Options analysis and trade workflow, built around live Interactive Brokers data.

Trade Rules

Set Time, Greeks, Financial and Positioning rules per trade. SOAP2 watches them live and recommends Alert, Adjust, Roll, Reduce or Close — it never acts for you. Trades made of several combos get a rule group per combo, and you can keep alternative Rule Sets for the same trade. Start with the Beginner’s Guide or the Rule Sets for Beginners guide.

Trade Builder

Pick a strategy and a lean, set a target delta, cost or max-loss budget, and the Trade Builder lists the real trades on your option chain that fit, best first. One click places the chosen one on the grid as model legs with its Risk Graph — it never sends an order. New to it? Read the Trade Builder for Beginners guide.

Ask Claude about SOAP2

Connect Claude (Desktop or Code) to SOAP2's built-in Help and get answers with links to the relevant pages. See the AI Assistant guide.

Last known state of every tool

HSkew, VSkew, GEX/VEX, TRACE, Hedging Flow, StickySkew and more keep their last completed result, so a tool never opens on an empty screen.

Expert edition

A new tier above Premium for the most experimental tools — TRACE, StickySkew regime and Dispersion regime. Premium keeps all three for now; Expert pricing is coming soon.

Trade workflow

Portfolio dashboard, Trade Reporting and snapshots, trading the underlying alongside options, Trade/Model export and import, a Sensitivity tool in Commit, and futures auto-roll.

Analysis tools

GEX/VEX, VSkew history, TRACE, Hedging Flow, StickySkew and Dispersion regimes, and many new Data Chart indicators.

Reliability

IB reconnection now resumes data everywhere, SOAP2 can find and launch TWS, and Risk Graph zoom is faster.

What is SOAP2?

A Windows desktop companion for live options trading on Interactive Brokers — options chains, risk graphs, volatility surface, and a trade log, all built around real-time TWS data. Data consumption is optimized for speed and efficiency.

One window, the whole trade

Chain, model, and risk graph in the same window — no juggling spreadsheets or a dozen browser tabs while you work an idea.

Built for where you are

From a beginner tracking a couple of core ETFs for free, to a single-account trader on Regular, to advanced Premium workflows with Rewind, Volatility Surface, HSkew/VSkew, and GEX/VEX — pick the edition that matches your experience (see Editions & pricing below).

Regular vs. Premium — what's the difference?

Both are full, unlimited licences for the core platform — live chains, Greeks, risk graphs, trade log, no watchlist cap. Premium adds a set of advanced analysis tools on top:

• Regular — everything you need to trade options day to day.
• Premium — Regular, plus Rewind, Volatility Surface, HSkew/VSkew, GEX/VEX, regime dashboards, and Financial Advisor tools, plus priority support: a private support channel with replies within one business day.

Live or delayed data

Options chains, watchlist quotes, and risk graphs are all driven by live/delayed IB market data — populated fastest around the strikes you're actually viewing.

Orders you approve

SOAP2 prepares trades but never sends them for you — everything is reviewed and transmitted from TWS, under your control.

What you need first

An Interactive Brokers account with TWS or IB Gateway running — SOAP2 talks to your existing IB session, it doesn't hold funds or place trades on its own. Basic familiarity with options (strikes, expiries, the Greeks) is assumed; no coding or config-file editing required.

Troubleshooting & support

There is of course a Help button in the app. However, stuck on setup or hit a bug? Send a message straight from the app via Help → SOAP → Send Feedback, email [email protected], or drop into the SOAP2 Slack community for quicker back-and-forth.

• Free, Regular and Free Trial — community support, answered on a best effort basis, less than 2-3 business days.
• Premium — priority support: a dedicated Premium Slack workspace with a private channel for you and a Premium community channel, with replies within one business day. Your invitation is included with your Premium licence.

Read the full overview

A plain-language walkthrough of what SOAP2 is, who it's built for, and what makes it different from trading options directly in TWS.

Try it free

Every feature — including Premium extras like Rewind, Volatility Surface, HSkew/VSkew, and GEX/VEX — is unlocked at no cost until Dec 1, 2026 (free registration is required from Oct 1, 2026).

Live options chains

Calls and puts aligned by strike, with bid/ask/mark, volume, open interest, IV, and Greeks — populated fastest around the strikes you're actually viewing to respect IB pacing limits.

Risk graph & model trades

Visualize P&L for recorded positions, model ("what-if") legs, or both — with T+0 time decay curves and Greek overlays.

