# SOAP2 — Options Analysis for Interactive Brokers
**SOAP2 puts your entire options trade — chain, model, and risk — in one live window, wired directly into your Interactive Brokers account.** No spreadsheets, no juggling browser tabs, no delayed data.
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## What it is
SOAP2 (*Simple Options Analysis Platform*) is a Windows desktop application that connects to your **Interactive Brokers (TWS or IB Gateway)** account and turns raw options-chain data into something you can actually think with:
- **Live options chains** — calls and puts side by side, with pricing, volume, open interest, implied volatility, and the Greeks, updating in real time.
- **Risk graphs** — see the profit/loss curve for a position you hold, a "what-if" idea you're modeling, or both at once — including how it changes as time passes.
- **Volatility surface** *(Premium)* — a visual map of implied volatility across every strike and expiry, so you can spot where options look rich or cheap.
- **Rewind** *(Premium)* — step a chain backward in time to see exactly what prices, Greeks, and risk looked like at a past moment. Perfect for reviewing a trade after the fact.
- **Trade log & reporting** — every fill from IB recorded, allocated to a trade, and summarized in a performance report.
- **Watchlist** — track the symbols you care about with live quotes, and open a full analysis window in one click.
SOAP2 is a **companion to TWS, not a replacement for it.** It prepares trades for you to review — you always send the order from TWS yourself, under your own control.
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## Who it's for
SOAP2 is built for **retail and semi-professional options traders who already have an Interactive Brokers account** and want a faster, clearer way to analyze trades than TWS's native tools provide.
| If you are... | SOAP2 fits because... |
|---|---|
| New to options, trading a handful of core ETFs | The free Freeware edition gives you the core chain and analysis tools with no cost and no time limit |
| A trader with a few years of experience, one account | The Regular edition gives you the full analysis toolkit |
| An active trader who wants historical review and vol-surface insight | Premium adds Rewind and Volatility Surface |
| A mentor or group leader teaching options trading | WhiteLabel gives your group custom branding and discounted member licenses |
## What you need to know first
- **An Interactive Brokers account with TWS or IB Gateway running.** SOAP2 doesn't hold your money or place trades on its own — it talks to your existing IB session.
- **Basic familiarity with options** (calls, puts, strikes, expiries, the Greeks) is assumed. SOAP2 is an analysis tool, not an options tutorial.
- No coding, scripting, or configuration file editing is needed for normal use.
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## What makes SOAP2 different
- **Everything in one window.** The chain, your model trade, and the risk graph live together — you're not reconciling numbers across five different tools.
- **SOAP retrieves market maker data, even when the market is closed for the underlying -- so you can analyze trades after hours.**
- **Live or delayed.** Data streams straight from your IB session, prioritized around the strikes you're actually looking at.
- **You stay in control of orders.** SOAP2 never transmits a trade for you — every order is reviewed and sent from TWS.
- **Grows with you.** Start free, and step up editions as your needs (and account) grow — no forced re-platforming.
## A developer's note: one thing I could not find anywhere else
- **SOAP2 uses a hidden gem inside the IB API: access to market maker pricing for the underlying e.g. RUT or SPX.**
- **It allows proper modelling outside market hours, which is not directly possible in TWS.**
- **This makes pre-market and after-hours analysis possible, which is a big deal for active traders.**
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## Try it
Every feature, including the Premium extras, is free to try for a limited period — no registration or payment details required. See the [SOAP2 website](../index.html) for the current download and trial terms.
*SOAP2 is an independent product and is not affiliated with, endorsed by, or sponsored by Interactive Brokers LLC. Options trading involves substantial risk and is not suitable for all investors; nothing in SOAP2 constitutes investment advice.*