{"id":253025,"date":"2026-08-10T10:42:59","date_gmt":"2026-08-10T14:42:59","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?post_type=trading-lessons&#038;p=253025"},"modified":"2026-08-17T10:52:00","modified_gmt":"2026-08-17T14:52:00","slug":"orats-backtester-put-millions-of-options-backtests-to-work-in-minutes","status":"publish","type":"trading-lessons","link":"https:\/\/www.interactivebrokers.com\/campus\/trading-lessons\/orats-backtester-put-millions-of-options-backtests-to-work-in-minutes\/","title":{"rendered":"ORATS\u00a0Backtester: Put Millions of Options\u00a0Backtests\u00a0to Work in Minutes\u00a0"},"content":{"rendered":"\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><strong>Already an Interactive Brokers Client?<\/strong><\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/ndcdyn.interactivebrokers.com\/mkt\/?src=taORATSL7RTP&amp;url=%2Fsso%2Fresolver%3Faction%3DAccountSettings%26config%3DTradingPermissions\" target=\"_blank\" rel=\"noreferrer noopener\">Request Options Trading Permissions<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><strong>New to Interactive Brokers?<\/strong><\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/ndcdyn.interactivebrokers.com\/mkt\/?src=taORATSL7Acc&amp;url=%2FUniversal%2FApplication\" target=\"_blank\" rel=\"noreferrer noopener\">Open Account<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Discover a powerful options research tool&nbsp;available&nbsp;free within Trader Workstation (TWS).<\/em>&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Options&nbsp;traders often spend&nbsp;significant time&nbsp;searching for strategies, evaluating risk, and wondering how a trade idea might have performed in different market environments. What if much of that research had already been done?&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Interactive Brokers clients have access to the ORATS&nbsp;Backtester&nbsp;directly within Trader Workstation (TWS), providing a vast library of pre-calculated options strategy&nbsp;backtests&nbsp;covering popular stocks, ETFs, and indexes. The tool allows traders to review historical performance, compare strategies, and evaluate risk characteristics before committing capital.&nbsp;<a href=\"https:\/\/www.interactivebrokers.com\/campus\/trading-lessons\/orats-backtester\/\" target=\"_blank\" rel=\"noreferrer noopener\">[interactiv&#8230;rokers.com]<\/a>,&nbsp;<a href=\"https:\/\/orats.com\/backtester\" target=\"_blank\" rel=\"noreferrer noopener\">[orats.com]<\/a>&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Whether&nbsp;you&#8217;re&nbsp;evaluating covered calls, credit spreads, short&nbsp;puts, iron condors, or other common options strategies, ORATS can help you move beyond assumptions and begin your research with historical data.&nbsp;<\/p>\n\n\n\n<h3 id=\"h-what-is-orats-nbsp\" class=\"wp-block-heading\">What Is ORATS?&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">ORATS (Option Research &amp; Technology Services) provides&nbsp;options&nbsp;research tools, data, and analytics used by professional and retail traders alike. Within TWS, the ORATS&nbsp;Backtester&nbsp;gives IBKR clients access to&nbsp;a large collection&nbsp;of historical options strategy tests that can be searched, filtered, and analyzed directly from the platform.&nbsp;<a href=\"https:\/\/www.interactivebrokers.com\/campus\/contributors-categories\/orats\/\" target=\"_blank\" rel=\"noreferrer noopener\">[interactiv&#8230;rokers.com]<\/a>,&nbsp;<a href=\"https:\/\/www.interactivebrokers.com\/campus\/trading-lessons\/orats-backtester\/\" target=\"_blank\" rel=\"noreferrer noopener\">[interactiv&#8230;rokers.com]<\/a>&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The&nbsp;backtester&nbsp;includes:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Historical tests for common options strategies&nbsp;<\/li>\n\n\n\n<li>Coverage of actively traded equities, ETFs, and indexes&nbsp;<\/li>\n\n\n\n<li>Performance metrics and risk statistics&nbsp;<\/li>\n\n\n\n<li>Historical equity curves&nbsp;<\/li>\n\n\n\n<li>Monthly return analysis&nbsp;<\/li>\n\n\n\n<li>Detailed trade logs&nbsp;<\/li>\n\n\n\n<li>Powerful filtering and ranking tools&nbsp;<a href=\"https:\/\/www.interactivebrokers.com\/campus\/trading-lessons\/orats-backtester\/\" target=\"_blank\" rel=\"noreferrer noopener\">[interactiv&#8230;rokers.com]<\/a>,&nbsp;<a href=\"https:\/\/orats.com\/backtester\" target=\"_blank\" rel=\"noreferrer noopener\">[orats.com]<\/a>&nbsp;<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The goal is simple: help traders evaluate how a particular strategy has historically performed under specific conditions.&nbsp;<\/p>\n\n\n\n<h3 id=\"h-why-nbsp-backtesting-nbsp-matters-nbsp\" class=\"wp-block-heading\">Why&nbsp;Backtesting&nbsp;Matters&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Imagine you are bullish on a stock and are considering several approaches:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Buying a call&nbsp;option&nbsp;<\/li>\n\n\n\n<li>Selling a cash-secured put&nbsp;<\/li>\n\n\n\n<li>Establishing a bull put spread&nbsp;<\/li>\n\n\n\n<li>Writing a covered call&nbsp;<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Which approach has historically offered the best balance between return and risk?