Daytrader Companion is a Windows program that displays results of exit points and gain-loss scenarios. This application is designed for new and experienced stock and options traders.
There are two different modes available: Daytrade and Option. In Daytrade mode, the user will input whether they bought or shorted the security, the price, the quantity and any additional fees associated with the transaction in the Entry box. In the Exit box, users input the sell price, exit level and unit of currency. After hitting “run,” Daytrader will automatically generate gains or losses for each exit level. It shows different exit prices based on the unit you input, and multiplies the number of shares you sold by the exit price to show precise dollar amounts.
The Options mode has a couple different choices of displays. The standard layout is used for options traders who hold positions until expiration. Investors who hedge stock positions with options can also use the results to determine their overall protection strategy. You can enter whether it is a call option or put option, then input your information accordingly based on the strike price and premium paid or received. Again, after hitting “run,” the program will automatically generate max losses/gains and a breakeven point. Different options screens allow the user to input information for a two-leg vertical spread options position, two-leg straddle options position or a two-leg strangle options position. Each screen is helpful in evaluating gains, losses and exit strategies.
Daytrader Companion is a useful program for investors who need a simple calculation of their possible gains, losses or exit strategies. It is easy to use, it can be stored in the system tray on your desktop and the Help button provides further explanation of the capabilities.
System Requirements: Windows NT/XP/Vista/2000/2003/7
Price: Free trial (restrictions on the data that can be entered); $4.88 to buy