Market Chameleon Review - Can This Tool Help Your Trading? (2024)

Market Chameleon is a powerful platform for finding stock and options trading opportunities. The platform has a wide range of tools that cover the market as a whole, and that enable you to dig deeply into analyzing a specific trading strategy. Market Chameleon’s tools are especially powerful for options traders and traders who want to profit around earnings releases.

So, can Market Chameleon help you trade more effectively? In our Market Chameleon review, we’ll take a closer look at everything this platform offers.

How Much Does Market Chameleon Cost?

Market Chameleon offers five different pricing tiers. The Starter tier is free and includes a surprising number of tools for stock traders. You get access to a decent stock screener, see gap-and-go stocks, and check unusual stock and options order volume. However, most of Market Chameleon’s best features aren’t available.

The Stock Trader plan costs $39 per month and unlocks all of Market Chameleon’s stock-related tools. The biggest difference compared to the Starter plan is that most data is downloadable with a Stock Trader subscription.

The Options Trader plan costs $69 per month and includes access to most of Market Chameleon’s features, including all options strategy screeners. However, it does not include analysis of how options activity implies price moves around earnings releases.

The Earnings Trader plan costs $79 per month. It adds comparison of options activity and earnings moves, but doesn’t include options screeners.

The Total Access plan costs $99 per month. This is required if you want access to all of Market Chameleon’s option data and earnings analysis together.
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Market Chameleon Tools and Features

Stock Market Research

Market Chameleon provides a number of tools for stock traders that are very useful, although not necessarily groundbreaking. For example, traders can quickly see top gainers and losers for the trading session, stocks with unusually high or low trading volume, and stocks that have gapped up or down and continued that price movement during the trading day.

The platform also allows traders to look at market order imbalances, which typically occur when large funds place trades at the end of the day based on closing prices. Free users can see order imbalances by stock, but more helpful is the market-wide order imbalance view available to paid subscribers. This shows inflows and outflows from the entire stock market, which gives insight into sentiment among institutional investing firms.

Options Volume and Order Flow

Market Chameleon begins to shine brighter when you move from looking at stock data to looking at options data. There are a lot of helpful tools designed for self-directed options traders (newer options traders may prefer the simplicity of Motley Fool Options).

The platform offers several unique tools that give actionable information about market sentiment and potential trading opportunities.

One key tool is the unusual options volume scanner. This scan automatically finds stocks for which options are being traded at a higher rate than normal. Market Chameleon will also identify potential catalysts, which can help you decide whether the options activity is a worthwhile trading opportunity or rumor-driven hype.

Market Chameleon also has a more flexible options order flow screener, which provides a straightforward report on market sentiment. You can monitor change in bullish and bearish activity over time for the market as a whole, or zero in on stocks in your watchlist. Additional screeners automatically display the top bullish and top bearish stocks based on recent options activity.

Stock and Options Screeners

Market Chameleon offers screeners for both stocks and options. The free stock screener offers several dozen filter parameters, most of them based on fundamental metrics and current events like earnings. Most of the technical filters are based on percent price change over different time periods and on moving averages. The screener looks very similar to the FinViz screener, which I still use regularly. It is ideal for building watch lists (vs. scanning the market in real-time with a tool like Trade Ideas).

The options screeners are much more powerful. You can build screens using any of 18 different option strategies. Most strategy parameters are customizable, including risk and return potential, the spread between strike prices, and the strategy expiration date. The results are displayed in a sortable table with key details, including historical win rate, potential profit and loss, and edge over historical strategy pricing.

Earnings

Market Chameleon is especially powerful around earnings, since the platform puts many of its tools together to help you decide on profitable earnings trading strategies.

To start, an analysis page displays stocks that are overvalued or undervalued around earnings based on comparing option order activity to historical earnings performance. Notably, the analysis shows the earnings-driven price change implied by options activity compared to the price change the stock has experienced in the past. So, there is room to profit off of other traders’ overestimates.

The platform also includes earnings-based stock and options screeners. The options screener is particularly useful because it backtests more than 30 different option strategies to calculate how they have performed around earnings releases over the past three years. You can customize the screen to look only at a single options strategy, at stocks with earnings on a specific date, or at stocks within your watchlist.

Watch Lists

Market Chameleon offers the ability to create an unlimited number of watchlists. Watchlists can be created for either stocks or specific options contracts, and every screen or analysis available on Market Chameleon can be restricted to the contents of a watchlist. The platform also offers customizable email alerts, which are based on the contents of your watchlists.

How Does Market Chameleon Compare to Other Services?

Market Chameleon isn’t unique in offering stock screeners or options strategy analysis. But it is relatively unique both in combining this data with information about earnings releases and in the sheer diversity of tools it offers.

Market Chameleon’s earnings tools are extremely powerful because they give traders the opportunity to compare market expectations and historical price changes around earnings releases. On top of that, the platform stands out for its earnings-driven options strategy backtesting feature, which isn’t something you’ll find on another platform.

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Market Chameleon also covers a lot of ground for traders of all stripes. It offers simple, automated filters for trading opportunities like gap-and-go stocks as well as advanced, highly customizable options screeners. The breadth of features included with Market Chameleon makes the overall platform more worthwhile if you want to pay for access to some of the restricted tools.

Is Market Chameleon Right For You?

Market Chameleon is best for options traders and traders who focus on opportunities around earnings releases. The platform has tools for any stock trader, including a free stock screener. However, it most excels at leveraging options order flows to help you identify potential trading strategies, especially around corporate earnings. The data that Market Chameleon isn’t always straightforward to interpret, so the platform is generally more suitable for experienced options traders.