&nbsp;<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Without historical analysis, traders often rely on intuition, anecdotal evidence, or recent market experience.&nbsp;Backtesting&nbsp;provides another perspective by&nbsp;showing how&nbsp;similar strategies performed over many years and through different market conditions.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While historical performance never guarantees future results, reviewing long-term data can help traders:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Understand potential risk and reward&nbsp;<\/li>\n\n\n\n<li>Identify&nbsp;periods of strong or weak performance&nbsp;<\/li>\n\n\n\n<li>Compare multiple strategies objectively&nbsp;<\/li>\n\n\n\n<li>Evaluate drawdowns and consistency&nbsp;<\/li>\n\n\n\n<li>Develop greater confidence in their decision-making process&nbsp;<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">In other words,&nbsp;backtesting&nbsp;turns a trading idea into a research project.&nbsp;<\/p>\n\n\n\n<h3 id=\"h-getting-started-with-orats-in-tws-nbsp\" class=\"wp-block-heading\">Getting Started with ORATS in TWS&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Finding the tool is straightforward.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Step 1: Launch the ORATS&nbsp;Backtester&nbsp;<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In TWS Mosaic:&nbsp;<\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li>Select&nbsp;<strong>New Window<\/strong>&nbsp;<\/li>\n\n\n\n<li>Navigate to&nbsp;<strong>Information Systems<\/strong>&nbsp;<\/li>\n\n\n\n<li>Expand&nbsp;<strong>Discover<\/strong>&nbsp;<\/li>\n\n\n\n<li>Select&nbsp;<strong>ORATS&nbsp;Backtester<\/strong>&nbsp;<a href=\"https:\/\/www.interactivebrokers.com\/campus\/trading-lessons\/orats-backtester\/\" target=\"_blank\" rel=\"noreferrer noopener\">[interactiv&#8230;rokers.com]<\/a>&nbsp;<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">The tool opens in a separate window.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"853\" height=\"1000\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/4A_ORATS-TWS-Menu.png\" alt=\"\" class=\"wp-image-253028 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/4A_ORATS-TWS-Menu.png 853w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/4A_ORATS-TWS-Menu-700x821.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/4A_ORATS-TWS-Menu-300x352.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/4A_ORATS-TWS-Menu-768x900.png 768w\" data-sizes=\"(max-width: 853px) 100vw, 853px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 853px; aspect-ratio: 853\/1000;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Step 2: Start with the Welcome Page&nbsp;<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Welcome page provides an introduction to ORATS and includes educational material designed to help users become familiar with the platform and its capabilities.&nbsp;<a href=\"https:\/\/www.interactivebrokers.com\/campus\/trading-lessons\/orats-backtester\/\" target=\"_blank\" rel=\"noreferrer noopener\">[interactiv&#8230;rokers.com]<\/a>&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">New users&nbsp;should spend a few minutes reviewing this page before exploring the more advanced sections.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"594\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/4B_ORATS-TWS-Menu-1100x594.png\" alt=\"\" class=\"wp-image-253029 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/4B_ORATS-TWS-Menu-1100x594.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/4B_ORATS-TWS-Menu-700x378.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/4B_ORATS-TWS-Menu-300x162.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/4B_ORATS-TWS-Menu-768x414.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/4B_ORATS-TWS-Menu-1536x829.png 1536w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/4B_ORATS-TWS-Menu.png 1909w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/594;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Step 3: Explore Featured&nbsp;Backtests&nbsp;<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For many traders, the Featured&nbsp;Backtests&nbsp;section is the ideal starting point.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This page displays high-ranking&nbsp;backtests&nbsp;based on current criteria and updates regularly. The table includes information such as:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Underlying symbol&nbsp;<\/li>\n\n\n\n<li>Strategy type&nbsp;<\/li>\n\n\n\n<li>Entry criteria&nbsp;<\/li>\n\n\n\n<li>Exit criteria&nbsp;<\/li>\n\n\n\n<li>Historical performance measures&nbsp;<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Selecting a strategy opens a detailed analysis window where traders can study the results in greater depth.&nbsp;<a href=\"https:\/\/www.interactivebrokers.com\/campus\/trading-lessons\/orats-backtester\/\" target=\"_blank\" rel=\"noreferrer noopener\">[interactiv&#8230;rokers.com]<\/a>&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"588\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/4C_ORATS-Featured-Tools-Page-1100x588.png\" alt=\"\" class=\"wp-image-253030 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/4C_ORATS-Featured-Tools-Page-1100x588.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/4C_ORATS-Featured-Tools-Page-700x374.