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

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).

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? Reach us directly at [email protected], or drop into the SOAP2 Slack for quicker back-and-forth. You can also send feedback straight from the app via Help → SOAP → Send Feedback.

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, not even registration, until 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.

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.

Multi-monitor support

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

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 Oct 1, 2026)

Build: August 17, 2026, 2:36 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.