Market Chameleon Review – Is This Platform Worth Using?

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By Theo Madsen

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Market Chameleon Review

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Market Chameleon Review

  • Ease of Use
  • Quality
  • Value
4.3

Summary

Market Chameleon is a stock and options analysis platform designed to offer a variety of tools for traders and active investors. This platform includes premium options screeners for 18 strategies as well market research tools, options analysis tools, earnings reports, and more. Learn everything you need to know about this stock and options analysis platform by reading our complete Market Chameleon review.

Pros

  • Analyze historical volatility for any stock
  • Daily report on tickers with greatest implied volatility change
  • Options screeners for 18 common strategies
  • Backtest the performance of options strategies around earnings releases
  • Unlimited watchlists and saved scans

Cons

  • Does not offer predictions about earnings beats or misses
  • Combining options and earnings tools requires Total Access plan

About Market Chameleon

Market Chameleon is a stock and options analysis platform that offers a wide variety of tools for traders and active investors. The platform stands out most for its premium options screens and can be very useful for traders who want to build options strategies around earnings releases. Market Chameleon also offers a number of paid and free tools for stock research.

In our Market Chameleon review, we’ll take a closer look at everything this platform offers so you can decide if it’s right for you.

Market Chameleon Homepage

Market Chameleon Pricing Options

Market Chameleon has five pricing tiers.

The Starter tier is free and offers access to lists of top gainers and losers, a list of stocks with unusual options activity, and an earnings calendar.

A Stock Trader subscription costs $39 per month and unlocks most of Market Chameleon’s stock research tools, including stock screeners, price action analysis, and dividend stock analysis.

The Options Trader plan costs $69 per month and offers a list of stocks with the greatest change in implied volatility, order flow sentiment analysis, and access to Market Chameleon’s options screeners.

The Earnings Trader plan costs $79 per month and offers historical and forward earnings analysis, plus a screener for earnings options strategies. However, it does not include most of the options screeners available in Market Chameleon’s Options Trader plan.

The Total Access plan costs $99 per month and offers complete access to all of Market Chameleon’s features.

New users can try out the Total Access plan free for seven days (credit card required).

Market Chameleon Features

Stock Research Tools

Market Chameleon offers a variety of unique stock market research tools that traders can use to gauge sentiment and find potential trading ideas.

A stock order imbalance chart shows the total difference in inflows and outflows to and from the market or from any subgroup of stocks. This is essentially a sentiment gauge for the overall market, and it can be customized to show inflows and outflows for individual stocks or market cap groups.

Market Chameleon Stock Order Imbalance

Market Chameleon also offers a price action analysis tool, which enables traders to look at the historical volatility in any individual stock. The tool shows the distribution of returns on a daily, weekly, monthly, or seasonal basis, giving traders an idea of the potential magnitude of likely price changes over a given timeframe.

The platform also has tools for researching dividend stocks. You’ll find a list of all stocks that announced a dividend increase for their previous or next upcoming dividend. The platform also has a chart that enables you to plot dividend yield against implied or historical volatility for dividend-paying stocks in different market sectors and dividend ETFs. Finally, Market Chameleon keeps lists of top dividend stocks, which include dividend aristocrats, dividend stocks with low volatility, and dividend stocks rebounding from 52-week lows.

Market Chameleon Dividend Analysis

Options Analysis Tools

The Market Chameleon platform offers several useful tools for analyzing options, including a report on options that experience the largest change in implied volatility during every trading day. The report enables you to see the implied volatility change, the implied move in stock price, and the historical relationship between implied volatility and price change for each ticker symbol. You can filter the report by tickers in your watchlists, sector, expiration, upcoming earnings, and more.

Market Chameleon Implied Volatility

The platform also keeps a list of the most bullish and bearish stocks each day based on options order flow. Market Chameleon doesn’t have a real-time options order feed like Optionsonar or Unusual Whales, but it does have an unusual options volume screen.

Market Chameleon offers daily open interest reports by ticker symbol, expiration date, or contract. The reports can be filtered by market cap, sector, RSI, percent from 52-week high and low, and put/call ratio. Results are displayed in a customizable table with these metrics, making it relatively easy to find stocks with high open interest and that may be highly overbought or oversold.

Market Chameleon Open Interest

Options Screeners

Market Chameleon’s options screeners are one of the highlights of the platform. You’ll find screeners for 18 different strategies, including bull and bear spreads, long calls and puts, iron butterflies, iron condors, and straddles.

Each screener enables you to filter options by ticker symbol, moneyness, implied volatility change, stock performance, potential upside and downside, and open interest. Notably, Market Chameleon calculates a theoretical value, edge, and win rate for each options strategy based on a stock’s historical volatility over the timeframe to expiration.

Market Chameleon Options Screener

Options screen results are displayed in a customizable table along with information about the potential risk/reward and technical details about the underlying stock. Market Chameleon doesn’t offer a way to plot profit and loss for each options strategy, but you can download the data to make your own visualizations.

Earnings Analysis

Market Chameleon’s earnings report pattern tools are designed to be paired with the platform’s options strategies screeners to help traders profit during earnings season. There are two primary earnings analysis tools available.

The first, the earnings stock pattern screener, includes data about stocks’ past price performance in the days before, during, and after earnings for the past three years. You can view the best, worst, and average return and filter stocks based on their average return in the days following earnings releases. 

The earnings option strategy screener backtests all of the options strategies available in Market Chameleon to see how they’ve performed around earnings over the past three years. You can filter by options strategy, stocks’ performance around earnings, and average option volume. The screen results show the win rate and average, best, and worst performance for each ticker symbol and strategy.

Market Chameleon Earnings Backtest

Market Chameleon Customization and Layout

Market Chameleon enables you to create an unlimited number of watchlists and saved screens for each screener. You can also set up customizable email alerts based on performance, technical indicators, and earnings results for any stocks in your watchlists.

Market Chameleon Platform Differentiators

Market Chameleon stands out for the wide range of tools it offers. The platform combines tools for stock research with options strategies scanners and historical earnings analysis. Bringing all of these modules together enables Market Chameleon to offer unique ways of analyzing stocks and options, particularly in the context of earnings.

The most unique aspect of Market Chameleon is its earnings options strategy screener, which is designed to help traders identify promising options strategies around earnings releases. The ability to backtest options strategies around earnings and see how they’ve performed sets Market Chameleon apart from other options strategy generation platforms. However, it’s worth noting that Market Chameleon does not attempt to predict earnings surprises, as platforms like Zacks or MarketBeat do.

What Type of Trader is Market Chameleon Best For?

Market Chameleon is best for experienced stock traders and options traders who can use the platform’s wide range of tools to find trade ideas and develop options trading strategies. It’s especially suitable for risk-tolerant traders who want to trade options around earnings reports.

While Market Chameleon does offer some free tools that can be useful for beginner and intermediate traders, the premium screeners and data this platform offers aren’t always easy to interpret. So, traders with a deep understanding of options strategies and price action around earnings will get the most out of Market Chameleon.

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Theo Madsen

Theo has been actively trading the forex markets since 2013. Over the past five years, he has gained experience trading currencies, stocks, options, and futures. Theo's trading experience led him to test out over one hundred different trading services and he shares his insights in reviews to help other traders.

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