BMO InvestorLine Options Screener FAQ

What is the BMO Options Screener?

The BMO InvestorLine Options Screener is a powerful tool designed to help you discover and execute options strategies for stocks and ETFs. It offers a variety of themes and the ability to create fully customized screens to match your investing style and risk tolerance.

How do I access the Options Screener?

You can find the Options Screener within the “New & Markets” tab, then by selecting “Options”.

There are two primary ways to access the screener:

Scroll down on the Overview page to find the “Predefined Themes” section.
Click on the “Options Screener” tab at the top of the page.

What are the strategy themes available in the Options Screener?

The screener offers six main strategy themes:

Income: Strategies focused on generating income, such as Covered Calls.
Hedging: Strategies aimed at protecting your portfolio from downside risk.
Bullish: Strategies for when you expect the underlying asset’s price to rise.
Bearish: Strategies for when you anticipate a decline in the underlying asset’s price.
Volatile: Strategies designed to profit from increased market volatility.
Neutral: Strategies designed for sideways or range-bound markets.
My Saved Screens: Quickly access your previously saved screens to find options strategies that match your criteria without having to set up filters again.

Can I customize the pre-built strategy themes?

Yes, you can customize the filters within each theme to refine your search results further.

What are the key filters options I can use to customize my search?

You can customize your search results using these key filters:

Option Filters:

Timeframe: Fine-tune your search by adjusting the days to expiration.
Liquidity: Focus on liquid options by setting minimums for open interest and volume.
Option Price: Find options at the right price point using bid/ask price and net premium filters.
Strike Price: Refine your search by the number of strikes below or above, or the percentage below or above the underlying price.
Risk/Return: Assess potential outcomes using Probability of Out-of-the-Money (OTM), breakeven points, and other risk/return metrics.
Implied Volatility: Target options with specific levels of implied volatility.

Stock & ETF Filters:

Refine your search further using these stock and ETF-specific filters:

Snapshot: Get a quick overview with industry moving averages, and other key data points.
Market Segment: focus on specific market segments like large-cap, mid-cap, or small-cap stocks.
Fundamentals: Apply filters based on returns, dividends, earnings, and other fundamental analysis criteria.

How do I create a custom screen from scratch?

1. Start from the Options Screener main page with no selections made.
2. Choose your desired strategy theme (e.g., Bullish)
3. Select a specific strategy within that theme (e.g., Bull Call Spread).
4. Ensure the “Custom” option is selected.
5. Choose your preferred underlying type (e.g., Stocks)
6. Click “Filters” to expand the filter options and apply your desired criteria.
7. You can save your theme by clicking “SAVE AS NEW SCREEN” and easily access it under “My Saved Screens” when you desire.

How do I interpret the results table?

The table shows underlyings and strategies that match your filter criteria. By default, it shows the strategy with the highest probability of profit for each underlying. You can customize the columns displayed using the “CUSTOMIZE TABLE” option.

The “Action” column allows you to:

Analyze the strategy using the Analyzer tool
Trade the strategy directly
View More Options for the underlying
View the full Options Chain
Review the Chart for the underlying

How do I change the strategy selection criteria in the results table?

By default, the Options Screener shows the strategy with the highest probability of profit. To change this, click “CHANGE RESULTS SETTINGS” and choose a new indicator from the available categories (Time, Option Price, Strike Price, or Risk/Return).

Can I search for a specific underlying within the results?

Yes, you can use the “Quick Find” search box and start typing the stock ticker symbol.

How do I place a trade directly from the Options Screener?

Once you’ve identified a strategy you’d like to trade, click the 3-dot menu next to the “Analyze” button and select “Trade.” This will open a pre-filled trade ticket with the strategy details.

Why am I not seeing any results after applying my filters?

There are two possible reasons for this:

1. Your filters are too restrictive: The combination of filters you’ve chosen may be too narrow, resulting in no matching strategies. Try broadening some of your filter criteria to see if that yields results.
2. Too many results: The Options Screener has a limit of 600 results. If your search criteria generate more than 600 potential strategies, you’ll receive a message prompting you to refine your filters further.

Remember:

Options are not suitable for all investors. Investing in options carries substantial risk and tax consequences. Investors may realize losses on any investments made utilizing leverage. Future returns are not guaranteed, and use of leverage may magnify trading losses.
If you have additional questions, please contact BMO InvestorLine support.