorf
By: Jeremy Biberdorf
Sep 26, 2023

Disclosure

Disclosure: This page may contain affiliate links. This means we earn a small commission (at no additional cost to you) if you purchase a product through our links.
Disclosure: This page may contain affiliate links. This means we earn a small commission (at no additional cost to you) if you purchase a product through our links.
Market Chameleon Logo

4.5/5

4.5 rating based on 5 ratings

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In a nutshell: Market Chameleon is a comprehensive options research platform that caters to both beginner and advanced options traders. It is a powerful tool that helps stock traders and investors to identify trading opportunities and generate trade ideas by providing a range of market research tools and features.

Market Chameleon offers a range of stock screeners that allow users to filter and search for options trading opportunities based on various criteria such as underlying stock, expiration date, and options type. It also provides a range of trading ideas, including earnings alerts, and options strategies, to help traders make informed decisions.

Keep reading for our full Market Chameleon review to determine if it’s right for you.

FeesFavorite Feature
$0 - $99/moStock screener
Pros & Cons
Pros
  • Comprehensive research
  • Wide range of tools
  • 7-day free trial
Cons
  • Cost
  • Complex

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Market Chameleon History

marketchameleon.com website

Based in Philadelphia, Pennsylvania, Market Chameleon is a renowned platform founded by William McBride in 2007. This platform is crafted specifically for options research and is geared toward both beginners and experienced options traders alike. While it aims to furnish invaluable insights, what makes Market Chameleon stand out is its provision of distinctive tools and datasets that might be elusive for individual investors or smaller research companies.

Within its variety of tools, users have the advantage of filtering options trading opportunities through stock screeners. These screeners take into account parameters such as the root stock, the option’s expiration date, and its trading volume. To further aid in decision-making, the platform extends various trading propositions like earnings notifications, customizable email alerts, and a tailored option strategy.

From its onset, William McBride’s vision for Market Chameleon was to be more than just a tool but a guidepost for financial success. This commitment to aiding success in the stock market is proven in the positive feedback and endorsements the platform continually garners from its user base and market specialists.

External Market Chameleon Reviews & Ratings

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Membership Options

Market Chameleon offers a range of membership options to suit the needs of different users. The platform offers four main premium pricing tiers: Stock Trader, Options Trader, Earnings Trader, or Total Access.

  • Stock Trader plan: is the most basic and affordable option, starting at $39 per month. It includes access to all of Market Chameleon’s core options research tools, including stock screeners, pre-market trading report, trading ideas, after hours stock screener, and earnings alerts.
  • Options Trader plan: Starting at $69 per month. It includes additional tools for advanced options traders, such as options chain analytics, option order flow sentiment suite, backtested option spreads, option specific screeners (covered calls, naked puts, call spread, put spreads, at-the-money straddle) and much more.
  • Earnings Trader plan: includes Earnings based research tools with one-of-kind reports, earnings calendar, earnings report pattern tools, historical earnings analysis, historical and forward earnings data by symbol and more for $79/month
  • Total Access Plan: to allow users to access all of their premium features for only $99/mo

Market Chameleon Features

Market Chameleon offers a range of features and tools to help traders and investors succeed in the financial markets. Some of the key features include:

  • Stock screeners: Market Chameleon offers a range of stock and options screeners for its subscribers. Users can set criteria using fundamental data like market cap, dividend yield, and volatility or valuation metrics such as P/E ratio and Ebitda Margin. Additionally, parameters like historical performance, relative volume, and distance from moving averages can be factored in. The screener results are presented in a customizable table format, and the data can be exported for use in applications like Google Sheets or Excel.

Moreover, there’s a specific screener for options, allowing in-depth analysis based on expiration dates from over 4,000 stocks. An ETF screener is also available, showcasing options data tailored for those interested in exchange-traded funds. Premium subscribers get added benefits with a variety of advanced options screeners that delve into strategies such as Vertical Spreads, Single-Leg Strategies, and Condor, to name a few.

Each of these screeners is designed to pinpoint optimal option contracts based on strategy specifics, including theoretical value, win rate, and risk profile.

