Power ETRADE is ETRADE’s advanced trading platform — available free to all customers — built primarily for options traders. It includes a live options chain with integrated profit-and-loss graphs, a built-in options strategy analyzer, paper trading for practice, and technical analysis tools including over 100 chart studies. It is one of the strongest browser-based options platforms, competitive with Schwab’s thinkorswim for intermediate traders.
Bottom line: Power ETRADE is the main reason options traders choose ETRADE over Fidelity or Vanguard. If you do not trade options, the platform advantages are less relevant — Fidelity and Schwab offer comparable tools for standard investing.
Power E*TRADE at a Glance
| Feature | Details |
|---|---|
| Cost | Free for all E*TRADE customers |
| Platform | Web browser + dedicated mobile app |
| Options chain | Live, color-coded, with integrated P&L graph |
| Paper trading | Yes — practice with simulated capital |
| Chart studies | 100+ technical indicators |
| Options strategies | Built-in analyzer for spreads, condors, butterflies |
| Screeners | Options screener + stock/ETF screener |
| Level 2 quotes | Yes (included) |
| Earnings analysis | Earnings move estimator using options pricing |
Key Power E*TRADE Features
Options Chain with P&L Visualization
Power E*TRADE displays the options chain alongside a real-time profit-and-loss graph showing your maximum gain, maximum loss, and breakeven price for any strategy — automatically calculated as you select strikes and expiration dates. This visual approach makes it easier to evaluate risk before placing a trade.
Paper Trading
The paper trading mode uses live market data but simulated money. You can test:
- Covered calls on existing positions
- Multi-leg spreads (vertical, calendar, diagonal)
- Iron condors and butterflies
- Protective puts and collars
Paper trading updates in real time during market hours, so the simulation is accurate to actual execution.
Earnings Move Estimator
Power E*TRADE displays an options-implied earnings move for any stock reporting earnings — the market’s expectation of how much the stock will move up or down after the report. This is calculated from the options chain’s implied volatility and is particularly useful for traders considering straddles or strangles around earnings events.
Power E*TRADE vs. thinkorswim (Schwab)
| Feature | Power E*TRADE | thinkorswim |
|---|---|---|
| Paper trading | Yes | Yes |
| Options chain visualization | Excellent | Excellent |
| Mobile options trading | Very Good | Excellent |
| Scripting / custom studies | Basic | Advanced (thinkScript) |
| Backtesting | Limited | Robust |
| Charting customization | Good | Excellent |
| Learning curve | Moderate | Steep |
| Platform stability | Good | Excellent |
Power E*TRADE wins on: Accessibility, cleaner interface, mobile app quality thinkorswim wins on: Advanced scripting, backtesting, customization depth
For serious retail options traders who want the deepest platform, thinkorswim is the gold standard. Power E*TRADE is the better choice for intermediate options traders who want a capable platform without the complexity.
Options Pricing at E*TRADE
| Trade Type | Cost |
|---|---|
| Stocks / ETFs | $0 |
| Options base | $0 |
| Options per contract | $0.65 |
| Volume discount (30+ trades/quarter) | $0.50 per contract |
At $0.65 per contract, E*TRADE matches Fidelity, Schwab, and Merrill Edge. Active traders making 30+ options trades per quarter qualify for the $0.50 rate. Interactive Brokers offers lower per-contract rates for very high-volume traders.
Who Should Use Power E*TRADE?
| Situation | Use Power E*TRADE? | Why |
|---|---|---|
| Active options trader | Yes | Best platform for intermediate-level options |
| Options beginner using paper trading | Yes | Excellent learning environment |
| Day trader needing Level 2 data | Yes | Included free |
| Buy-and-hold index investor | No | Platform advantages irrelevant |
| Advanced options trader (scripting) | Maybe | thinkorswim may be superior |
| Retirement account only | No | Standard E*TRADE interface is sufficient |
For the complete E*TRADE brokerage overview, see the E*TRADE review. To compare all major platforms, see our best brokerage accounts guide.
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