Scanner Basics
Learn how to use FlashAlpha's options spread scanner to find high-EV trades across the entire market.
Overview
The FlashAlpha scanner analyzes millions of options combinations in real-time to surface the highest expected value opportunities.
Starting a Scan
1. Access the Scanner
- Click New Scan in the top navigation
- Or press
Nkeyboard shortcut - Or select from Scanner menu in sidebar
2. Select Strategy Type
Choose from supported strategies:
Credit Strategies:
- Credit Put Spread (Bull Put)
- Credit Call Spread (Bear Call)
- Iron Condor
- Iron Butterfly
- Short Strangle
- Short Straddle
Debit Strategies:
- Debit Call Spread (Bull Call)
- Debit Put Spread (Bear Put)
- Long Strangle
- Long Straddle
- Calendar Spread
- Diagonal Spread
Single Leg:
- Covered Call
- Cash-Secured Put
- Naked Put
- Naked Call
3. Define Universe
Single Symbol: Enter a ticker to scan only that underlying.
Watchlist: Scan all symbols in a saved watchlist.
Market Scan: Scan entire markets:
- S&P 500
- NASDAQ 100
- Russell 2000
- All Optionable Stocks
- ETFs Only
4. Set Expiration Range
- Specific Date: Select exact expiration
- Date Range: e.g., 7-45 DTE
- Weekly/Monthly: Filter by expiration type
5. Run Scan
Click Run Scan or press Enter.
Understanding Results
Results Grid
| Column | Description |
|---|---|
| Symbol | Underlying ticker |
| Strategy | Spread configuration |
| Strikes | Strike prices involved |
| Exp | Expiration date |
| DTE | Days to expiration |
| EV | Expected value ($) |
| EV% | EV as % of risk |
| PoP | Probability of profit |
| Max Risk | Maximum loss |
| Max Reward | Maximum gain |
| IV Rank | Current IV percentile |
Sorting Results
Click any column header to sort. Default is EV descending.
Filtering Results
Use the filter bar to narrow results:
- Type values directly
- Use operators:
>,<,>=,<= - Example:
PoP > 65shows only trades with >65% probability
Scan Actions
Analyze
Click a row then Analyze to see:
- Detailed probability chart
- Greeks breakdown
- P&L diagram
- Historical comparisons
Trade
Click Trade to:
- Preview order details
- Adjust position size
- Send to broker (if connected)
Watch
Add to watchlist for monitoring.
Compare
Select multiple rows to compare side-by-side.
Saving Scans
Save Scan Configuration
Save your settings (strategy, filters, universe) for quick reuse.
Save Results
Export current results to:
- CSV file
- PDF report
- Clipboard
Scheduled Scans
Set scans to run automatically:
- Market open
- Specific times
- On price alerts
Performance Tips
Narrow Your Universe
Scanning fewer symbols = faster results. Use watchlists.
Limit Expiration Range
Don't scan all expirations. Focus on your preferred DTE range.
Use Filters Early
Apply minimum EV or PoP filters to reduce processing.
Avoid Market Hours Congestion
Scans are fastest before market open or after close.