Which is better platform Sensibull or Opstra for Option Traders?

Short Answer

If you're looking for a straightforward and comprehensive take on options trading, then Sensibull should do the job perfectly. However, if you're and expert and want more complex trading tools, then Opstra is the one to choose.

Detailed Answer

To determine which of the two platform sight be better, we have to check out the benefits and drawbacks for each and see what we can determine as the better platform. For a quick review, you can go through the Pros and Cons of both the Option Trading Platforms. But, if you want an in-depth analysis, you may scroll down to collect details on Option Trading, and two popular software Opstra and Sensibull.

Opstra vs. Sensibull

Here's a glimpse of both the platforms:

Pros of Sensibull

• The platform comprises a strategy engine to help in effective trading.

• A sleek and simple user interface for trading in the options market.

• Options analyser, event calendars are some of the many features that make it interesting to use.

• Complex strategy execution in the options market made simple through Sensibull.

Cons of Sensibull

• Options trading output based on your inputs and not on market variabilities.

• Pricing is relatively higher and might not suit many traders.

• Risk and reward oriented filtering in strategies is unavailable.

• Good knowledge of options strategies is required to understand the platform and use it optimally.

Pros of Opstra

• The dashboard features allow traders to see all their potential investment and other potential investment options.

• Volatility skew analysis is carried out effectively.

• Options algorithm to make trades effective and better.

• Open interest analysis charts and representation.

Cons of Opstra

• Complex to use given its compact user interface.

• Many of the popular features used in options trading are absent.

• The fee of using the tool might not suffice my options traders.

In this current day and age, options trading has become the new cool thing that everyone wants to try. There are many option trading platforms out there that provide various Option trading tools. Sensibull and Opstra Definedge are 2 of the most prominent names in the industry. Both of them provide all the necessary tools like OI (Open Interest) Charts, PCR (Put-call Ratio), IV (Implied Volatility) chart, etc.

But the main question lies, Which one of them is a better platform for Options trading. Let's do a detailed analysis and find the answer to that question. Before that, you must know What are Options, option trading and how you can trade in options.

What are Options?

Option is a Derivative instrument which is also termed Option Contracts. These contracts have 2 parties,

  • An Option Buyer
  • An Option Seller

An option contract is a contract between these two parties to buy and sell the underlying security on a specific date (Expiry Date).

What is Options Trading?

Options trading is done by speculators who are also known as traders who buy and sell options with the intention of making a profit and not holding it till the expiry. Options traders don’t intend to exercise the options contract and just benefit from the price movement/volatility of the contract.

How to trade in Options?

To trade in options, one has to have a Demat account through which they can buy & sell these options. After opening a Demat account, one also needs to submit certain documents in order to active the Derivatives segment in their account. Apart from a Demat account an Options trader also uses Option Analyzing tools and Strategy Building tools.

Option Trading & Analysis Tools:

Some popular ones include:

  1. Opstra Definedge
  1. Sensibull

Both of these platforms are unique in their own way. Let's look at each of them in detail.

1. Opstra Definedge

Opstra Definedge is an Options analytics platform that provides many tools to create and backtest various types of option trading strategies. Some important features of Optra are-

  • Options Algorithm- Options algorithm is a tool that finds and provides important options trading opportunities for any underlying security as per your desire.
  • Options Simulator & backtesting- Opstra provides an advanced platform for traders to create and backtest their own option trading strategies. This can be implemented on the live market with virtual money.
  • Open Interest Analysis- Opstra provides an important Open Interest analysis tool that covers all the important data points that a trader required such as PCR (Put Call Ratio), Open interest charts, IV (Implied Volatility) charts, Max Pain analysis, and many more.
  • Options Dashboard- This platform provides a dedicated dashboard for option data where one can get a Bird’s eye view on all the important option data for all the F&O (Futures & Options) contracts available for trading on the NSE (National Stock Exchange).

2. Sensibull

Sensibull is certified to be India’s largest Options Trading platform that offers many features. Some of them are-

  • Options Strategy Builder- Sensibull allows users to create, backtest and deploy the option strategies onto live markets.
  • Algo Trading- Sensibull provides Algo trading (Strategies Wizard) where one can enter the parameters such as Target, Stop loss, and entry after which the app will execute the orders on its own.
  • Expert Trades- Sensibull lets its users copy the trades of some expert SEBI registered traders and earn from their knowledge. This is a unique feature that allows many new traders to learn and earn at the same time.
  • Option Analysis tools- Sensibull provides all the necessary tools for options trading such as OI (Open Interest), Option Chain, FII & DII data, Screeners, IV (Implied Volatility) Chart, Event alerts, and much more.

Sensibull vs Opstra Definedge - Comparison

Both Sensibull and Opstra are good platforms that provide a ton of features to the users but there are some differences in them, lets compare them into 3 main categories which are:

  • User Interface
  • Features
  • Pricing-

1. User Interface

Sensibull provides a Simple yet informative User Interface that looks futuristic and advanced, on the other hand, the UI of Opstra is good but looks backdated and old. One might find it difficult to spot few advanced features as the platform is very basic. Hence in the term of UI, Sensibull offers a better package.

2. Features

In the terms of Features both the platform provides more than enough features to their users but Opstra Definedge lacks an important feature which Sensibull provides. It is ALGO trading, Algo trading is the latest trend as more and more retail traders want to trade using algo that makes their work a bit easier. Sensibull also offers the feature of directly trading through their platform and from its mobile app which is a great feature to have. Another added feature in Sensibull is that it provides trading tips or calls from SEBI registered traders that can be beneficial to beginner traders.