During earnings season, the Earnings Options Strategy Screener becomes particularly useful, letting users filter by strategies such as Covered Calls and ATM Straddles. Another notable tool is the Seasonality Screener, which gives users a perspective on a stock’s historical monthly trends, aiding in understanding possible patterns and fluctuations in stock prices.

While the screeners are comprehensive, beginners might need some time to navigate the vast amount of data presented.

  • Unusual Options Scanner:
    Market Chameleon’s Unusual Options Volume Screen stands out as a valuable tool for traders eager to pinpoint unusual options activity. This scanner showcases stocks and indices whose options trading volumes have seen notable spikes when compared to their 90-day average.To refine the results, users have the flexibility to apply various filters, including earnings dates, type of equities, number of trades, and IV % rank, among others. Traders also have the convenience of reviewing data from up to the past 10 trading days.

    In terms of visualization, results can be displayed in either the Main view or the Volume By Moneyness view. The tool provides detailed statistics such as the total volume of both calls and puts, catalyst events, and insights into volatility.

    While the heightened options activity can signal increased interest in a stock or index, traders should interpret these findings with prudence. The surge in options trading’s popularity can sometimes skew signals, but with careful analysis, this tool can aid in identifying potential trends or events on the horizon.

  • Trading ideas: Market Chameleon provides a range of trading ideas, including earnings alerts and options strategies to help traders make informed decisions.
  • Market research tools: Market Chameleon offers a range of market research tools that cater to a variety of investment styles, including fundamental analysis, technical analysis, and options analysis. These tools help traders and investors to stay up-to-date with the latest market trends and make informed decisions about their investments.
  • Earnings Calendar and Tools: Market Chameleon offers an extensive earnings calendar tailored for options trading. It highlights stocks’ historical reactions around earnings releases, helping traders anticipate price shifts. Users can customize screens to focus on specific stocks or dates. Those opting for a premium subscription gain deeper insights, like the Forward-Looking Earnings Dates Report, which previews upcoming earnings and compares them to past releases. The platform also includes screeners analyzing stock patterns and backtesting option strategies over past quarters. In essence, Market Chameleon provides both novice and seasoned traders with robust tools to navigate the earnings season effectively.
  • Custom Stock Watchlists: Market Chameleon provides its users with a fantastic watchlist feature, allowing for the creation of tailored lists of stocks and options that align with their investment interests. These custom watchlists enable traders to keep a close eye on particular stocks they find intriguing. To make the tracking process more efficient, users have the capability to incorporate stocks from specialized screens, such as those focused on earnings. One of the standout features of this tool is the option to set up customized email alerts. These alerts can be configured to notify traders about significant price shifts or other noteworthy events concerning the stocks on their watchlist. By doing so, users are better positioned to seize potential opportunities promptly.
  • Customer support: Market Chameleon has a dedicated customer support team that is available to answer any questions or concerns that users may have.

Pros

There are several pros to using Market Chameleon as an options research platform. Here are a few:

  • Comprehensive options research: Market Chameleon offers a range of options research tools that cater to both beginner and advanced options traders. These tools include stock screeners, trading ideas, earnings alerts, and options strategies, to name a few.
  • Wide range of market research tools: Market Chameleon is not just limited to options research. It also offers a range of market research tools that cater to a variety of investment styles, including fundamental analysis, technical analysis, and options analysis.
  • 7-day free trial: Market Chameleon offers a 7-day free trial, which allows users to try out the platform and see if it is a good fit for their investment needs before committing to a paid membership.

Cons

Like any product, Market Chameleon has a few cons that are worth considering:

  • Pricing tiers: Market Chameleon offers a range of pricing tiers, which may not be suitable for all users. While the platform does offer a 7-day free trial, users may still need to pay a fee to access certain features and tools.
  • May require a learning curve: For beginner options traders, Market Chameleon’s extensive range of features and tools may require a learning curve to fully utilize and benefit from the platform.