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/4C_ORATS-Featured-Tools-Page-300x160.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/4C_ORATS-Featured-Tools-Page-768x411.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/4C_ORATS-Featured-Tools-Page-1536x821.png 1536w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/4C_ORATS-Featured-Tools-Page.png 1885w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/588;\" \/><\/figure>\n\n\n\n<h3 id=\"h-the-real-value-of-orats-nbsp\" class=\"wp-block-heading\">The Real Value of ORATS&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Many traders assume they must build complicated spreadsheets or write custom code to evaluate&nbsp;options&nbsp;strategies.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">ORATS takes a different approach.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The platform gives traders access to&nbsp;a large collection&nbsp;of historical research that can be searched and filtered in minutes. Rather than starting with a blank screen, users can begin with strategies that have already been analyzed across years of historical market data.&nbsp;<a href=\"https:\/\/orats.com\/backtester\" target=\"_blank\" rel=\"noreferrer noopener\">[orats.com]<\/a>,&nbsp;<a href=\"https:\/\/www.interactivebrokers.com\/campus\/trading-lessons\/orats-backtester\/\" target=\"_blank\" rel=\"noreferrer noopener\">[interactiv&#8230;rokers.com]<\/a>&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This can be particularly valuable when exploring:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Covered call opportunities&nbsp;<\/li>\n\n\n\n<li>Cash-secured put strategies&nbsp;<\/li>\n\n\n\n<li>Vertical spreads&nbsp;<\/li>\n\n\n\n<li>Iron condors&nbsp;<\/li>\n\n\n\n<li>Calendar spreads&nbsp;<\/li>\n\n\n\n<li>Other income and directional options strategies&nbsp;<a href=\"https:\/\/orats.com\/backtester\" target=\"_blank\" rel=\"noreferrer noopener\">[orats.com]<\/a>&nbsp;<\/li>\n<\/ul>\n\n\n\n<h3 id=\"h-a-practical-next-step-nbsp\" class=\"wp-block-heading\">A Practical Next Step&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Suppose&nbsp;you&#8217;re&nbsp;interested in trading Apple (AAPL).&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Rather than&nbsp;immediately&nbsp;placing a trade, you could use ORATS to:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Search for historical AAPL strategy results&nbsp;<\/li>\n\n\n\n<li>Compare covered calls versus short puts&nbsp;<\/li>\n\n\n\n<li>Evaluate risk-adjusted returns&nbsp;<\/li>\n\n\n\n<li>Review drawdowns&nbsp;<\/li>\n\n\n\n<li>Examine how different strike selections and&nbsp;expiration&nbsp;cycles affected outcomes&nbsp;<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">This approach allows traders to begin their analysis with data rather than speculation.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the next article in this series,&nbsp;we&#8217;ll&nbsp;walk through a practical example using Apple (AAPL) and show how ORATS can help traders compare multiple options strategies on a single underlying before making a trading decision.&nbsp;<\/p>\n\n\n\n<h3 id=\"h-key-takeaway-nbsp\" class=\"wp-block-heading\">Key Takeaway&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The ORATS&nbsp;Backtester&nbsp;is one of the most powerful yet underutilized research tools available within TWS. By providing access to a vast database of historical&nbsp;options&nbsp;strategy tests and detailed performance analytics, it allows traders to spend less time guessing and more time evaluating ideas based on evidence. Before your next options trade, consider starting with a&nbsp;backtest. The research may already be waiting for you.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Options\u00a0traders often spend\u00a0significant time\u00a0searching for strategies, evaluating risk, and wondering how a trade idea might have performed in different market environments. What if much of that research had already been done?\u00a0<\/p>\n","protected":false},"author":1134,"featured_media":253615,"parent":0,"comment_status":"open","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"contributors-categories":[13576],"traders-academy":[13126,13128,13996,13132],"class_list":["post-253025","trading-lessons","type-trading-lessons","status-publish","has-post-thumbnail","contributors-categories-interactive-brokers","traders-academy-intermediate-trading","traders-academy-level","traders-academy-options-lesson","traders-academy-trading-lesson"],"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Archives | Traders&#039; Academy | IBKR Campus<\/title>\n<meta name=\"description\" content=\"Options\u00a0traders often spend\u00a0significant time\u00a0searching for strategies, evaluating risk, and wondering how a trade idea might have performed in...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/trading-lessons\/253025\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ORATS\u00a0Backtester: Put Millions of Options\u00a0Backtests\u00a0to Work in Minutes\u00a0 | IBKR Campus US\" \/>\n<meta property=\"og:description\" content=\"Options\u00a0traders often spend\u00a0significant time\u00a0searching for strategies, evaluating risk, and wondering how a trade idea might have performed in different market environments. 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