Apart from algo trading both of the platforms provide the necessary features such as IV chart, OI analysis, PCR, Options data analysis, Virtual Trading, etc.

So Sensibull can be held the clear winner when it comes to features such as ALGO trading, Trading calls, dedicated Mobile App for trading, etc.

3. Pricing

Pricing plays an important role when it comes to a product. A good product with terrible pricing can make it a worse product for consumers. Let's check the pricing on both platforms.

Opstra has only 2, price models. One is the FREE Plan and the other is the Paid plan which is for Rs 1300 per month excluding GST of 18%, and if one opts for 6 months then the price is Rs 1000 per month excluding GST.

On the other hand, Sensibull offers a much broader price package of 3 packages in 2 different models.

In the Monthly price model, there are 3 packages, (FREE, Lite & PRO). The Lite package is for Rs 590 per month and the Pro package is for Rs 800 per month.

Sensibull provides some additional discounts if subscribed for 6 months together. The Lite pack costs Rs 480 per month and the Pro Pack costs only Rs 640 per month. The Lite pack provides the basic features but the Pro package provides a trader with every possible tool that is necessary.

Opstra or Sensibull - What's Your Take?

To conclude it can be said that Sensibull is a clear winner as it offers a Futuristic UI, more features, and better pricing than Opstra. Sensibull clearly is a more “value for money” proposition as it is cheaper than Opstra and is priced at almost half the price of that of Opstra.

As more and more retail traders are shifting towards ALGO trading, Sensibull is one of the top choices of traders for Algo trading. The advance mobile application of Sensibull also lets you connect your broker to the app without and deploy Options strategies on the go. All the mentioned features make Sensibull a better platform than Opstra.

Bottom line

With that being said, it all comes down to personal preference. If you want something packed with features and would help you out extensively as a beginner options trader, then Sensibull is the one for you. However, if you are an expert and what the best, then Opstra should suffice that criteria.

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Discussion (6)

Sir can I trade in option in stock market using opstra definedge as I am demat account holder in angel one. I can directly trade using sensibull app

I am surprised that this article does not mention anywhere that sensibull does not have option simulator feature which helps in backtesting option strategies against the historical data. This point alone should make Opstra a clear winner. I am a paid sensibull user and I am not satisfied that such important feature is still awaited in sensibull. The free version of sensibull in Zerodha is more than sufficient and one should purchase opstra subscription instead of sensibull as I have done now.

Opstra is much better to learners, free for simple off line analysis, and even to traders just before taking trade. Sensibull is money minded, not so useful for learners, and has a risk of getting executed through Zerodha basket by mistake, which once happened to me.

Sensibull is comparatively easy to understand and easy to execute however, when it comes to Opstra, it is tough and an individual needs to be well acquainted with option trading to avoid errors. The pricing is also a factor in this case so it is essential for the traders to understand which one suits them the best as it also depends on their preference. He/she should know which one will be advantageous and will fulfill their criteria. Good luck with your selection and trading.

Sensibull is a learner-friendly platform that does offer tools that are easy to understand and execute. However, with Opstra, things can get difficult to understand and use, especially if you're a learner. Do keep in mind that both of them are tools that offer explicit services, provided you know how to take complete advantage.

Sensibull is available at Bargain prices at times. Zerodha & Angel Broking offer great discounts for Sensibull all the time, but Opstra never gives such discounts. If one manages to subscribe to Sensibull at a discounted price then Opstra is clearly out of the picture as Sensibull is slightly better of the two, Thanks to its great UI & very useful Mobile App.

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How to use Opstra Options Strategy Builder?

Opstra Definedge is a platform that provides many tools and features to Derivative traders. Both Options as well as Future traders can make use of this platform. Some of the primary tools of Opstra are the Strategy Builder, IV (Implied Volatility) chart, Options Backtesting, Options Simulator, and many more. The Options Strategy Builder is one of the most intensively used tools on the platform.

How to become a profitable Options Trader in India?

With the increasing exposure of the stock markets, more and more people are trying a hand in options trading. Options trading have become a lucrative place for individuals to earn money. The reality is certainly different. More than 95% of individuals lose money in Options trading, There are various reasons behind this. Find out the reasons for losses and the steps by which you can be a profitable options trader here.

What is Sensibull Option Chain?

Sensibull is an online Options trading platform that provides various Analysis tools that can be used to have a better understanding of the Options as well as to create and deploy various Option Trading Strategies that can be used by Investors & traders to Speculate as well as Hedge their existing portfolio. The Option Chain is an important feature of Sensibull. It is discussed in detail below.

Is Opstra Options Analytics good strategy builder?

Opstra Options Strategy builder is a platform for Options and Futures traders. It provides many tools for trading derivatives, Some of these include Options Simulator, Options backtesting, IV (Implied Volatility) Chart, Option Chain analysis, and much more. Both beginners, as well as advanced traders, can use this platform as it offers all the necessary features for both these groups.

What is Trap Indicator in Quantsapp?

Quantsapp is an online Analytics platform that provides various tools for Options and Derivatives traders. Quantsapp proprietarily provides various solutions to option traders in order to increase their profitability. One of its unique indictors is the "Trap Indicator" which helps traders identify opportunities based on the trap situations created in the markets. Discover how it can be utilized.

What is virtual trade in Sensibull?

Virtual trade is a feature in Sensibull which allows the users to be educated about option trading by trading in real stock scenario with real money. Sensibull will also helps the users to learn about trading in much detail.

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