Optionmonster's Open Order offers one option trade idea a week. It is marketed towards the beginning option trader. For $99 a month it is very inexpensive. I was not too impressed with the service
I had the service for one month. The thing that struck me after reviewing Time & Sales data after an option alert was issued was that there was basically no volume. Apparently no one else was executing a trade following the option trade alert or no one else was subscribed to the service. All option trade alerts arrive by email.
I was a subscriber during a slow summer month. The first trade alert was for call options on a technology company. Volume did not even hit 100 contracts for the whole day on that option, not just following the alert. The ideas did not seem to cite any unusual option buying. I have found success with option ideas that have other option buyers playing on the same idea. It seems that there is a tighter spread between the bid and ask with options that have higher traffic.
Same thing happened with the other three alerts that followed. No volume. My guess is that this might not be a highly subscribed product or everyone was out of town.
With the other Optionmonster services, you see the spike in volume following a trade alert. No such luck with this service. I quickly canceled the service. Typically with option newsletters you are on the hook for the first month and then it is prorated if and when you decide to cancel the service. There are exceptions to this rule. Some option newsletters will let you sample the service with a money back guarantee that might last 30-90 days.
What is there to like about the service? Nothing. It is free to Inside Options Pro and Inside Options subscribers. As a subscriber to the higher priced service, it is rare that I'll even open the email that has Open Order in the subject line. I don't find it to be a value added product to my Optionmonster service.
Negatives: when I subscribed, there was no activity following an option trade alert with this service. I felt like I was the only subscriber to the Open Order service. None of the four ideas developed into great winners. Those four ideas went nowhere. I did not act on any of the trade ideas, but I could tell from that day's Time & Sales data that it seemed like no one else did either. The service may have been on a bad streak since we are only talking about four option trades.
I would not waste my time or money with this service. A wiser use of funds would be to enroll with Inside Options Pro or Inside Options.