Analyzing Options Trading Strategies with Market Chameleon

One of the standout features of Market Chameleon is its ability to help users analyze and implement various options trading strategies. Here are some benefits of using Market Chameleon for strategy analysis:

  • In-depth strategy breakdown: Market Chameleon provides a comprehensive breakdown of various options trading strategies, including long calls, long puts, covered calls, iron condors, and vertical spreads, among others. This allows users to explore different strategies and understand the risks and rewards associated with each.
  • Strategy-specific analytics: Market Chameleon offers detailed analytics for each strategy, such as implied volatility, probability of profit, and expected return. These analytics can help traders make informed decisions about which strategies are best suited for their risk tolerance and investment goals.
  • Strategy comparison: Market Chameleon allows users to compare multiple strategies side by side, making it easier to choose the best one based on factors such as risk, reward, and probability of success.
  • Customizable parameters: Users can input their own parameters, such as target stock price, target date, or desired return, to generate a list of strategies that meet their specific investment criteria. This customization feature ensures that the platform caters to individual investment goals and preferences.
  • Backtesting: Market Chameleon provides backtesting tools, enabling users to test their chosen strategies against historical market data. This helps traders gauge the effectiveness of their strategies and make adjustments as needed.

How to Use Market Chameleon for Strategy Analysis

  1. Choose a strategy: Begin by selecting an options trading strategy that you’re interested in exploring. Market Chameleon offers a range of strategies to choose from, including basic and advanced strategies.
  2. Input your parameters: Customize your strategy analysis by inputting your desired parameters, such as target stock price, target date, or expected return. Market Chameleon will then generate a list of strategies that meet your specific criteria.
  3. Analyze the results: Review the generated strategies and their corresponding analytics, such as implied volatility, probability of profit, and expected return. Use these metrics to determine which strategy is best suited for your investment goals and risk tolerance.
  4. Compare multiple strategies: If you’re unsure about which strategy to choose, use Market Chameleon’s comparison feature to evaluate multiple strategies side by side. This can help you make an informed decision about which strategy is most likely to yield the best results.
  5. Backtest your chosen strategy: Once you’ve selected a strategy, use Market Chameleon’s backtesting tools to test its effectiveness against historical market data. This will help you gauge the potential success of your chosen strategy and make any necessary adjustments.

Who is Market Chameleon Best For?

Market Chameleon caters to a variety of traders and investors in the options market. Here, we’ll briefly discuss who can benefit the most from the platform and who might not be an ideal fit.

Ideal Users:

  1. Beginner Options Traders: Market Chameleon offers educational resources and user-friendly tools, making it suitable for those new to options trading.
  2. Advanced Options Traders: Seasoned traders can leverage Market Chameleon’s in-depth market research, strategy analysis, and cutting-edge tools to uncover new opportunities and optimize their trading strategies.
  3. Stock Traders Interested in Options Trading: Market Chameleon can assist stock traders in transitioning to options trading, offering the necessary knowledge and tools to succeed in the options market.
  4. Long-term Investors: The platform can help long-term investors diversify their portfolios and hedge their positions using options trading strategies.

Not Ideal For:

Market Chameleon may not be the best fit for traders and investors who:

  1. Have a limited budget: The platform’s pricing tiers may be prohibitive for those with a limited budget, especially for users who require access to advanced features.
  2. Prefer a simplified platform: Users who prefer a simplified, less feature-rich platform may find Market Chameleon overwhelming due to its extensive range of tools and features.

Is Market Chameleon worth it?

It’s safe to conclude after our review of Market Chameleon, it is a comprehensive options research platform that offers a range of powerful tools and features to help traders and investors succeed in the financial markets. Its extensive range of stock screeners, trading ideas, and market research tools cater to both beginner and advanced options traders, making it a versatile and valuable tool for anyone looking to improve their options trading skills.

So, is Market Chameleon worth it? If you’re an options trader looking for a comprehensive options research platform with powerful tools and features, then the answer is definitely yes.

In the end, the decision to sign up for Market Chameleon ultimately depends on your individual investment goals and needs. If you’re interested in trying out the platform and seeing what it has to offer, we recommend taking advantage of the 7-day free trial to see if it’s a good fit for you.

Sign up for Market Chameleon today and start taking control of your options trading success!