Volatility surface

Poly-fit implied volatility surface across strikes and expiries, with RMSE/R² fit quality and a solver toggle for fast iteration.

HSkew & VSkew — skew charts

Horizontal (term-structure) and vertical (strike) skew curves for the current expiry, with a historical comparison overlay — 1 day, 2 days, and 1 week ago — so you can see how skew has shifted.

Rewind — historical playback

Step an OA window back to a past date/time from trade start onward— historical prices, Greeks, IV and Risk Graph — to review a trade entry/exit or study a chain under past conditions. NB: This is not a back tester or back trader functionality.

GEX/VEX — gamma & vanna exposure

Per-strike dealer Gamma and Vanna exposure, computed live from your own IB feed, plus the "flip" level where gamma dynamics are expected to switch sign. SPX/RUT for now.

CBOE GEX/VEX — full delayed chain

A second GEX/VEX view sourced from CBOE's own delayed quotes instead of your live IB feed — the whole SPX chain (every expiry) in one snapshot, with 0DTE/1DTE/End-of-Month/Monthly-OPEX/Aggregate modes and a Gamma Change subchart tracking exposure shifts pass to pass.

Sticky-Strike / Sticky-Delta regime

Tracks day by day whether SPX's implied vol surface is behaving sticky-strike (range-bound) or sticky-delta (trending), with a rolling regime read and an early "reversal" flag when the character of the market looks like it's about to shift.

Dispersion / correlation regime

Tracks S&P 500 index-vs-constituent behavior — implied correlation, dispersion, and relative performance — to flag when conditions look like a crowded dispersion trade starting to unwind.

Managed accounts supported

Log in with an account that manages several IB accounts and every one of them is matched into SOAP2's Accounts List automatically — no manual setup. Comes with a live IB Accounts view (Account Summary, Account Updates, Positions, Family Codes) and an Acct/Pos Multi tool for querying by account or allocation model code. Available on every edition.

Financial Advisor tools

For IB Financial Advisor logins: a dedicated panel for aliases, allocation groups, and allocation profiles — reading and writing the same configuration as TWS's own Advisor Setup.

Trade log & reporting

Record trades per account, allocate executions from IB fills, and review performance in the Trade Report.

Portfolio — trade tiles

A book-wide dashboard: one tile per trade across every symbol and account, with Current/Realized P&L, RegT-style Margin, Greeks, and a quick expiry-payoff chart. Numbers come straight from an open Options Analysis window when one's open for that trade, or an independent approximation (solved from each leg's own live price) otherwise — click a tile to jump straight into that trade's OA.

Trade Rules — editor, Rule Sets & dashboard

Set Time, Greeks, Financial and Positioning rules per trade or per account, once, and let SOAP2 watch them live. When a rule is broken it recommends Alert, Adjust, Roll, Reduce or Close — it never places or changes an order for you. A dashboard lists every monitored trade with its rules, state and recommended response, and lets you acknowledge or snooze each one. Trades built from several combos (double diagonals, calendars, butterflies sharing a body) get one leg group per combo, Check rules flags duplicates and conflicting levels, and Rule Sets let you keep and switch between alternative rule sets for the same trade, with every change undoable until you save. New in 1.1 and still in beta: start with the Beginner’s Guide, then the Rule Sets for Beginners guide, the Templates guide and the Hybrid Trades guide; the full reference is the Trade Rules guide.

Trade Builder

Build a strategy from what the chain actually offers. Choose a family (iron condor, butterfly, broken-wing butterfly, vertical spread, condor, calendar, diagonal and more) with a Type and a Lean (bullish, bearish or neutral), set a target net delta, net cost, wing widths or a max-loss budget, and the Trade Builder ranks the real combinations that fit: ranges are hard limits, targets only rank. Estimated deltas are labelled, never hidden. Place on grid puts the chosen candidate on the Options Analysis grid as model legs and shows its Risk Graph; it never sends an order or saves a model. A shortlist lets you carry a shape from one expiry to another and compare, and your inputs are remembered per strategy. Open it from an Options Analysis window with Ctrl+B, the Model Mgt menu or the toolbar button. Regular edition and above. New to it? Start with the Trade Builder for Beginners guide; the full reference is the Trade Builder guide.

Model & trade import/export

Export a trade or a saved combo model to a portable JSON file — trades carry no account, so importing always lets you assign one (defaulting to Demo Account). Saved models can also be rolled onto a different, already-open expiry with one click, writing a new file and leaving the original untouched — handy since a model is otherwise pruned automatically once its legs expire.

Trade the underlying alongside options

Enter a share/contract quantity right in Options Analysis and send or convert it exactly like an option model — standalone, or combined with option legs in a single order, e.g. a covered call sent as one ticket instead of two. The Risk Graph, Greeks, and P&L all reflect the combined position, so a covered call shows its correct capped/flat-above-strike shape.

Watchlist management

Track the symbols you trade with live quotes, and open an OA for any of them in one click.

Expiry & trading class handling

A dedicated calendar for expiry selection, with automatic trading-class and AM/PM settlement resolution for US index products.

Reviewable order flow

SOAP2 prepares orders for TWS but never transmits automatically — you always review and send from TWS yourself.

Combo order sensitivity

Before you send a combo order, see how far the underlying and IV need to move for your limit price to become marketable — a rotatable 3D surface with a fill-boundary line and click-to-inspect readouts, right in the order-preparation window. Available on every edition. Watch the video.

AI Assistant (Claude)

Ask Claude plain-language questions about SOAP2 — "How do I rewind to a past date?", "What is skew?" — and get answers straight from SOAP2's own Help, with links back to the source pages. One click in General Settings connects Claude Desktop or Claude Code; no PowerShell, no setup file to find. Available on every edition. Premium, WhiteLabel and Free Trial editions can also let it read live SOAP2 state — open OAs, trades, watchlist, plus a snapshot of your saved results even while SOAP2 is closed — read-only, off by default. New in 1.1 and still in beta: see the AI Assistant guide or watch an example.

Multi-monitor support

Span the main window across displays, or float individual OA windows onto their own monitor — layouts are remembered between sessions.

Full tutorial playlist

Prefer YouTube? The whole series below is also up as a playlist you can watch straight through or subscribe to for new additions.

Feature guides (offline)

Prefer a document you can read offline, print, or search? Each core feature has a short how-to guide as a Word document.

• Getting Started
• Options Chain
• Trade Log
• Commit
• General Settings
• Accounts
• Rewind (Premium)
• Volatility Surface (Premium)
• GEX/VEX (Premium)
• HSkew/VSkew (Premium)
• Regime Tools (Premium)
• Data Chart Indicators
• Trade Rules: Quick Start (Beta)
• Trade Rules: Beginner’s Guide (Beta)
• Trade Rules: Templates (Beta)
• Trade Rules: Hybrid Trades (Beta)
• AI Assistant

Installing SOAP

Run the installer and get SOAP2 set up on your machine.

Connecting to Interactive Brokers

Configure the IB TWS or Gateway connection settings and get SOAP2 talking to your account. The automatic process generally requires no additional configuration.

Watchlist setup

Set up your SOAP2 watchlist of underlyings for options analysis. There are limitations in the Free version.

Live watchlist

Live quotes and Market Maker pricing across your tracked symbols. Market Maker pricing is extremely useful outside regular trading hours.

First steps

A tour of the Options Analysis window: chain, model, and risk graph in one place. You will notice how fast it is as well.

Trade log

Recording trades, allocating executions, and reviewing performance. Essential for troubleshooting.

Settings

Configuring underlying symbol settings for Options Analysis. New symbols are preconfigured however some settings are user-configurable.

Email notifications (SMTP)

Set up SMTP so SOAP2 can send email alerts (feedback and troubleshooting).

Download SOAP2

Windows 10/11 (64-bit). Installer (.msi) with a small setup.exe bootstrapper — run setup.exe to install. (Free Trial until Dec 1, 2026)

Build: October 9, 2026, 2:52 PM CET

See Installation prerequisites before installing.

Release Notes

See what's changed in each release, including minor updates.

Always up to date

SOAP2 checks silently at startup and tells you in the Message Log if a newer build is available — no popups, no automatic installs, nothing to configure.

Multi-language support

English, French, and Spanish interface options, alongside the existing English-only build.

Multi-currency support

Trading and reporting in USD, EUR, GBP, and CHF, for accounts and instruments denominated outside the dollar.

Additional data sources

Expanding beyond IB and CBOE feeds to bring in more market data for chains and analytics.

Push notifications

Alerts delivered outside the app — so you can hear about a trade or market condition without SOAP2 open in front of you.

Referral program

A way to share SOAP2 with other traders and be rewarded for it, building on the complimentary-license groundwork already in place.